HIGH HIT-RATE ACAMS - CAMS - RELIABLE CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS TEST OBJECTIVES

High Hit-Rate ACAMS - CAMS - Reliable Certified Anti-Money Laundering Specialists Test Objectives

High Hit-Rate ACAMS - CAMS - Reliable Certified Anti-Money Laundering Specialists Test Objectives

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The CAMS Certification is an excellent way for professionals to demonstrate their expertise in the anti-money laundering field and enhance their career prospects. Certified Anti-Money Laundering Specialists certification is highly valued by employers, and CAMS-certified professionals are in high demand in the financial industry. Certified Anti-Money Laundering Specialists certification also provides professionals with access to a network of like-minded individuals and resources that can help them stay up-to-date with the latest trends and best practices in the anti-money laundering field.

How to study the CAMS Exam

Prep4sureGuide expert team recommend you to prepare some notes on these topics along with it don't forget to practice Certified Anti-Money Laundering Specialist CAMS Dumps which been written by our expert team, Both these will help you a lot to clear this exam with good marks.

  • Provided a scenario, Determine when and how to implement necessary program changes, the process to access the money laundering and internal factors that should be escalated to management
  • Provided a Scenario about trust, company service providers, emerging risks related to technology, banks, insurance companies, broker-dealers, investment advisors, capital markets, gaming, dealers of precious metal dealers, dealers of real estate, bureau de change, money services business, lawyers, notaries, accountants, auditors, financial transactions that offer anonymity, lack of transparency of ownership, moving money, involving commercial transactions and identify the red flags that indicate money laundering or financing terrorism.
  • Determine the economic and social consequences of money laundering

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After successful competition of the ACAMS CAMS certification, the certified candidates can put their career on the right track and achieve their professional career objectives in a short time period. For the recognition of skills and knowledge, more career opportunities, professional development, and higher salary potential, the ACAMS CAMS Certification Exam is the proven way to achieve these tasks quickly.

To be eligible to take the CAMS Certification Exam, candidates must meet certain requirements. They must have at least 40 hours of AML training or experience, as well as a high school diploma or equivalent. Alternatively, candidates may have a bachelor's degree or higher from an accredited institution. In addition, candidates must agree to abide by the ACAMS Code of Professional Conduct.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q307-Q312):

NEW QUESTION # 307
A money transmitter's nation-wide agent network remits funds to a country in Africa on behalf of an immigrant community based in the United States. A terrorist group is known to operate openly in this African country. In reviewing transaction records, the compliance officer detects a pattern where two customers together visit the same agent each week and remit the same amount of funds, $2,500, to the same recipient in the country in Africa.
What should alert the compliance officer to possible money laundering or terrorist financing activity by the two customers?

  • A. The dollar amount of each transaction is just below the record keeping threshold.
  • B. The funds are being sent to the same recipient each week.
  • C. The customers always visit together.
  • D. The customers always visit the same agent.

Answer: A

Explanation:
According to the ACAMS CAMS Study Guide, one of the common methods of money laundering and terrorist financing is to structure transactions to avoid reporting or record keeping requirements. Structuring involves breaking down a large amount of cash into smaller transactions that fall below a specified threshold, or using different accounts, agents, locations, or days to conduct the transactions. Therefore, the fact that the two customers remit the same amount of funds, $2,500, each week to the same recipient in a high-risk country is a red flag for possible money laundering or terrorist financing activity, as it suggests that they are trying to evade the record keeping threshold of $3,000 for money transmitters in the United States12.
References:
ACAMS CAMS Study Guide, 6th Edition, page 27
FFIEC BSA/AML Appendices - Appendix F - Money Laundering and Terrorist Financing Red Flags1 AML Red Flags - What are the Top 10 Indicators? - ComplyAdvantage2


NEW QUESTION # 308
the Financing of Terrorism (CFT)]
AnAML/CFT unit often compiles information about customer activity and product usagethat might be of interest toother parts of the organization.
Before allowing the unit to communicate such information internally, the organization mustreview:

  • A. The organization'sAML compliance policiesto ensure that customer data can be easily shared internally and internationally.
  • B. Therisk rating of the customersto avoid sharing data relating to higher-risk customers.
  • C. Enterprise-wide risk assessmentsand the employee handbook for any limitations on sharing commercially sensitive customer data.
  • D. Applicable data privacy lawsin relevant jurisdictions and the organization's data security and privacy policies for any limitations.

