SEEING CAMS TEST DUMPS - SAY GOODBYE TO CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS

Seeing CAMS Test Dumps - Say Goodbye to Certified Anti-Money Laundering Specialists

Seeing CAMS Test Dumps - Say Goodbye to Certified Anti-Money Laundering Specialists

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Tags: CAMS Test Dumps, CAMS Valid Dumps Demo, CAMS Dumps Reviews, Test CAMS Collection, CAMS Exam Passing Score

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The CAMS exam covers a broad range of topics, including money laundering and terrorist financing methods, regulatory frameworks, risk assessment, due diligence, and sanctions compliance. CAMS exam consists of 120 multiple-choice questions that must be completed within a 3.5-hour time limit. Candidates must achieve a passing score of 75% or higher to earn the CAMS certification. Certified Anti-Money Laundering Specialists certification must be renewed every three years by completing continuing education courses and demonstrating ongoing professional development in the AML field. Overall, the CAMS Certification is an essential credential for professionals working in the financial industry who want to enhance their knowledge and expertise in the fight against money laundering and terrorist financing.

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

NEW QUESTION # 553
Combating the Financing of Terrorism (CFT)]
According to the Basel Committee, customer acceptance, customer due diligence, and record-keeping policies and procedures should be changed as necessary to:

  • A. ensure policies and procedures are reviewed every three months.
  • B. address KYC deficiencies in account opening procedures.
  • C. address variations in risk among each line of business within the organization.
  • D. address structure changes strictly related to new employees.

Answer: C

Explanation:
The Basel Committee on Banking Supervision (BCBS) is an international body that sets standards and guidelines for the prudential regulation of banks. One of its key publications is the Customer Due Diligence for Banks, which outlines the essential elements of Know Your Customer (KYC) standards for banks.
According to this document, customer acceptance, customer due diligence, and record-keeping policies and procedures should be changed as necessary to address variations in risk among each line of business within the organization. This means that banks should adopt a risk-based approach to KYC, taking into account the different types, levels, and sources of risk associated with different customers, products, services, transactions, and delivery channels. By doing so, banks can allocate their resources more efficiently and effectively, and mitigate the potential for money laundering, terrorist financing, and other financial crimes.
References:
Customer Due Diligence for Banks, BCBS, October 2001, p. 5, 14-15.
The Basel Committee: The Important Set Of International Banking Regulations, Financial Crime Academy, November 2023.


NEW QUESTION # 554
What is a major money laundering risk associated with a number of prepaid cards as opposed to credit or debit cards?

  • A. The global access to cash through ATMs
  • B. The anonymous access to funds
  • C. The risk of losing the prepaid cards
  • D. The inability to load the card with cash

Answer: B


NEW QUESTION # 555
What are the rules imposed by the Office of Foreign Assets Control (OFAC) for legal entities and persons related to the US? (Select Two.)

  • A. Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules.
  • B. The head office of a foreign legal entity which has a branch in the US does not need to comply with OFAC rules.
  • C. A foreign individual visiting the US for a short vacation is obligated to follow OFAC rules.
  • D. Nationals of the US must comply with OFAC rules, regardless of where they are located in the world.
  • E. A subsidiary of a legal entity of the US, which is formally registered in a foreign country, is exempt from OFAC rules.

Answer: A,D

Explanation:
The rules imposed by the Office of Foreign Assets Control (OFAC) for legal entities and persons related to the US are:
Nationals of the US must comply with OFAC rules, regardless of where they are located in the world. This means that US citizens, permanent residents, and entities organized under US law are subject to OFAC sanctions and prohibitions, even if they operate or reside outside the US12.
Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules. This means that non-US entities that engage in trade or financial dealings with OFAC-designated countries, entities, or individuals are liable to face civil or criminal penalties, as well as secondary sanctions that could restrict their access to the US market or financial system34.
The other options are not correct, because:
A subsidiary of a legal entity of the US, which is formally registered in a foreign country, is not exempt from OFAC rules. This means that foreign-incorporated entities that are owned or controlled by US persons or entities are also subject to OFAC sanctions and prohibitions, unless they are specifically authorized or licensed by OFAC12.
A foreign individual visiting the US for a short vacation is not obligated to follow OFAC rules. This means that non-US persons who are temporarily present in the US are not subject to OFAC sanctions and prohibitions, unless they are involved in transactions that have a US nexus or violate other US laws.
The head office of a foreign legal entity which has a branch in the US does not need to comply with OFAC rules. This means that non-US entities that have a presence or operation in the US are not subject to OFAC sanctions and prohibitions, unless they are involved in transactions that have a US nexus or violate other US laws.
References:
ACAMS CAMS Certification Video Training Course - Exam-Labs3
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)4 ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 7, page 147:
https://www.acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-7.pdf ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 7, page 148:
https://www.acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-7.pdf ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 7, page 149:
https://www.acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-7.pdf


NEW QUESTION # 556
Which factor should a bank consider before sharing information about a customer with its broker-dealer affiliate in the case of an investigation?

  • A. Whether privacy and data protection rules permit the bank to share the information with the affiliate
  • B. Whether there is a mutual legal assistance treaty in place between the two institutions
  • C. Whether both institutions have an account or are in the process of opening an account for the customer
  • D. Whether the broker-dealer affiliate can rely on the due diligence done by the bank

Answer: A

Explanation:
According to the ACAMS CAMS Certification Study Guide (6th edition), one of the challenges of information sharing within a financial group is the compliance with privacy and data protection rules that may vary across jurisdictions. Therefore, before sharing information about a customer with an affiliate, a bank should consider whether such sharing is permitted by the applicable laws and regulations, and whether the customer has consented to it. The other options are not relevant factors for information sharing in the case of an investigation.
ACAMS CAMS Certification Study Guide (6th edition), page 971; ACAMS CAMS Certification Video Training Course, Module 4, Lesson 22


NEW QUESTION # 557
In 2004, Consolidated KYC Risk Management was issued by the Basel Committee on Banking Supervision (BCBS). What is a key message in this document?

  • A. Consolidated KYC risk management for a group is critical and trumps jurisdictional rules hat limitinformation sharing
  • B. Policies and procedures should be designed not merely to comply strictly with all relevant lawsand regulations
  • C. KYC Risk Management means as established decentralized process for promulgating policies andprocedures
  • D. KYC Risk Management required a yearly consolidation effort

Answer: A


NEW QUESTION # 558
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