LATEST CAMS STUDY MATERIALS, CAMS FLEXIBLE TESTING ENGINE

Latest CAMS Study Materials, CAMS Flexible Testing Engine

Latest CAMS Study Materials, CAMS Flexible Testing Engine

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Tags: Latest CAMS Study Materials, CAMS Flexible Testing Engine, New CAMS Exam Pattern, Latest Real CAMS Exam, Cert CAMS Guide

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The CAMS certification is issued by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization in the AML field. ACAMS provides training, certification, and networking opportunities to AML professionals worldwide. The CAMS Certification is valid for three years, and candidates are required to earn 60 continuing education credits (CECs) during this period to maintain their certification status.

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CAMS Flexible Testing Engine - New CAMS Exam Pattern

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q553-Q558):

NEW QUESTION # 553
According to Basel Committee on Banking Supervision guidelines, which of the following statements best describes the relationship between the internal audit function and compliance?

  • A. The auditors should not discuss internal audit findings with compliance management to maintain independence.
  • B. An internal audit program of adequacy of the bank's compliance function should be established, but should not include review of transactions.
  • C. The compliance function and internal audit function should be combined.
  • D. The internal audit methodology should include an assessment of compliance risk.

Answer: B


NEW QUESTION # 554
A customer has borrowed the cash surrender value of their life insurance policies. Which requires a further investigation and filing of the suspicious activity report?

  • A. The customer cancels the insurance contract without concern for the penalties after the money is borrowed.
  • B. The customer uses multiple currency equivalents from different sources to pay the monthly life insurance policy premiums.
  • C. The customer has paid the monthly life insurance policy premiums with cash.
  • D. The customer directs the payment of the money borrowed to an unrelated third party.

Answer: D

Explanation:
The customer directing the payment of the money borrowed to an unrelated third party is a red flag for potential money laundering, as it could indicate layering or integration of illicit funds. The other options are not necessarily indicative of money laundering, although they could warrant further monitoring or due diligence depending on the customer profile and risk assessment.
References:
ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 3, page 97, section
"Red Flags for Life Insurance Policies".
ACAMS CAMS Certification Video Training Course, Module 3, Lesson 3.2, "Red Flags for Life Insurance Policies".


NEW QUESTION # 555
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of copyright money orders. What should the bank do?

  • A. The institution should close the account before another issues arise
  • B. The bank has received a plausible explanation, so it should do nothing
  • C. While the explanation may be plausible, the institute should nonetheless file a Suspicious Transaction Report to protect itself
  • D. While the explanation appears plausible, the institution should, for a period of time, monitor the account for cash transactions and suspicious activity

Answer: D

Explanation:
A large cash deposit is a potential indicator of money laundering, especially if it is inconsistent with the customer's profile or behavior. Therefore, the bank should ask the customer about the source and purpose of the funds, and verify the information if possible. In this case, the customer claims to have sold a used car and received cash, which may be a reasonable explanation. However, the bank should not rely solely on the customer's statement, but should also monitor the account for any further cash transactions or suspicious activity that may indicate money laundering. For example, the bank should check if the customer withdraws the cash soon after the deposit, transfers the funds to other accounts or jurisdictions, or engages in structuring or smurfing to avoid reporting thresholds.
The bank should not do nothing, as this may expose the bank to regulatory or reputational risks, or facilitate money laundering. The bank should also not file a Suspicious Transaction Report (STR) unless there are other grounds to suspect money laundering, as this may be premature or unnecessary. The bank should not close the account before another issues arise, as this may be disproportionate or discriminatory, and may also alert the customer to the bank's suspicion.
References:
[ACAMS Study Guide for the CAMS Certification Examination, 6th Edition], Chapter 4: Conducting or Supporting the Investigation Process, pp. 103-104, 107-108.
Customer Identification Program - Overview, Federal Financial Institutions Examination Council, April
2018, pp. 1-2, 4-5.
Suspicious Activity Reporting - Overview, Federal Financial Institutions Examination Council, April
2018, pp. 1-2, 4-5.
18 AML Analyst Interview Questions (With Example Answers), ResumeCat, accessed on February 9,
2024.


NEW QUESTION # 556
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You have Azure IoT Edge devices that generate streaming data.
On the devices, you need to detect anomalies in the data by using Azure Machine Learning models. Once an anomaly is detected, the devices must add information about the anomaly to the Azure IoT Hub stream.
Solution: You expose a Machine Learning model as an Azure web service.
Does this meet the goal?

  • A. No
  • B. Yes

Answer: A

Explanation:
Instead use Azure Stream Analytics and REST API.
Note. Available in both the cloud and Azure IoT Edge, Azure Stream Analytics offers built-in machine learning based anomaly detection capabilities that can be used to monitor the two most commonly occurring anomalies:
temporary and persistent.
Stream Analytics supports user-defined functions, via REST API, that call out to Azure Machine Learning endpoints.
References:
https://docs.microsoft.com/en-us/azure/stream-analytics/stream-analytics-machine-learning-anomaly-detection


NEW QUESTION # 557
Money laundering has social and economic impacts, especially within developing countries. A high volume of money laundering in a country may: (Select Two.)

  • A. Dissuade foreign investment.
  • B. Dissuade government tax incentive programs.
  • C. Reduce volatility in exchange and interest rates.
  • D. Lower the employment rate.
  • E. Reduce confidence in the country's financial sector.

Answer: A,E

Explanation:
Money laundering negatively affects economic stability by discouraging investment, distorting markets, and eroding public trust.
Option A (Correct): A financial system tainted by money laundering loses credibility, leading to reduced investor and consumer confidence.
Option D (Correct): Foreign investors avoid jurisdictions with weak AML controls due to the risk of sanctions and reputational damage.
Option B (Incorrect): While tax evasion is linked to money laundering, it does not directly affect the decision to implement tax incentives.
Option C (Incorrect): Unemployment may result from economic instability, but money laundering does not directly cause job losses.
Option E (Incorrect): Money laundering often increases volatility in financial markets, not reduces it.


NEW QUESTION # 558
......

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