Answer: D

Explanation:
AML compliancemust be balanced with data privacy laws, such asGDPR (EU), CCPA (U.S.), and jurisdictional banking secrecy laws.
* Option A (Correct):Data protection laws regulate how customer information can be shared internallyand externally, ensuringconfidentiality and regulatory compliance.
* Option B (Incorrect):Enterprise risk assessments do not determine data sharing rules; legal and regulatory policies do.
* Option C (Incorrect):Risk rating does not impact legal data-sharing restrictions.
* Option D (Incorrect):AML policies must align with data protection laws, not override them.
Key Data Privacy Considerations in AML Compliance:
* GDPR (Article 6) requires a legal basis for processing personal data, including AML investigations.
* Banking secrecy laws restrict sharing certain customer information without consent or legal obligation.
* Internal information-sharing policies must be clear on what AML teams can disclose.
Best Practices for AML & Data Privacy Compliance:
* Consult legal teams before sharing AML-related data internally or externally.
* Ensure compliance with GDPR, CCPA, and banking secrecy laws.
* Minimize data sharing to what is strictly necessary.
Reference:
FATF Recommendation 2 (National Cooperation and Coordination)
EU GDPR Article 6 (Lawful Processing of Personal Data)
Wolfsberg Group AML & Data Privacy Guidelines


NEW QUESTION # 309
the Financing of Terrorism (CFT)]
A compliance officer at a large financial institution has been tasked by senior management to lead a team in an internal review and potential revision of the institution's customer onboarding program following a regulatory enforcement action of another institution.
Which step should the compliance officer perform first?

  • A. Conducting enhanced due diligence on high risk customers
  • B. Revising training materials for frontline staff
  • C. Resolving substantive discrepancies in customer verification
  • D. Reviewing the institution's risk assessment

Answer: D

Explanation:
The compliance officer should perform the first step of reviewing the institution's risk assessment before implementing any changes to the customer onboarding program. The risk assessment is a key component of the AML compliance program, as it identifies and measures the institution's exposure to money laundering and terrorist financingrisks. The risk assessment should be updated regularly and reflect the institution's products, services, customers, geographic locations, and delivery channels. By reviewing the risk assessment, the compliance officer can determine the adequacy and effectiveness of the current customer onboarding program and identify any gaps or weaknesses that need to be addressed. The compliance officer can also benchmark the institution's risk assessment against the regulatory expectations and best practices in the industry.
The other steps are also important, but they should be performed after the risk assessment review. Revising training materials for frontline staff, conducting enhanced due diligence on high risk customers, and resolving substantive discrepancies in customer verification are all part of the customer onboarding program, but they depend on the risk assessment to provide the appropriate level of controls and procedures. For example, the training materials should reflect the risk assessment results and the revised customer onboarding policies. The enhanced due diligence should be applied to customers who pose a higher risk according to the risk assessment criteria. The customer verification should be consistent with the risk assessment and the customer identification program.
:
AML KYC Onboarding Lifecycle Process Flow | Guide - AdvisoryHQ
New EBA AML Guidelines on the use of Remote Customer Onboarding Solutions - Bird & Bird KYC Onboarding Process 2023 - AML requirements - Sumsub Review of any AML/CFT program begins with the Risk Based Approached. It should first check the internal system to identify risk factors and design program accordingly.


NEW QUESTION # 310
In order to demonstrate commitment to AML compliance within a bank, the Board of Directors should:

  • A. establish a written AML policy that contains the basic principles to be followed by staff from the top down.
  • B. monitor the fulfilment of AML compliance duties within the bank.
  • C. ensure senior management maintains accountability for the effectiveness of the AML program implementation.
  • D. keep senior management apprised of key developments in the AML regime and the impact of applicable laws and legislations.

Answer: A

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, one of the essential elements of an effective AML program is the establishment of a written AML policy that sets out the bank's commitment to comply with the applicable AML laws and regulations, as well as the roles and responsibilities of the board of directors, senior management, and staff in implementing the AML program. The AML policy should also include the bank's risk assessment, customer due diligence, transaction monitoring, record keeping, reporting, training, and audit procedures. The AML policy should be approved by the board of directors and communicated to all staff from the top down. The other options are not incorrect, but they are not the primary responsibility of the board of directors in demonstrating commitment to AML compliance.
References:
ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 8:
Anti-Money Laundering Programs, page 221.
ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 8:
Anti-Money Laundering Programs, page 224.


NEW QUESTION # 311
Which type of transactions present the highest risk?

  • A. Social insurance payments
  • B. Payroll payments
  • C. Wire transfers from a publicly listed company
  • D. Foreign exchanges

Answer: D


NEW QUESTION # 312
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