OFFICIAL CAMS PRACTICE TEST, CAMS VALID TEST SIMULATOR

Official CAMS Practice Test, CAMS Valid Test Simulator

Official CAMS Practice Test, CAMS Valid Test Simulator

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The CAMS exam covers a wide range of topics related to AML, including money laundering trends and methods, risk assessment, customer due diligence, suspicious activity reporting, and sanctions compliance. CAMS Exam is designed to measure a candidate's knowledge and understanding of these topics, as well as their ability to apply this knowledge in real-world situations.

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ACAMS CAMS Valid Test Simulator & Valid CAMS Test Simulator

The experts in our company are always keeping a close eye on even the slightest change in the field. Therefore, we can assure that you will miss nothing needed for the CAMS exam. What's more, the latest version of our CAMS study materials will be a good way for you to broaden your horizons as well as improve your skills. So with our CAMS Exam Questions, not only you can pass the exam with ease with 100% pass guarantee, but also you can learn the most professional and specilized knowledge in this field!

The CAMS certification is an important credential for professionals working in the AML field. It demonstrates a commitment to excellence and a deep understanding of AML laws, regulations, and best practices. Whether you are just starting your career in AML or you are a seasoned professional, the CAMS exam is an excellent way to enhance your skills and advance your career.

The CAMS certification is owned and administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization dedicated to enhancing the knowledge and skills of AML professionals. The ACAMS CAMS Certification Exam is recognized globally as the gold standard for AML certifications and is highly respected by regulators, law enforcement agencies, and financial institutions.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q26-Q31):

NEW QUESTION # 26
What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?

  • A. Fines and suspension from the industry
  • B. Enforcement actions including fines against the financial institution
  • C. Investigation and reputational damage
  • D. Criminal investigation and imprisonment

Answer: D


NEW QUESTION # 27
What are three elements of a sound Customer Due Diligence Program?

  • A. Obtaining date of birth and address of a prospective customer
  • B. Determination of what type of customer the financial institution will accept
  • C. Training as to how and to what extent to identify prospective customers
  • D. Determination of who in the institution should be assigned to the prospective customer as a liaison

Answer: A,B,C

Explanation:
A sound Customer Due Diligence Program (CDD) is a key component of an effective anti-money laundering and counter-terrorism financing (AML/CFT) framework. According to the Financial Action Task Force (FATF), the global standard-setter for AML/CFT, CDD involves the following elements1:
Identifying the customer and verifying their identity using reliable, independent sources of information or documents.
Identifying the beneficial owner and taking reasonable measures to verify their identity, so that the financial institution understands who ultimately owns or controls the customer or the funds.
Understanding and obtaining information on the purpose and intended nature of the business relationship.
Conducting ongoing due diligence on the business relationship and scrutinizing transactions to ensure that they are consistent with the financial institution's knowledge of the customer, their business and risk profile, and the source of funds.
Therefore, the three elements of a sound CDD program that are listed in the question are:
Determination of what type of customer the financial institution will accept: This involves defining the customer acceptance policy and risk appetite of the financial institution, and applying appropriate risk-based measures to accept or reject customers based on their risk profile and the financial institution's ability to manage and mitigate those risks2.
Training as to how and to what extent to identify prospective customers: This involves providing adequate and regular training to the staff who are responsible for conducting CDD, and ensuring that they are aware of the legal and regulatory requirements, the internal policies and procedures, the risk indicators, the verification methods, and the reporting obligations3.
Obtaining date of birth and address of a prospective customer: This is part of the basic information that is required to identify and verify the customer's identity, and to establish their risk profile and the source of funds. The date of birth and address can also be used to check against various databases and watchlists to detect any potential matches with sanctioned or high-risk individuals or entities4.
The element that is not part of a sound CDD program is:
Determination of who in the institution should be assigned to the prospective customer as a liaison: This is not a mandatory or essential element of CDD, although it may be a good practice to assign a dedicated relationship manager or contact person to each customer, especially for high-risk or complex customers, to ensure effective communication, monitoring, and service delivery.
Reference:
FATF Guidance on Customer Due Diligence and Financial Inclusion 1
ACAMS Study Guide for the CAMS Certification Examination (6th Edition), Chapter 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT) 2 ACAMS Study Guide for the CAMS Certification Examination (6th Edition), Chapter 4: Developing an AML/CFT Program 3 ACAMS Study Guide for the CAMS Certification Examination (6th Edition), Chapter 5: Conducting and Supporting the Investigation Process 4 Wolfsberg Group Guidance on Customer Due Diligence (CDD)


NEW QUESTION # 28
Which transaction should result in a SAR/STR filing?

  • A. A national food-chain restaurant makes multiple, anticipated cash transactions that are above the daily reporting threshold.
  • B. A national food-chain restaurant with multiple cash transactions at various branch locations.
  • C. A small business owner deposits checks totaling $9,950 USD on a daily basis without providing a legitimate purpose.
  • D. A small business owner deposits $25,000 USD in cash proceeds with a business equipment bill of sale.

Answer: C

Explanation:
Reference: https://aml-cft.net/library/suspicious-transaction-report-str-suspicious-activity-report-sar/


NEW QUESTION # 29
When a financial institution is requested to provide data and information to a law enforcement agency for matters related to financing of terrorism, assistance:

  • A. can be refused on the grounds of tipping-off.
  • B. can be refused on the grounds of bank secrecy.
  • C. cannot be refused on the grounds of bank secrecy.
  • D. cannot be refused on the grounds of tipping-off.

Answer: D

Explanation:
When a financial institution is requested to provide data and information to a law enforcement agency for matters related to the financing of terrorism, assistance cannot be refused on the grounds of tipping-off.
Tipping-off refers to disclosing to a customer or any third party that a suspicious activity report (SAR) has been filed. However, in this specific context, the obligation to provide information to law enforcement takes precedence over any concerns related to tipping-off. Financial institutions must cooperate fully with law enforcement agencies in such cases to combat money laundering and terrorist financing12.
References:
31 CFR 1010.520 (a) (2)
FinCEN: Fact Sheet on the Rapid Response Program (RRP)
FinCEN.gov
Federal Financial Institutions Examination Council (FFIEC) BSA/AML Examination Manual


NEW QUESTION # 30
Which of the following is the most common risk with a Personal or Private Investment Company (PIC)?

  • A. They are usually established in financial secrecy havens
  • B. They are almost always owned by politically exposed persons
  • C. They often lack transparent ownership
  • D. They are not publicly traded

Answer: C


NEW QUESTION # 31
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