CAMS TEST DUMPS DEMO - LATEST CAMS EXAM PATTERN

CAMS Test Dumps Demo - Latest CAMS Exam Pattern

CAMS Test Dumps Demo - Latest CAMS Exam Pattern

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q585-Q590):

NEW QUESTION # 585
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 there is a mutual legal assistance treaty in place between the two institutions
  • B. Whether both institutions have an account or are in the process of opening an account for the customer
  • C. Whether the broker-dealer affiliate can rely on the due diligence done by the bank
  • D. Whether privacy and data protection rules permit the bank to share the information with the affiliate

Answer: D

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 # 586
What three attributes do havens for money laundering and terrorist financing typically have? Choose 3 answers

  • A. A large number of predicate crimes for money laundering
  • B. Absence of an effective FIU
  • C. Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering
  • D. Limited types of institutions and persons covered by money laundering laws and regulations

Answer: B,C,D

Explanation:
Havens for money laundering and terrorist financing are jurisdictions that offer a high degree of anonymity, secrecy, and protection to criminals who seek to conceal or move their illicit funds. These havens typically have the following three attributes12:
* Limited types of institutions and persons covered by money laundering laws and regulations. This means that only a narrow range of financial activities or entities are subject to anti-money laundering (AML) and combatting the financing of terrorism (CFT) obligations, such as customer due diligence, record-keeping, reporting, and supervision. For example, some havens may exclude lawyers, accountants, trust and company service providers, or non-bank financial institutions from AML/CFT requirements.
* Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering. This means that the authorities in these havens lack the political will, resources, or capacity to effectively implement and enforce the AML/CFT laws and regulations.
They may also impose low sanctions or fines for non-compliance, or create legal barriers or obstacles for the confiscation or freezing of assets that are the proceeds of, or used in, or intended or allocated for use in, money laundering, terrorist financing, or other crimes.
* Absence of an effective FIU. This means that these havens do not have a central agency that is responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering, terrorist financing, and other crimes. An effective FIU is essential for facilitating domestic and international cooperation and information exchange, as well as for supporting investigations and prosecutions of money laundering and terrorist financing cases.
References:
1: The IMF and the Fight Against Money Laundering and Terrorism Financing, 1 2: IX Special Recommendations, 2


NEW QUESTION # 587
Combating the Financing of Terrorism (CFT)]
The AML compliance officer of a financial institution (Fl) has been advised that the institution is being investigated by the country's financial intelligence unit (FIU). What should the AML compliance officer do?
(Select Two.)

  • A. Provide all information to the FIU as soon as possible to avoid delays.
  • B. inform senior leadership and the board of the investigation.
  • C. Send an informative communication to all employees about the investigation.
  • D. Monitor the progress of the investigation by keeping clear records.
  • E. Share investigation results with other FIs to help them prepare.

Answer: B,D

Explanation:
According to the Certified Anti-Money Laundering Specialist (CAMS) Sixth Edition manual, the AML compliance officer should inform senior leadership and the board of the investigation (page 124) and monitor the progress of the investigation by keeping clear records (page 127). Additionally, the AML compliance officer should provide all information to the FIU as soon as possible to avoid delays (page 126).
According to the CAMS Manual, when a financial institution is being investigated by the financial intelligence unit (FIU), the AML compliance officer should inform senior leadership and the board of the investigation and monitor the progress of the investigation by keeping clear records. The manual states:
"The AML compliance officer should inform senior leadership and the board of any investigations and then monitor the progress of the investigation by keeping clear records of what has been requested and submitted, deadlines and extensions granted, and any findings or reports received. This will allow the financial institution to respond effectively and efficiently to the investigation and take appropriate action if necessary." (CAMS Manual, Section 7.4.1 - Financial Intelligence Units, p. 366)


NEW QUESTION # 588
Which of the following is the most likely reason for the Financial Action Task Force to remove a jurisdiction from the Non-Cooperative Countries and Territories list?

  • A. Joining the Wolfsberg Group.
  • B. Receiving a favorable mutual evaluation.
  • C. Entering into a mutual legal assistance treaty.
  • D. Conducting successful annual self-assessments.

Answer: B

Explanation:
The Financial Action Task Force (FATF) is an inter-governmental body that sets standards and monitors compliance with anti-money laundering and counter-terrorist financing (AML/CFT) measures. The FATF conducts periodic mutual evaluations of its members and other jurisdictions to assess their level of implementation of the FATF Recommendations, which are the international AML/CFT standards. The FATF also identifies jurisdictions with strategic deficiencies in their AML/CFT regimes that pose a risk to the international financial system, and places them on two public lists: the High-Risk Jurisdictions subject to a Call for Action (also known as the black list) and the Jurisdictions under Increased Monitoring (also known as the grey list). The FATF works with these jurisdictions to address their deficiencies and monitors their progress through regular follow-up reports and on-site visits. The FATF may remove a jurisdiction from the list if it has made sufficient and sustainable progress in implementing the required reforms and has effectively addressed the identified strategic deficiencies. Therefore, receiving a favorable mutual evaluation is the most likely reason for the FATF to remove a jurisdictionfrom the list, as it indicates that the jurisdiction has met the FATF standards and has a robust AML/CFT system in place.
Conducting successful annual self-assessments, entering into a mutual legal assistance treaty, or joining the Wolfsberg Group are not sufficient reasons for the FATF to remove a jurisdiction from the list, as they do not necessarily reflect the overall compliance with the FATF Recommendations or the resolution of the strategic deficiencies. Moreover, the Wolfsberg Group is a private association of global banks that develops guidance and best practices for the financial sector on AML/CFT issues, and is not affiliated with the FATF.
ACAMS Study Guide for the CAMS Certification Examination - 6th Edition, Chapter 1: Risks and Methods of Money Laundering and Terrorism Financing, page 11.
ACAMS CAMS Certification Video Training Course, Module 1: Risks and Methods of Money Laundering and Terrorism Financing, Lesson 1.4: FATF and the 40 Recommendations.
About the Non-Cooperative Countries and Territories NCCT Initiative, FATF website.


NEW QUESTION # 589
An anti-money laundering specialist has just developed and implemented an anti-money laundering program. What is the most effective resource to evaluate the effectiveness of the program?

  • A. A qualified independent party/auditor
  • B. The regulator authorities
  • C. A member of senior management
  • D. The anti-money laundering specialist

Answer: A


NEW QUESTION # 590
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