CAMS TEST GUIDE, CAMS FREE DOWNLOAD

CAMS Test Guide, CAMS Free Download

CAMS Test Guide, CAMS Free Download

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q698-Q703):

NEW QUESTION # 698
Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?

  • A. They require member countries to develop statistical metrics over money laundering and terrorist financing crimes
  • B. They require participating financial institutions of their members to file suspicious transaction reports to the regional body
  • C. They conduct regional-level research and analysis of the money laundering and terrorist financing methods and trends using standards and templates used for FATF typologies reports
  • D. They conduct global research on money laundering and terrorist financing trends and report their findings in their own typologies report

Answer: C

Explanation:
One of the methods that FATF-style regional bodies (FSRBs) use to understand the inherent money laundering and terrorist financing risks in their regions is to conduct regional-level research and analysis of the methods and trends used by criminals and terrorists to exploit the vulnerabilities of the financial system. This research and analysis is done using the standards and templates developed by the FATF for its typologies reports, which are documents that describe the common features, techniques, and patterns of money laundering and terrorist financing activities. By producing their own typologies reports, FSRBs can identify the specific risks and challenges faced by their member countries and jurisdictions, and provide guidance and recommendations on how to mitigate them.
References:
What are the 9 FATF-Style Regional Bodies (FSRBs)? - Sygna, What are FATF and FSRB typologies?
FATF-Style Regional Bodies (FSRBs) - Asia/Pacific Group on Money Laundering, What are the main duties of FSRBs?
Financial Action Task Force - Wikipedia, Typologies.
Reference: https://www.fatf-gafi.org/media/fatf/documents/recommendations/Private-Sector-Information- Sharing.pdf (18)


NEW QUESTION # 699
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?

  • A. Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
  • B. Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.
  • C. Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.
  • D. Request that the new product approval committee include the compliance officer.

Answer: B


NEW QUESTION # 700
A customer comes into the bank and appears to be ill-at-ease waiting in the teller line. When the customer gets to the teller, he become exceedingly nervous and asks for a large cashier's check to be cashed and disbursed to him in $100 bills.
What should the teller do after completing the transaction?

  • A. File a CTR on the customer by the end of the day
  • B. File a SAR on the customer
  • C. Monitor the customer's account going forward
  • D. Confer with the bank' s account going forward

Answer: C

Explanation:
A customer who is nervous, uneasy, or in a hurry to cash a large cashier's check may be trying to launder money or evade reporting requirements. The teller should complete the transaction as normal, but also flag the customer's account for further monitoring and review. The teller should look for any unusual or suspicious patterns of activity, such as frequent large cash transactions, transfers to or from high-risk jurisdictions, or transactions that do not match the customer's profile or expected behavior. The teller should also document the transaction and the customer's demeanor, and report any findings or concerns to the appropriate authority within the bank.
The teller should not confer with the bank's account going forward, as this may alert the customer to the bank's suspicion or compromise the investigation. The teller should not file a SAR on the customer, unless there are other grounds to suspect money laundering or terrorist financing, as this may be premature or unnecessary. The teller should not file a CTR on the customer by the end of the day, unless the transaction exceeds the threshold of $10,000, as this is a legal requirement for cash transactions in the US.
Reference:
[ACAMS Study Guide for the CAMS Certification Examination, 6th Edition], Chapter 4: Conducting or Supporting the Investigation Process, pp. 103-104, 107-108.
Suspicious Activity Reporting - Overview, Federal Financial Institutions Examination Council, April 2018, pp. 1-2, 4-5.
Currency Transaction Reporting - Overview, Federal Financial Institutions Examination Council, April 2018, pp. 1-2, 4-5.
17 AML Analyst Interview Questions and Answers, CLIMB, July 15, 2022.


NEW QUESTION # 701
Pursuant to the Third European Union Money Laundering Directive, how long after being out of prominent office should a person NOT be considered to be a Politically Exposed Person (PEP)?

  • A. 4 years
  • B. 2 years
  • C. 3 years
  • D. 1 year

Answer: B

Explanation:
According to the Third European Union Money Laundering Directive (3rd AMLD), a politically exposed person (PEP) is an individual who is or has been entrusted with prominent public functions, such as heads of state, government ministers, judges, senior military officers, or members of parliament1. The 3rd AMLD requires institutions and persons covered by the Directive to apply enhanced customer due diligence measures when dealing with PEPs residing in another Member State or in a third country, in order to prevent money laundering and terrorist financing risks1. The 3rd AMLD also specifies that a person who is no longer entrusted with a prominent public function shall not be considered a PEP after a period of at least one year has elapsed since that person left office, unless the institution or person covered by the Directive has knowledge or reason to believe that the person is still exposed to specific risks2. However, the Commission Directive 2006/70/EC, which lays down implementing measures for the 3rd AMLD, extends this period to at least two years, and allows Member States to extend it further, depending on the level of risk and the type of prominent public function involved3.
Reference:
1: Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
2: Article 3(8) of Directive 2005/60/EC
3: Article 2 of Commission Directive 2006/70/EC of 1 August 2006 laying down implementing measures for Directive 2005/60/EC of the European Parliament and of the Council as regards the definition of 'politically exposed person' and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis


NEW QUESTION # 702
How does a regulatory body typically obtain international assistance in a money Laundering inquiry?

  • A. By submitting a request for overseas assistance to the corresponding supervisory body
  • B. By contacting the FATF, Organization for Economic Co-operation and Development, or otherinternational organizations and seeking their intervention
  • C. By filing a request under Egmont guidelines
  • D. By communicating with the Head of Compliance for the financial institution

Answer: A


NEW QUESTION # 703
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