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About CAMS Designation
The CAMS certification is well-known around the globe for being the gold standard among Anti-Money Laundering validations which outlines the main aspects of money laundering and its prevention. What is more, such a certificate helps in encouraging a culture of compliance in organizations and demonstrating one's dedication to a structured risk-based approach. It also helps in meeting accepter anti-money laundering training requirements while rewarding and retaining top performers. Finally, the certification also aids in successfully safeguarding against financial damage.
Career Opportunities
Individuals who have obtained the CAMS designation may receive a range of benefits. They include furthering one's professional portfolio via demonstrating a better understanding of the detection and prevention techniques of financial crime, helping to protect their organization from money laundering threats, and lessening financial crime risks. What's more, by flaunting this qualification on your resume, you can opt for such job roles as an Anti-Money Laundering Analyst, Bank Secrecy Act (BSA) Officer, Staff Auditor, Management Consultant, etc. When it comes to the annual payment received by those specialists who got CAMS certified, it equals almost $82k per year as shown by Payscale.com.
NEW QUESTION 96
In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?
- A. Meeting mandatory regulatory requirements for system implementation
- B. Proving to the Board of Directors that the FIU is doing its job
- C. Highlighting the skills of the system analysts
- D. Identifying how customers are using products
Answer: A
NEW QUESTION 97
Which three entities does the Third European Union Money Laundering Directive apply to?
- A. Real Estate Agents
- B. Financial Institutions
- C. Defense Attorneys
- D. Casinos
Answer: A,B,D
NEW QUESTION 98
An EU Trust and Company Service Provider (TCSP) analyst notices some unusual activity while looking through a customer's financial statements and detailed general ledger. The customer is in the business of importing and exporting machineries. Which transaction indicator warrants further escalation to the compliance officer?
- A. The payment of virtual offices services overseas.
- B. The payment of consultancy fees to unrelated companies and service providers established in a foreign jurisdiction.
- C. The payment of company secretarial retainer fees to a foreign company in a tax efficient jurisdiction.
- D. Inter-company loans from the holding company to the subsidiary company to finance the shipment of machinery.
Answer: B
NEW QUESTION 99
What do the Financial Action Task Force (FATF) mutual evaluations of each member assess?
- A. The levels of implementation of the FATF Recommendations
- B. If the member has made any suggestions for updates to the FATF Recommendations
- C. If the member has a large enough economy to maintain its membership
- D. The member's ability to send a representative to the plenary sessions
Answer: A
NEW QUESTION 100
In which three circumstances foes a large-cash deposit most likely reflect money laundering?
- A. When it is by a customer who operates a cash-based business
- B. When it is transacted in segments smaller than the reporting thresholds at various times during the day
- C. When it is followed by an immediate wire transfer to an offshore secrecy haven
- D. When it is from a customer who has never operated a business
Answer: B,C,D
NEW QUESTION 101
Which two statements are true regarding the European Union Money Laundering Directives? (Choose two.)
- A. They set forth non-binding best practices for financial institutions within the member states
- B. They require member states to enact laws and/or regulations to comply with the directives
- C. They apply to member states of the European Union
- D. They have extraterritorial impact and apply to states that have diplomatic relations with member states
Answer: B,C
NEW QUESTION 102
An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer's brother.
During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?
- A. Advise the bank's senior legal advisor of the situation
- B. Call the law enforcement agent and suggest he modify the legal request to include these memos
- C. Ask the bank president to document his instructions to the specialist
- D. Place these memos in his personal files in case they are subsequently requested
Answer: A
NEW QUESTION 103
An anti-money laundering specialist at a large institution is responsible for informing senior management about the status of the anti-money laundering program across the organization. The global institution handles retail banking, commercial banking, global markets, private banking and has an affiliated securities dealer.
