Pass Your ACAMS CAMS Exam with Correct 512 Questions and Answers [Q198-Q218]

4.5/5 - (57 votes)

Pass Your ACAMS CAMS Exam with Correct 512 Questions and Answers

Latest [Nov 06, 2023] 2023 Realistic Verified CAMS Dumps

The Certified Anti-Money Laundering Specialists certification exam covers a wide range of topics related to AML, including money laundering techniques, regulatory frameworks, risk management, and compliance. CAMS exam is designed to test a candidate’s knowledge of these topics and their ability to apply that knowledge in real-world scenarios. CAMS exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading organization in the AML industry.

ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a globally recognized certification designed for professionals in the anti-money laundering (AML) field. CAMS exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and is aimed at testing the knowledge of AML professionals on the latest industry trends, laws, and regulations. The CAMS certification is widely regarded as a benchmark for AML professionals, and it is highly valued by employers in the financial industry.

NEW QUESTION 198
A potential client calls a broker-dealer wishing to purchase securities. The client does not appear to be concerned with any fees associated with the account or price of the securities. Further information provided by the potential client indicates the individual may have relatives working for a company in which the potential client wants to invest. Which type of activity is the potential client attempting to commit?

Transfer of value to relatives

Usage as a deposit account

Usage of insider information

Transfer funds to a third-party

NEW QUESTION 199
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of counterfeit money orders. What should the bank do?

The bank has received a plausible explanation, so it should do nothing

While the explanation appears plausible, the institution should, for a period of time, monitor the account for cash transactions and suspicious activity

While the explanation may be plausible, the institute should nonetheless file a Suspicious Transaction Report to protect itself

The institution should close the account before another issues arise

NEW QUESTION 200
Which is a red flag for funds transfers?

Funds transfers are received in numerous small quantities from entities that are in related industries.

Funds transfers are repeatedly sent to the same beneficiary out of line with the business purpose.

Funds transfers are repetitive and within expected patterns.

Funds transfers are to a higher-risk geographic location with a known supplier within the same industry as the originator.

NEW QUESTION 201
Which is a key role of FATF-Style Regional Bodies (FSRBs)?

Support the system of mutual evaluation

Setting regional standards for combatting money laundering

Bring additional terrorist financing laws into action in the region

Enforce the specific FATF laws in the region

NEW QUESTION 202
What are two aspects of the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking? (Choose two.)

At least one person, aside from the person sponsoring the relationship, should approve the correspondent relationship.

Correspondent banking is an inherently high risk business and all correspondent bank relationships should be reviewed on an annual basis.

Factors such as politically exposed person involvement and downstream (nested) correspondents increase the risk inherent in a correspondent relationship.

An Institution may assign a low risk rating to a correspondent bank located in a jurisdiction deemed to have an adequate AML environment (e.g., Financial Action Task Force member country) without needing to consider other factors.

NEW QUESTION 203
A quarterly review is conducted on a retail customer’s account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the account’s historical profile. A suspicious transaction report will most likely be filed if which of the following also occurred?

The customer has defaulted on a large loan with the bank.

The deposited financial instruments were sequentially numbered.

Four deposits were made during this period that exceeded the thresholds.

The customer purchased financial instruments exceeding the threshold on three occasions.

NEW QUESTION 204
Which three areas do FATF’s 40 recommendations cover? Choose 3 answers

International Cooperation

Prescriptive sentences for predicate offenses

Financial systems and their regulation

The criminal justice system

NEW QUESTION 205
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?

Depositing illicit funds into an account set up for a front company

Directing third parties to exchange illicit cash for negotiable instruments

Wiring illicit funds from an account at one bank to an account at another bank

Using illicit funds that had previously been deposited to purchase a luxury vehicle

NEW QUESTION 206
How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?

They use forged or fraudulent invoicing of priceless works of art by auction houses

They commingle legitimate and illicit proceeds by principals for payment of fine art

They immediately resell priceless works of art after purchase from a foreign auction house

They use anonymous agents to buy the art and have the payment wired from offshore havens

NEW QUESTION 207
Which statement about U.S. Specified Unlawful Activities (SUA) is true?

At least one SUA must be proven in order to pursue a money laundering conviction

SUAs are generally limited to a small sub-set of crimes

In order to secure a conviction, the defendant must be proven to have known the precise nature of the source of funds

SUAs are limited to crimes that occur within the borders of the U.S. and its territories and possessions

NEW QUESTION 208
On who does the ultimate responsibility for an institution’s anti-money laundering program rest?

