Achive your Success with Latest ACAMS CAMS Exam [Nov 05, 2022]
The CAMS Exam Test For Brief Preparation
Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Provide three professional references.
- Submit supporting documents.
NEW QUESTION 164
What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?
- A. 10,000 Euros
- B. 3,000 Euros
- C. 5,000 Euros
- D. 15,000 Euros
Answer: A
NEW QUESTION 165
Which primary international authoritative body designates sanctions?
- A. United Nations (UN)
- B. Organizationof Economic Co-operation and Development (OECD)
- C. International Monetary Fund (IMF)
- D. Financial Action Task Force (FATF)
Answer: A
NEW QUESTION 166
A businessman requests a European private bank to open a numbered or alternate name account. According to the Basel Committee on Banking Supervision principles, which of the following is the most important question the banker should ask?
- A. Who will control the account?
- B. Who will inherit the proceeds in the event of the businessman's death?
- C. How much money will be deposited into the account?
- D. What account-opening date should I record'!'
Answer: A
NEW QUESTION 167
What indicates potential money laundering activity by a lawyer?
- A. A lawyer's trust account regularly receives wire transfers from unknown remitters in a high risk country and immediately redirects the same funds to the same remitters account in a low risk country
- B. A lawyer's account in a low risk country receives a bank draft from another lawyer firm in a high risk country
- C. A lawyer's account in a high risk country receives a cash deposit of an amount that is considerable below the reporting threshold
- D. A lawyer's trust account receives a large value wire transfer from a publicly listed life insurance company and then immediately transfers the same funds out to an unknown individual in a low risk country
Answer: A
NEW QUESTION 168
The owner of a local retail store makes multiple deposits daily at a bank. When the owner makes these deposits, it is noted that he goes to different tellers (cashiers). The deposits consist of cash in amounts less than the currency reporting threshold. Which of the following best describes this activity?
- A. commingling
- B. layering
- C. structuring
- D. integration
Answer: B
NEW QUESTION 169
You are designing an AI solution that will analyze millions of pictures by using Azure HDInsight Hadoop cluster.
You need to recommend a solution for storing the pictures. The solution must minimize costs.
Which storage solution should you recommend?
- A. Azure File Storage
- B. Azure Blob storage
- C. Azure Table storage
- D. an Azure Data Lake Storage Gen1
Answer: B
Explanation:
Data Lake will be a bit more expensive although they are in close range of each other. Blob storage has more options for pricing depending upon things like how frequently you need to access your data (cold vs hot storage).
References:
http://blog.pragmaticworks.com/azure-data-lake-vs-azure-blob-storage-in-data-warehousing
NEW QUESTION 170
Which of the following activities is most likely associated with a lawyer participating in a money laundering scheme?
- A. Represents persons accused of crimes against financial institutions.
- B. Frequently travels to countries considered tax havens.
- C. Engages clients with high-net worth in foreign countries.
- D. Creates corporate entities to disguise true beneficial ownership of clients.
Answer: D
NEW QUESTION 171
Which three characteristics make non-profit organizations vulnerable to misuse for terrorist financing?
- A. Having access to a considerable sources of funds
- B. Having a global presence for national and international operations and financial transactions
- C. Being listed as government nonprofit organization
- D. Enjoying the public trust
Answer: A,B,D
NEW QUESTION 172
An accounting firm opened an account at a bank that is intended to be used as the operational account for the business. After a few months, a comprehensive review of the account was triggered due to unusual activity on the account. Which most likely triggered the review?
- A. The account sends monthly donations to several charities that operate in the same communities as the accounting firm.
- B. The account receives international wires from companies in the Middle East where the accounting firm has several branches.
- C. The account receives international payments that are substantially higher than other fees they typically receive.
- D. The account receives several payments a day from multiple customers who operate in different industries.
Answer: A
NEW QUESTION 173
In reviewing recent activity, a compliance officer for a money transmitter that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?
- A. Instruct the tellers not to process remittances for these customers in the future
- B. Immediately contact the customers and ask them why they are remitting money more often
- C. Conduct further investigation to determine whether this is truly suspicious activity
- D. File a suspicious transaction report
Answer: C
Explanation:
Explanation
"The decision of whether or not to file a suspicious transaction report (also known as a suspicious activity report or SAR in the United States) often involves weighing the aggravating and mitigating factors arising from the research conducted during the investigative process. Financial institutions should draft procedures that document the factors to consider when determining whether a suspicious transaction report (STR) is appropriate."
NEW QUESTION 174
Which three characteristics make non-profit organizations vulnerable to misuse for terrorist financing?
- A. Having access to a considerable sources of funds
- B. Having a global presence for national and international operations and financial transactions
- C. Being listed as government nonprofit organization
- D. Enjoying the public trust
Answer: A,B,D
NEW QUESTION 175
Which statement describes the relationship between the internal audit function and compliance?
- A. An internal audit program of the adequacy of the bank's compliance function should be established, but should not include review of transactions
- B. In order to maintain independence, the auditors should not discuss internal audit findings with compliance management
- C. The internal audit methodology should include an assessment of compliance risk
- D. The compliance function and internal audit function should be combined
Answer: C
NEW QUESTION 176
Which of the following provides anti-money laundering specialists information related to money laundering trends?
- A. FinCEN's SAR Activity Review
- B. The Wolfsburg Principles
- C. Financial Action Task Force Typologies
- D. Egmont Group's 100 Cases
Answer: B,C,D
NEW QUESTION 177
According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which of the following types of products or transactions?
1. Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500.
2. Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral.
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4. Trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form.
- A. 1, 3, and 4 only
- B. 1, 2, and 3 only
- C. 1, 2, and 4 only
- D. 2, 3, and 4 only
Answer: C
NEW QUESTION 178
What is operational risk?
- A. The potential for lawsuits, fines, and penaltiesincreasingan organization's expenses
- B. The potential for loss resulting from too much credit or loan exposure to one borrower
- C. The potential for loss due to inadequate processes, people, systems, or external events
- D. The potential for loss of public confidence in an organization's integrity
Answer: C
NEW QUESTION 179
The local manager of a remote mortgage origination department of a financial institution has just discovered that sanctions screening of new customers is not being performed.
Which action should the local manager take in this situation?
- A. Immediately inform senior management
- B. Immediately inform the regulators
- C. Do nothing because the department only handles a very small number of mortgages
- D. Start screening new customers
Answer: A
NEW QUESTION 180
A customer comes into the bank and appears to be ill-at-ease waiting in the teller line. When the customer gets to the teller, he become exceedingly nervous and asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction?
- A. Monitor the customer's account going forward
- B. File a SAR on the customer
- C. File a CTR on the customer by the end of the day
- D. Confer with the bank' s account going forward
Answer: B
NEW QUESTION 181
What does the Basel Committee's Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?
- A. An understanding of the structure of the company
- B. A policy requiring all identified beneficial owners to undergo a national police check
- C. A process to ensure that the approval of senior management is obtained prior to opening the account
- D. A fee structure that reflects the banks' costs in monitoring the risks associated with entity's business activities
Answer: B
Explanation:
Explanation/Reference: https://www.bis.org/publ/bcbs77.pdf
NEW QUESTION 182
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