VALID ACAMS CAMS EXAM PAPERS | CAMS RELIABLE EXAM QUESTIONS

Valid ACAMS CAMS Exam Papers | CAMS Reliable Exam Questions

Valid ACAMS CAMS Exam Papers | CAMS Reliable Exam Questions

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  • The price of this package is $1,459 for private sectors and $1,145 for public sectors

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CAMS Reliable Exam Questions, CAMS Reliable Exam Answers

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q718-Q723):

NEW QUESTION # 718
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. Because it is an o line bank the most important recommendation for the expert to make is that the bank

  • A. ensure that a firewall is set up to protect the transactions.
  • B. set up automated programs to analyze transaction for money laundering activity.
  • C. ensure that prospective new customers can be properly identified.
  • D. limit the amount which can be processed per transaction.

Answer: C

Explanation:
One of the main challenges and risks for online banks is the verification of customer identity and the prevention of identity fraud. Online banks are more vulnerable to moneylaundering and terrorist financing because they do not have face-to-face contact with their customers and may rely on third-party sources or digital methods to verify customer information. Therefore, the most important recommendation for the anti- money laundering expert to make is that the online bank ensures that prospective new customers can be properly identified and that their identity documents and information are verified using reliable and independent sources. This is also in line with the international standards and best practices for anti-money laundering and counter-terrorist financing, such as the FATF Recommendations, the Basel Committee on Banking Supervision principles, and the EU's Fifth Anti-Money Laundering Directive123 The other options are less important or less effective than ensuring customer identification. Limiting the amount that can be processed per transaction may reduce the exposure to large-scale money laundering, but it does not prevent the use of multiple transactions or accounts to launder smaller amounts. Setting up automated programs to analyze transactions for money laundering activity may enhance the detection and reporting of suspicious transactions, but it does not address the root cause of money laundering, which is the concealment of the source and ownership of illicit funds. Ensuring that a firewall is set up to protect the transactions may improve the security and confidentiality of the online banking system, but it does not prevent the misuse of the system by money launderers who have legitimate access to the system123
:
1: Anti-Money Laundering Guide for Digital Banks by sanctions.io, 2022
2: The fight against money laundering: Machine learning is a game changer by McKinsey, 2021
3: FATF Guidance on Digital Identity, 2020


NEW QUESTION # 719
When performing an investigation, which key steps should be taken to maintain and secure supporting documentation used to perform an investigation of a suspicious activity?

  • A. Ensure that a secure archive has information available to the client.
  • B. Perform the alerting transaction with alternative thresholds to ensure they are calibrated correctly.
  • C. Maintain a record of the transaction activity that generated the alert
  • D. Disseminate the rationale for the investigative approach and the objective basis for the determination.

Answer: C

Explanation:
According to the ACAMS CAMS Certification Study Guide (6th edition), one of the key steps of conducting an investigation of a suspicious activity is to maintain and secure supporting documentation used to perform the investigation. This includes the transaction activity that generated the alert, the analysis performed, the decision made, and the rationale for the decision. This documentation serves as evidence of the investigation process and the compliance with the relevant policies and procedures. It also helps to ensure consistency, accountability, and transparency in the investigation process1


NEW QUESTION # 720
A benefit of using bearer shares in corporate formations is that bearer shares are:

  • A. entered in the register of owners.
  • B. associated with lower costs in setting up a company.
  • C. widely accepted in the financial world.
  • D. easily transferred so the holder claims ownership.

Answer: D

Explanation:
Bearer shares are unregistered equity securities owned by the possessor of the physical share documents. The issuing company does not record the identity or ownership of the shareholders, nor does it track the transfers of ownership. This means that the holder of the bearer share can claim ownership and exercise the rights associated with the share, such as voting and receiving dividends, by simply presenting the physical certificate. This also makes the transfer of ownership very easy, as it only requires the delivery of the physical document, without any formalities or intermediaries. Bearer shares are therefore attractive for those who seek anonymity, privacy, and flexibility in their corporate structures.
References:
* Investopedia: Bearer Share
* SuperMoney: Bearer Shares: Definition, Examples, and Implications
* ACAMS: Bearer Shares


NEW QUESTION # 721
Law enforcement submitted a request to a bank for information regarding one of its customers.
How should the bank respond according to Financial Action Task Force Guidance?

  • A. Provide all information requested to support the investigation
  • B. Ensure that the request will not violate any local privacy regulations or legislation
  • C. Contact the customer informing the person of the investigation to ensure the bank provides correct information
  • D. Ensure the information is necessary to the investigation before responding to the request

Answer: A


NEW QUESTION # 722
Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?

  • A. Reviewing wire transfer screening processes to ensure that potential name hits are investigated promptly
  • B. Examining Human Resources processes for conducting criminal background checks on executives
  • C. Ensuring that all clients with foreign identification are subject to enhanced due diligence
  • D. Looking at copies of suspicious activity reports filed with regulators to ensure completeness

Answer: A

Explanation:
--- Wire transfers are one of the most common methods of moving funds across borders and jurisdictions, and therefore pose a high risk of violating OFAC sanctions. A bank's OFAC sanctions screening audit program should include a test to review the wire transfer screening processes to ensure that potential name hits are investigated promptly and appropriately, and that any blocked or rejected transactions are reported to OFAC in a timely manner. This test would help the bank to assess the effectiveness of its screening system, identify any gaps or weaknesses, and demonstrate its compliance with OFAC regulations.
References:
A Framework for OFAC Compliance Commitments1, page 4, section 4: Testing and Auditing OFAC Framework for Sanctions Compliance Programs2, page 2, section 4: Testing and Auditing OFAC Sanctions List Search Tool3


NEW QUESTION # 723
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