CAMS Exam Dumps – PDF Questions and Testing Engine [Q306-Q328]

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CAMS Exam Dumps – PDF Questions and Testing Engine

CAMS Dumps – The Sure Way To Pass Exam

The Certified Anti-Money Laundering Specialists (CAMS) exam is a globally-recognized certification for professionals in the anti-money laundering (AML) field. CAMS exam is designed to test the knowledge and skills of individuals who work in compliance, AML investigations, and regulatory roles. The CAMS certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization dedicated to enhancing the knowledge and skills of AML professionals.

NO.306 An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction.
What action should the employee take?

Report the conversation to the local police

Report the conversation to the compliance officer

Tell the colleague that it is against policy to give such advice

Ignore the situation because the colleague is the relationship manager for that customer

NO.307 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

NO.308 What should a compliance officer do during an ongoing investigation into a client’s activities by a competent authority?

Ensure communication with regulatory and law enforcement authorities is conducted onlythrough the Board of Directors

Communicate only in writing regulatory and law enforcement authorities in line with applicablelocal laws

Communicate with regulatory and law enforcement authorities in line with applicable local laws

Only provide information that is specifically and directly requested

NO.309 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

NO.310 Which is a key aspect of the first EU Directive on Money Laundering?

IT expanded the definition of criminal activity to all serious crimes.

It defined money laundering as a separate crime.

It established drug trafficking as a predicate offense of money laundering.

It extended the scope beyond drug-related crimes.

NO.311 Which two services should be implemented so that Butler can find available rooms on the technical requirements? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

QnA Maker

Bing Entity Search

Language Understanding (LUIS)

Azure Search

Content Moderator

NO.312 Why do government entities around the world believe that a risk-based approach to AML/CFT compliance is a preferable prescriptive measure?

It is easier for examiners to make subjective criticisms

It is more flexible, effective and proportionate

It allows institutions to focus their attention on only high risk customers

It allows the creation of hard and fast rules that must be followed

NO.313 Which three methods are commonly used by an accountant to launder money? (Choose three.)

Representing a client court

Understanding income to take a tax loss

Overstating income to hide excess cash

Acting as a conduit for transferring cash between accounts

Acting as a designee for someone who wishes to hide their identity

NO.314 What should a bank focus on to ensure on-going compliance with its AML program?

It should ensure that it develops and provides on-going targeted training of all current and new employees

It should subject all new employees to criminal background checks before being hired

It should review and update its transaction monitoring system

It should ensure that the regulators have reviewed and have approved the bank’s AML program

NO.315 The Chief Compliance Officer (CCO) of a financial institution has been asked by a manufacturing customer reliant upon imported raw materials if there will be repercussions to his business following the weak assessment of the recent publicly issued Financial Action Task Force (FATF) Mutual Evaluation Report (MER). How should the CCO respond?

Delayed processing of cross-border transfer of funds between countries may occur due to increased scrutiny to determine the legitimacy of each transfer.

Citing inaccurate content of the MER. the president of the country has called upon the FATF to publicly withdraw the MER and commission an independent review of findings.

Mandate termination of all cross-border trading until evidence can be provided to show an improved position of compliance for the weaknesses stated in the MER.

Negative consequences will not occur because the manufacturing customer has been trading with reputable countries and suppliers for many years without incident.

NO.316 To what extent should senior management and the Board of Directors be involved in the filing of any STR?

They should be informed of all significant STRs and the numbers and trends of the filings

They should be given copies of all STRs filed by the institution

They should review and approve the filing of all STRs

They should be the only designated individuals to communicate with law enforcement

NO.317 Based on the USA PATRIOT Act, what action might the US take to demonstrate extraterritorial reach?

Send requests for information to a non-US based financial institution (FI)

Hand over potential penalties from the US to another government

Freeze U. S. accounts that contain funds from the non-US FI

Initiate a lawsuit in the home country of the non-US FI

NO.318 What are three risk factors a financial institution should examine with regard to a proposed new product?

The complexity of the product

The need to verify the identification of the customer

Whether the product is easily transferable

Whether other financial institutions are marketing the product

NO.319 You are designing an AI workflow that will aggregate data stored in Azure as JSON documents.
You expect to store more than 2 TB of new data daily.
You need to choose the data storage service for the data. The solution must minimize costs.
Which data storage service should you choose?

Azure Manage Disks

Azure Blob Storage

Azure File Storage

Azure Data Lake Storage

NO.320 A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts.
This employee handles all of the dealer’s structured deposits and does not report the suspicious activity internally.
The competent authority has advised the anti-money laundering specialist to avoid tipping off the employee until the investigation is finalized.
What action should the specialist take next?

Recommend the immediate termination of the employee.

Advise that the dealer’s accounts should be closed.

Consult with senior management and the legal advisor.

