New CAMS Test Tips & Popular CAMS Exams

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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.

The CAMS certification exam covers a wide range of topics related to AML, including money laundering techniques, AML regulations, risk management, and compliance. CAMS Exam is designed to test both theoretical knowledge and practical skills, and it requires candidates to demonstrate their ability to apply AML concepts to real-world scenarios. CAMS exam consists of 120 multiple-choice questions, and candidates have four hours to complete it. To be eligible to take the CAMS certification exam, candidates must have at least 40 hours of AML training or equivalent experience, and they must also pass a background check. Obtaining the CAMS certification can help professionals advance their careers in the AML field and demonstrate their commitment to the highest standards of AML compliance.

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Popular CAMS Exams - CAMS Simulations Pdf

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a highly respected certification program that is designed to help professionals in the financial crime prevention field to demonstrate their expertise in the industry. Certified Anti-Money Laundering Specialists certification is recognized globally and is highly valued by employers in financial institutions, regulatory bodies, and law enforcement agencies. 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, skills, and expertise of AML/CTF professionals.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q464-Q469):

NEW QUESTION # 464
In order for a terrorist organization to move funds from Cyprus to England through trade-based money laundering, which technique would be used?

A. An England-based exporter under-invoices a shipment to Cyprus.
B. An England-based exporter over-invoices a shipment to Cyprus.
C. A Cyprus-based exporter over-invoices a shipment to London.
D. A Cyprus-based exporter short-ships a shipment to London.

Answer: B

Explanation:
Trade-based money laundering (TBML) involves manipulating trade transactions to move illicit funds rather than goods. One common technique is over-invoicing, where an exporter intentionally inflates the invoice value of goods. In this scenario, an England-based exporter would over-invoice a shipment to Cyprus. By doing so, the exporter creates a surplus amount that can be transferred back to the terrorist organization in England, effectively disguising the movement of illicit funds12.
Reference:
Trade-Based Money Laundering Techniques to Know
Money Trails Of Deceit: Understanding Techniques Of Trade-Based Money Laundering Sanction Scanner: What is Trade-Based Money Laundering (TBML)?

NEW QUESTION # 465
Which element is generally required of all anti-money laundering programs?

A. An enhanced due diligence program for all new customers
B. Annual in-person AML training for all employees
C. A qualified compliance officer to manage the program
D. A computer-based suspicious activity monitoring system

Answer: C

Explanation:
a qualified compliance officer is a mandatory element of all anti-money laundering programs, regardless of the type or size of the financial institution. The compliance officer is responsible for developing, implementing, and overseeing the anti-money laundering program, ensuring its compliance with the relevant laws and regulations, and reporting any suspicious activity to the appropriate authorities12. The compliance officer should have sufficient authority, resources, and expertise to perform these duties effectively.
:
Anti-Money Laundering (AML) | FINRA.org1
Anti-Money Laundering Program and Suspicious Activity Reporting Requirements For Insurance Companies Frequently Asked Questions | FinCEN.gov2

NEW QUESTION # 466
Combating the Financing of Terrorism (CFT)]
What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee's Customer Due Diligence for Banks paper?

A. The same KYC requirements must be applied in all cases
B. Annual staff training
C. A customer acceptance policy
D. All completed KYC documents must be reviewed by a senior manager not involved in the account opening process

Answer: C

Explanation:
The correct answer is B, as a customer acceptance policy is an essential element of KYC standards according to the Basel Committee's Customer Due Diligence for Bankspaper1. A customer acceptance policy defines the types of customers that the bank is willing to accept, and the conditions and limitations that apply to such relationships. A customer acceptance policy helps the bank to avoid customers who are likely to pose a higher than average risk of money laundering or terrorist financing, or who are not willing to provide sufficient information for identification and verification purposes1.: 1: Customer due diligence for banks - Bank for International Settlements, page 9.
Reference:https://www.bis.org/publ/bcbs77.pdf

NEW QUESTION # 467
An anti-money laundering officer for a financial institution has been conducting a monthly self assessment.
The officer reviews the accounts increase in compliance with a long standing know your Customer policy. The self- assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. What is the nest course of action for the anti-money laundering officer to take?

A. Implement a revision to the account-opening training program
B. Determine if there is a readily identifiable cause for the deficiencies
C. Inform the Board of Directors promptly of the Know Your Customer policy trend over the last six months.
D. Revise the policy to simplify Know Your Customer compliance before the report is issued

Answer: A

NEW QUESTION # 468
Which of the following are key components of the Know Your Customer (KYC) process? (Select Two.)

A. Asking to provide a list of immediate family members
B. Inquiring about the source of wealth and source of funds
C. Collecting necessary documents to verify the veracity of information
D. Verifying the financial crime awareness of the client

Answer: B,C

NEW QUESTION # 469
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NEW CAMS TEST TIPS & POPULAR CAMS EXAMS

New CAMS Test Tips & Popular CAMS Exams