The designated AML Compliance Officer

The institution’s Board of Directors

All employees with customer contact

The government regulator examining the AML program

NEW QUESTION 209
A compliance officer was recently reviewing transactional data for an international charity and found transactions that present a higher risk.
Which reason is cause for terminating the banking relationship?

The charity has had a high turnover rate of official positions

The charity has several incoming international funds transfers

The flow of funds both in and out are complex and hard to trace

The charity is headquartered in a country on the Office of Foreign Assets Control list

NEW QUESTION 210
How does the Financial Acton Task Force (FATF) communicate its findings regarding jurisdictions with strategic anti-money laundering / Counter Financing of Terrorism deficiencies?

By issuing documentation to the private sector

By issuing two formal documents three times per year

By issuing informal communication to FATF members

By issuing four formal documents to the deficient jurisdictions

NEW QUESTION 211
The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country B. Each cash transaction always totals exactly $8,000.
What should alert the agent to possible money laundering activity by the two customers?

They remit funds to the same person

They have been coming in three times a week

It is unusual for customers to remit to Country B

Each of their transactions is just below the cash reporting threshold

NEW QUESTION 212
According to Basel Committee on Banking Supervision’s Customer Due Diligence for Banks, which of the following should provide an evaluation of a bank’s policies and procedures independent from its management?

The credit risk department

The Board

A peer institution

The compliance function

NEW QUESTION 213
A bank employee reviews wire transactions looking for indications of wire stripping.
Which two actions should the employee take to complete appropriate bank procedures? (Choose two.)

Compare the wire transaction as it enters and after it leaves the bank

Check for suspicious phrases usually used to conceal originator or beneficiary identity

Identify large incoming wire transactions received on behalf of a foreign client with no explicit reason

Identify wire transaction activity to or from a financial institution located in a higher risk jurisdiction

NEW QUESTION 214
Which is a characteristic of the Financial Action Task Force (FATF) 40 recommendations?

They enable FATF’s active engagement in law enforcement matters, investigations, or prosecutions.

They are automatically transposed into local law across the EU member states and the US.

They provide a list of mandatory requirements for an effective AML regulatory framework.

They comprise global standards for countering money laundering, recognized by government bodies across the world.

NEW QUESTION 215
A compliance officer identifies a potentially significant risk in a popular financial product. Further investigation reveals there is no mitigating control.
Which course of action should the compliance officer take?

Launch a long-term project to remediate the control deficiency

Note the risk and address it during the next round of policy and procedure review

Immediately cease providing the product and only offer it after effective permanent mitigation is implemented

Implement a temporary mitigation that enables effective management of the risk until a permanent plan can be developed

NEW QUESTION 216
Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?

US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank

A subpoena issued to a foreign bank that maintains a correspondent account in the US can require the bank to submit any records except for records in a foreign jurisdiction.

The US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries.

Illicit funds deposited with a foreign bank can be seized by the US government by confiscating the same amount of funds deposited in a correspondent account in the US.

NEW QUESTION 217
Which of the following are the most suspicious transaction indicators related to casino activities?
1. A client requests a winnings check (cheque) in a third party’s name.
2. Acquaintances bet against each other in even-money games and it appears they are intentionally losing to one of the parties.
3. A new client who is a large volume player asks the casino operator about the ability to transfer the funds to other locations in the same country.
4. A client requests the transfer of winnings to the bank account of a third party in a country without an effective anti-money laundering regime.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

NEW QUESTION 218
Which AML standards have force of law?

Standards as defined in the Third European Union Money Laundering Directive (2005/60/EC)

Standards as defined by the United Nations (UN)

Standards as defined by World Bank / International Monetary Fund (IMF)

40 Recommendations

Who Is It for?

The CAMS endorsement is ideal for those seeking to signify a high understanding of international AML/CFT principles. Obtaining this certification will help recognize you as an AML/CFT authority and prevent institutional financial crime risks.

Get 2023 Updated Free ACAMS CAMS Exam Questions and Answer: https://www.troytecdumps.com/CAMS-troytec-exam-dumps.html

High-quality Troytec review files

Pass Your ACAMS CAMS Exam with Correct 512 Questions and Answers [Q198-Q218]

Who Is It for?

troytecdumps

Leave a Reply Cancel reply

Who Is It for?

Related Posts

Free ACAMS (CKYCA) Certification Sample Questions with Online Practice Test [Q28-Q49]

troytecdumps

Leave a Reply Cancel reply