Inform the institution’s regulatory agency of the situation.

it describes the action that the anti-money laundering specialist should take next, which is to consult with senior management and the legal advisor. This is because the specialist needs to seek guidance and approval from the higher authorities and the legal experts on how to handle the situation without compromising the ongoing criminal investigation or violating the anti-money laundering laws and regulations. The specialist also needs to ensure that the institution’s internal policies and procedures are followed and that the appropriate measures are taken to mitigate the risks and protect the reputation of the institution.
The other options are not necessarily actions that the anti-money laundering specialist should take next, although they may be considered or implemented later depending on the outcome of the consultation and the investigation. Option A describes a possible consequence for the employee, which is to recommend the immediate termination of the employee, but this may not be the best course of action at this stage, as it may alert the employee or the dealer of the investigation, or it may be premature or disproportionate without sufficient evidence or due process. Option B describes a possible measure for the dealer, which is to advise that the dealer’s accounts should be closed, but this may not be feasible or advisable at this stage, as it may also tip off the dealer or the employee of the investigation, or it may interfere with the collection of evidence or the prosecution of the case. Option D describes a possible reporting obligation for the institution, which is to inform the institution’s regulatory agency of the situation, but this may not be required or appropriate at this stage, as it may conflict with the instructions of the competent authority or the confidentiality of the investigation, or it may expose the institution to legal or regulatory liabilities or sanctions.
References:
ACAMS CAMS Certification Video Training Course – 6th Edition1
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)2 ACAMS CAMS Study Guide – 6th Edition, Chapter 6, pages 132-133
https://www.acams.org/wp-content/uploads/2019/09/ACAMS-CAMS-Study-Guide-6th-Edition-Chapter-6.pdf

NO.321 Trusts established in certain offshore jurisdictions make good vehicles to lay under money for which ofthe following reasons?

Names of the settlor and beneficiaries are into publicly available.

Trusts are typically set up to minimize taxes.

Offshore jurisdictions are unfamiliar with trust.

Trusts may hold assets of significant size.

it describes a reason why trusts established in certain offshore jurisdictions make good vehicles to layer money, which is names of the settlor and beneficiaries are not publicly available. This means that the true owners and controllers of the funds or assets held by the trust are hidden from the public and the authorities, and can only be accessed by the trustee or the protector, who may be complicit or unaware of the money laundering scheme. This creates a high level of anonymity and secrecy for the money launderers, who can use the trust to move, disguise, or conceal the origin and destination of their illicit funds.
The other options are not necessarily reasons why trusts established in certain offshore jurisdictions make good vehicles to layer money, although they may have some advantages or disadvantages depending on the circumstances and the risk profile of the customers and countries involved. Option B describes a possible motive for setting up a trust in an offshore jurisdiction, which is to minimize taxes, but this does not imply that the trust is used to layer money, as there may be legitimate tax planning or optimization purposes. Option C describes a possible challenge or obstacle for setting up a trust in an offshore jurisdiction, which is offshore jurisdictions are unfamiliar with trust, but this does not imply that the trust is used to layer money, as there may be other legal or financial vehicles available in those jurisdictions. Option D describes a possible characteristic or feature of a trust, which is trusts may hold assets of significant size, but this does not imply that the trust is used to layer money, as there may be valid reasons or sources for the large assets.
References:
ACAMS CAMS Certification Video Training Course – 6th Edition1
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)2 ACAMS CAMS Study Guide – 6th Edition, Chapter 4, pages 86-87
https://www.acams.org/wp-content/uploads/2019/09/ACAMS-CAMS-Study-Guide-6th-Edition-Chapter-4.pdf

NO.322 Why do governments and multi-national bodies impose economic sanctions?

To impede kleptocracy

To enforce foreign policy objectives

To combat an imminent terrorist threat

To prevent fraudulent international trade transactions

NO.323 Which two aspects of the security broker dealer industry increase its exposure to money laundering? Choose 2 answers

The routine use of wire transfers from, to or through multiple jurisdictions

They easy conversion of holdings to cash with significant loss of principal

Disposing of cash through securities purchases

Fast paced transactions conducted electronically

NO.324 Which three are principles found in the document “Principles of information Exchange between Financial Intelligence Units (FIUs)”?

The exchange of information between FIUs should take place as informally and as rapidly aspossible and with no prerequisites, while guaranteeing protection of privacy and confidentialityof the shared data

Differences in the definition of offenses that fall under the competence of FIUs should be beforefree exchange of information takes place

The Egmont principle of free exchange of information at the FIU level should be possible on thebasis of reciprocity, including spontaneous exchange

It should be possible for communication between FIUs to take place directly and withoutintermediaries

NO.325 Which requirement is included in the Fourth European Union Directive on money laundering?

It requires obliged entities to consider politically exposed persons as high risk for life

It requires obliged entities to conduct enhanced due diligence on all prepaid card holders

It requires member countries to maintain registries of the beneficial owners of legal entities

It requires member states to enact economic sanctions against countries that do not cooperate with Financial Action Task Force recommendations

NO.326 Which type of transactions present the highest risk?

Wire transfers from a publicly listed company

Payroll payments

Social insurance payments

Foreign exchanges

NO.327 Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?

The criminal anti-money laundering law can apply to transactions that occur partially overseas

Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.

The extraterritorial reach covers all transactions throughout the global economy

The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law

NO.328 An anti-money laundering specialist has just developed and implemented an anti-money laundering program.
What is the most effective resource to evaluate the effectiveness of the program?

The regulator authorities

A member of senior management

The anti-money laundering specialist

A qualified independent party/auditor