VERY BEST ACAMS CAMS DUMPS - BY MOST SECURE SYSTEM

Very best ACAMS CAMS Dumps - By Most Secure System

Very best ACAMS CAMS Dumps - By Most Secure System

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ACAMS CAMS (Certified Anti-Money Laundering Specialist) exam is a globally recognized certification program designed for professionals who deal with anti-money laundering (AML) compliance. Certified Anti-Money Laundering Specialists certification is a standard that is widely recognized by financial institutions, government agencies, and other organizations that are committed to preventing financial crimes. The CAMS exam is a rigorous test that measures an individual’s knowledge and expertise in AML policies and procedures.

The CAMS Certification is ideal for AML professionals, regulatory and law enforcement personnel, risk management professionals, and audit and compliance specialists. It is essential for those who want to enhance their career prospects in the AML field or want to demonstrate their expertise and knowledge of the AML compliance regime to their employers or clients.

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CAMS Printable PDF | Valid CAMS Exam Questions

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q70-Q75):

NEW QUESTION # 70
In order to demonstrate commitment to AML compliance within a bank, the Board of Directors should:

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

Answer: C

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 # 71
the Financing of Terrorism (CFT)]
To understand if the customer operates in line with the firm's risk appetite for a specific industry segment, a financial institution must:

  • A. obtain the name, date of birth for an individual, address and identification number from each customer before opening the account.
  • B. obtain identifying information for beneficial owners through a completed certification form from the individual opening the account on behalf of the legal entity customer.
  • C. obtain the name and address, country identification number and date of birth of a non-customer who purchases a monetary instrument.
  • D. obtain sufficient customer information to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile.

Answer: D

Explanation:
Customer due diligence (CDD) is a key component of anti-money laundering (AML) and counter-terrorism financing (CTF) compliance. CDD helps financial institutions identify and verify their customers, assess their risk levels, and monitor their transactions for suspicious activity.
One of the main objectives of CDD is to understand the nature and purpose of customer relationships, which involves collecting and analyzing relevant information about the customer's business activities, expected transaction patterns, source and destination of funds, and beneficial ownership. This information helps financial institutions develop a customer risk profile, which is a tool to measure and manage the risk exposure of each customer.
A customer risk profile reflects the financial institution's risk appetite, which is the level and type of risk that the institution is willing and able to accept. By comparing the customer's risk profile with the institution's risk appetite, the institution can determine if the customer operates in line with the firm's expectations and requirements for a specific industry segment. For example, if the institution has a low risk appetite for customers involved in high-risk sectors such as gambling, copyright, or arms trade, it can use the customer risk profile to identify and mitigate any potential risks associated with such customers.
Therefore, to understand if the customer operates in line with the firm's risk appetite for a specific industry segment, a financial institution must obtain sufficient customer information to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile.
References:
A Guide to Customer Due Diligence for Financial Institutions
Customer Due Diligence Guide: Main Requirements, Best Practices & Checklist Financial Crimes Enforcement Network Issues New Frequently Asked Questions on Customer Due Diligence Requirements ACAMS CAMS Certification Study Guide 6th Edition


NEW QUESTION # 72
When deficiencies are identified in the Financial Action Task Force (FATF) mutual evaluation report, the assessed country needs to:

  • A. prepare a report to defend its position against the FATF secretariat, which is comprised of the assessors.
  • B. pay a penalty for the delay in adopting the FATF 40 recommendations accurately and timely.
  • C. address the shortcomings identified in the report and agree to post-assessment monitoring by FATF.
  • D. request exception from the relevant FATF-style regional body by submitting a report with the reasons.

Answer: C

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) resources, the FATF mutual evaluation process is a peer review mechanism that assesses the level of compliance of a country with the FATF 40 recommendations and the effectiveness of its anti-money laundering and counter-terrorist financing system.
The mutual evaluation report identifies the strengths and weaknesses of the assessed country and provides recommendations for improvement. The assessed country needs to address the shortcomings identified in the report and agree to post-assessment monitoring by FATF, which involves regular follow-up reports and actions to remedy the deficiencies. The other options are not correct, as they do not reflect the FATF mutual evaluation process or the obligations of the assessed country.
References:
ACAMS Study Guide for the Certified Anti-Money Laundering Specialist (the 6th edition), Chapter 4:
International Standards and Global Initiatives, page 97.
FATF, Methodology for Assessing Technical Compliance with the FATF Recommendations and the Effectiveness of AML/CFT Systems, February 2013, updated October 2019, 1.
FATF, Procedures for the FATF Fourth Round of AML/CFT Mutual Evaluations, October 2019, 2.


NEW QUESTION # 73
An anti-money laundering specialist is employed by a large multi-copyright. The bank is planning to open an international department that will be responsible for expanding services to various countries. The head of the new international department has asked the specialist to assess risks associated with the bank's expansion plans. Which of the following materials should be included as a reference?
1. USA PATRIOT Act
2. Financial Action Task Force 40 Recommendations
3. Customer Due Diligence for Banks issued by the Basel Committee on Banking Supervision
4. The Egmont Group Statement of Purpose

  • A. 1, 2, and 4 only
  • B. 1, 2, and 3 only
  • C. 1, 3, and 4 only
  • D. 2, 3, and 4 only

Answer: B


NEW QUESTION # 74
Combating the Financing of Terrorism (CFT)]
What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)

  • A. Investigate and report suspicious activity only for the correspondent bank's clients
  • B. Incorporate suspicious activity monitoring into periodic reviews
  • C. Incorporate due diligence results such as customer risk ratings
  • D. Utilize downstream correspondents to investigate and report suspicious activity

Answer: B,C

Explanation:
'https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/8.%20Wolfsberg- Correspondent-Banking-Principles-2014.pdf - page 6 Monitoring and Reporting of Suspicious Activities The institution shall implement bank-wide policies and procedures to detect and investigate unusual or suspicious activity and report any such activity as required by applicable law. These will include guidance on what is considered to be unusual or suspicious and give examples thereof. The policies and procedures shall include appropriate monitoring of the Correspondent Bank's activity, incorporating due diligence results such as customer risk rating and other factors considered meaningful in the assessment of transaction activity risk. In turn, the results of suspicious activity monitoring shall be factored into the periodic review of the client's file, particularly when the results of transaction monitoring indicate elevated risk levels.


NEW QUESTION # 75
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