The specialist and the team provide corporate strategic direction to these areas on anti-money laundering related subjects. The following information is reported to executive management on a regular basis:
* Total number of suspicious transactions identified and reported
* Suspicious transaction trends
* Training that has occurred for the various units
* Status report on the anti-money laundering regulatory environment
* Summary of exception reports
Which of the following additional elements is the most useful?
- A. The total credit exposure for non-cooperative countries and territories.
- B. Results of related audits and examinations.
- C. Notification of management changes in the different major divisions.
- D. Details on inquiries received from law enforcement.
Answer: D
NEW QUESTION 104
What are two reasons physical certificates present a money laundering risk to broker-dealers? (Choose two.)
- A. There is little information readily available to the broker confirming the source of the funds
- B. Physical certificates may be provided to nominees for deposit or settled in off-market transactions
- C. Physical certificates do not expire and may be held by the owner for perpetuity
- D. The trade information on a physical certificate can be easily altered
Answer: A,B
NEW QUESTION 105
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?
- A. Protests of government action
- B. Driving while under the influence
- C. Kidnapping
- D. Offenses involving dishonesty
Answer: D
Explanation:
Explanation/Reference:
Reference: http://www.capitol.hawaii.gov/hrscurrent/vol07_ch0346-0398/HRS0378/HRS_0378-0003.htm (See 9th point)
NEW QUESTION 106
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer isdeemed suspicious by Bank A.
- A. The transaction in Country A.
- B. Bank B in Country A.
- C. Bank C in Country C.
- D. The transaction in Country B.
Answer: A
Explanation:
Explanation
Another simpler way of looking at the problem is by seeing this case as a Correspondent Banking relationship:
-A is the primary correspondent bank.
-B is the respondent bank.
-C is the receiving bank (of the wire transfer).
Since A is conducting the transaction on behalf of B's customer via the correspondent relationship deemed suspicious, it is the transaction in Country A by the correspondent bank that files the STR. Also, per the regular process, it is on the transaction, not the bank, that the STR is filed against.
NEW QUESTION 107
Which statement describes the relationship between the internal audit function and compliance?
- A. The compliance function and internal audit function should be combined
- B. The internal audit methodology should include an assessment of compliance risk
- C. An internal audit program of the adequacy of the bank's compliance function should be established, but should not include review of transactions
- D. In order to maintain independence, the auditors should not discuss internal audit findings with compliance management
Answer: B
NEW QUESTION 108
After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by which three groups of people?
- A. Precious Metal Dealers
- B. Retail Account Holders
- C. Foreign Exchange Dealers
- D. Lawyers
Answer: A,C,D
NEW QUESTION 109
A compliance officer is developing an anti-money laundering program for a financial institution located in a Financial Action Task Force member country. The institution conducts business with customers located in countries/jurisdictions that are not members of Financia Action Task Force. Which of the following issues should be addressed in the program?
1. The requirement to identify the beneficial owners of accounts.
2. The requirement for customer identification for the opening of new accounts.
3. The financial institution's obligation to report suspicious transactions.
4. The obligation to freeze funds involved in suspicious transactions.
- A. 1, 3, and 4 only
- B. 1, 2, and 4 only
- C. 2, 3, and 4 only
- D. 1, 2, and 3 only
Answer: D
NEW QUESTION 110
Which three statements are true about on-line banking offering a significant money laundering risk to a financial institution?
- A. The nature of on-line banking can make it difficult to establish who is controlling the account
- B. Due to client confidentiality, information collected on-line cannot be shared with law enforcement agencies on mere suspicion
- C. The ease of access through the internet enables cross border movement of funds
- D. The speed of electronic transaction enables execution of multiple complex transactions within short time frame
Answer: A,C,D
NEW QUESTION 111
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 receives international wires from companies in the Middle East where the accounting firm has several branches.
- B. The account receives several payments a day from multiple customers who operate in different industries.
- C. The account receives international payments that are substantially higher than other fees they typically receive.
- D. The account sends monthly donations to several charities that operate in the same communities as the accounting firm.
Answer: D
NEW QUESTION 112
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