CAMS Dumps Updated Mar 24, 2024 Practice Test and 512 unique questions [Q228-Q244]

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CAMS Dumps Updated Mar 24, 2024 Practice Test and 512 unique questions

2024 Latest 100% Exam Passing Ratio – CAMS Dumps PDF

ACAMS CAMS certification is highly valued by employers in the AML industry, as it demonstrates a professional’s knowledge and understanding of AML best practices. CAMS-certified professionals are in high demand by financial institutions, regulatory agencies, and law enforcement agencies, as they can help prevent money laundering and other financial crimes. Additionally, the certification can lead to career advancement opportunities and higher salaries for AML professionals.

Q228. What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?

Mutual Legal Assistance Treaties (MLAT)

Patriot Act Communications System

The World Wide Network of Information Sharing

MLAT Executive Agreement

Q229. In the summer, an institution identifies anti-money laundering concerns regarding a customer’s account activity. The customer, an ice cream parlor, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred dollars every few days and written multiple checks for a few hundred dollars to the same dozen payees every two weeks.
Which two transaction types warrant investigation? (Choose two.)

Regular cash deposits

The wires to foreign countries

Repeated checks to the same payees

Checks drawn on banks in foreign countries

Q230. An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during the meeting.
What should an anti-money laundering specialist recommend?

Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when approached

Let the account manager’s manager know what conversations have taken place with the customer and document the account file accordingly

Limit discussions about the investigation with the customer and by satisfied that the account manager has provided proper notice to the customer

Cancelled the meeting as he has already behaved inappropriately by alerting to the investigation

Q231. Which transaction should result in a SAR/STR filing?

A small business owner deposits checks totaling $9,950 USD on a daily basis without providing a legitimate purpose.

A small business owner deposits $25,000 USD in cash proceeds with a business equipment bill of sale.

A national food-chain restaurant with multiple cash transactions at various branch locations.

A national food-chain restaurant makes multiple, anticipated cash transactions that are above the daily reporting threshold.

Q232. 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 plan that enables effective management of the risk until a permanent plan can be developed

Q233. An anti-money laundering specialist has been asked to create internal anti-money laundering policies, procedures and controls for a recently chartered offshore financial institution. Which of the following should be included?
1. A training program for senior management and staff.
2. An anti-money laundering compliance program, internal audit program, and procedure manual.
3. Basel Committee on Banking Supervision’s capital adequacy requirements for the host country.
4. Compliance requirements of host and chartering countries.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

Q234. The marketing department presents a business plan targeting individuals holding important public positions. What are some steps the financial institution should implement as part of the plan to target such individuals?

Investigate the source of funds

Determine the purpose of the account

Determine if the client appears on the Basel Committee on Banking Supervision’s list of publicofficials

Take all reasonable steps to check the background of the individual based on public information

Q235. When should a financial institution (FI) exit a relationship? (Choose two.)

The reputational risk to the FI posed by closing the account

The request from law enforcement to close the account

The FI’s requirements for opening an account

The suspicious conduct of the account holder

The FI’s stated policies and procedures for closing an account

Q236. How does a regulatory body typically obtain international assistance in a money Laundering inquiry?

By filing a request under Egmont guidelines

By submitting a request for overseas assistance to the corresponding supervisory body

By contacting the FATF, Organization for Economic Co-operation and Development, or otherinternational organizations and seeking their intervention

By communicating with the Head of Compliance for the financial institution

Q237. 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.
3. A ptfiisiui i Ll idL pr uviJcfb lelir emei it bei lefils Lu employees.
4. Trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

Q238. A bank in an offshore jurisdiction approaches an institution about opening a new correspondent banking relationship. Prior to opening the account, the new account representative obtains copies of the offshore bank’s anti-money laundering policies and procedures, and all appropriate legal documentation for the bank; ascertains no third parties will be able to access the accounts; and determines the owners of the bank, the bank’s primary business activities, and the business address of the bank. Which of the following steps does the Basel Committee on Banking Supervision’s Customer Due Diligence for Banks Paper recommend the banker take prior to opening Oils correspondent account?

Conduct a site visit and meet all the principals and beneficial owners in person.

Verify the bank has a physical presence in the country where it is incorporated.

Confirm the bank is subject to regulatory supervision with adequate anti-money laundering laws.

Obtain and maintain a complete listing of the correspondent bank’s customers, including politically exposed persons.

Q239. What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)

It must be retained for at least five years

It must be retained for at least seven years

It must be kept in a manner so that it can be provided promptly

It must only be released to the government through a subpoena process

Q240. Which of the following poses the greatest money laundering risk for a financial institution offering on-line services to customers?

There is greater difficulty in matching the customer with the provided identification documentation. B.
There is no human scrutinizing the customer’s transactions, thus increasing the potential for large transactions.

Institutions offering on-line services have no possibility to properly verify the identity of their customers.

Customers can directly access their accounts without being detected.

Q241. An anti-money laundering specialist has been hired by an independently-owned community bank to implement an anti-money laundering compliance program. This bank has recently seen a dramatic increase in the number of international electronic fund transfers from its commercial clients. The first thing the anti-money laundering specialist should do is

file a suspicious transaction report on international customers receiving large electronic fund transfers.

conduct a risk assessment of the bank’s international electronic fund transfer activity.

develop a new account questionnaire to quantify the level of risk for new international accounts.

close all accounts which have had a dramatic increase in international electronic fund transfer activity.

Q242. When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
1. The development of a Know Your Customer program.
2. An ongoing employee training program.
3. The designation of a compliance officer.
4. An independent audit function to test the program.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

Q243. Which method to launder money through deposit-taking institutions is closely associated with international trade?

Forming a shell company

Using Black Market Peso Exchange

Structuring cash deposits withdrawals

Investing in legitimate business with illicit funds

Q244. What is a hawala?

A hedge fund in the Middle East

A licensed means of transferring money

A method of transferring funds based on trust

A transaction monitoring package for banks

To be eligible for the ACAMS CAMS certification exam, candidates must have a minimum of 40 qualifying credits, which can be earned through education, work experience, or professional development activities. Candidates must also agree to abide by the ACAMS Code of Professional Conduct and Ethics. CAMS exam itself consists of 120 multiple-choice questions and must be completed within three and a half hours.

Verified CAMS dumps Q&As – 100% Pass from TestKingFree: https://www.testkingfree.com/ACAMS/CAMS-practice-exam-dumps.html