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Test CAMS Dump - CAMS New Braindumps Questions

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The CAMS certification is highly valued by employers in the financial industry, including banks, insurance companies, and investment firms. Certified Anti-Money Laundering Specialists certification demonstrates a commitment to the highest standards of AML compliance and highlights the holder's ability to identify and mitigate the risks associated with money laundering. The CAMS credential is recognized by regulatory bodies worldwide, including the Financial Crimes Enforcement Network (FinCEN) in the United States, the Financial Action Task Force (FATF) and the Office of Foreign Assets Control (OFAC).

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CAMS Latest Exam Guide & CAMS Valid Questions Test & CAMS Free Download Pdf

ACAMS CAMS frequently changes the content of the Certified Anti-Money Laundering Specialists (CAMS) exam. Therefore, to save your valuable time and money, we keep a close eye on the latest updates. Furthermore, VCE4Plus also offers free updates of CAMS exam questions for up to 365 days after buying Certified Anti-Money Laundering Specialists (CAMS) dumps. We guarantee that nothing will stop you from earning the esteemed ACAMS Certification Exam on your first attempt if you diligently prepare with our CAMS real exam questions.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q411-Q416):

NEW QUESTION # 411
Normal account-opening procedures reveal a customer who contacted a financial institution to open a bank account is the brother of a prominent member of a foreign judiciary. Which of the following actions should the anti-money laundering specialist recommend immediately?

A. Perform enhanced due diligence.
B. File a suspicious transaction report with the competent authority.
C. Monitor the customer's account.
D. Contact the institution's legal advisor.

Answer: A

Explanation:
A customer who is the brother of a prominent member of a foreign judiciary is considered a politically exposed person (PEP) or a family member of a PEP. PEPs are individuals who hold or have held positions of public trust or influence in a foreign country, such as heads of state, senior politicians, high-ranking military officers, judges, or executives of state-owned enterprises. PEPs pose a higher risk of money laundering, corruption, or bribery due to their access to public funds, influence over policy decisions, or connections to other powerful individuals. Therefore, financial institutions are required to perform enhanced due diligence (EDD) on PEPs and their family members, as well as monitor their transactions and activities more closely. EDD is a set of additional measures that go beyond the standard customer due diligence (CDD) to obtain more information about the customer, such as their source of wealth, source of funds, expected account activity, business relationships, and reputation. EDD also involves conducting ongoing reviews and updating the customer risk profile regularly. EDD helps the financial institution to mitigate the risks associated with PEPs and detect any signs of money laundering or other illicit activities.
Reference:
ACAMS Study Guide1, Chapter 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), pages 51-52 FATF Guidance on Politically Exposed Persons2, pages 9-10, 13-14, 17-18 Wolfsberg Group Guidance on Politically Exposed Persons3, pages 2-3, 6-7

NEW QUESTION # 412
Which are primary purposes of Financial Action Task Force {FATF)-Style Regional Bodies? (Select Two.)

A. Providing expertise and input in FATF policy-making
B. Providing due diligence for foreign correspondent banks
C. Imposing special measures for non-cooperative jurisdictions
D. Promoting effective implementation of FATF recommendations
E. Acting as a prudential regulatory body for financial institutions

Answer: A,D

Explanation:
The primary purposes of Financial Action Task Force (FATF)-Style Regional Bodies are to promote effective implementation of FATF recommendations and to provide expertise and input in FATF policy-making. (CAMS Manual, 6th Edition, Page 180)

NEW QUESTION # 413
Which of the following reflect money laundering risk indicators in relation to a securities account?
1. A high level of activity in that securities account immediately followed by a high volume of securities transactions.
2. Frequent wire transfers into an account immediately followed by debit card transactions.
3. Frequent wire transfers into an account immediately followed by checks (cheques) or other payment instruments drawn on the account.

A. 1, 2, and 3
B. 1 and 2 only
C. 2 and 3 only
D. 1 and 3 only

Answer: A

Explanation:
All of the three options reflect money laundering risk indicators in relation to a securities account, as they could suggest attempts to conceal the source or destination of illicit funds, or to avoid detection or reporting by authorities. According to the FATF Guidance for a Risk-Based Approach for the Securities Sector1, some of the common indicators of money laundering in securities transactions include:
A high level of activity in securities accounts inconsistent with the customer's profile or investment objectives Frequent or large movements of funds between accounts or institutions, especially involving high-risk jurisdictions or offshore locations Use of debit cards or other payment instruments to access funds from securities accounts Use of complex or unusual transactions or structures without apparent economic or legal purpose References: 1 FATF Guidance for a Risk-Based Approach for the Securities Sector, pages 43-44.

NEW QUESTION # 414
A financial institution opens a mortgage loan for a customer. During a subsequent internal review of the loan, it was noted that the appraisal used to support the loan was performed by an appraiser who was not on the institution's approved appraiser list. This exception was approved by the senior loan underwriter. The reviewer, who had examined other loans from the same general area, noted that the value on the loan appeared significantly higher than on other comparable properties. Which of the following should the anti-money laundering specialist recommend next?

A. Determine whether the loan underwriter reviewed the appraiser's license for validity.
B. Train the appraiser on anti-money laundering compliance for high-end real estate loans.
C. Alert local law enforcement regarding a potential collusive relationship between the underwriter and appraiser.
D. Document the underwriter's actions prior to filing a suspicious transaction report.

Answer:

Explanation:
Explanation
https://www.fdic.gov/regulations/laws/rules/5000-4800.html
When analyzing individual transactions, examiners will review an appraisal or evaluation to determine whether the methods, assumptions, and value conclusions are reasonable. Examiners also will determine whether the appraisal or evaluation complies with the Agencies' appraisal regulations and is consistent with supervisory guidance as well as the institution's policies. Examiners will review the steps taken by an institution to ensure that the persons who perform the institution's appraisals and evaluations are qualified, competent, and are not subject to conflicts of interest.

NEW QUESTION # 415
A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established account-opening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?

A. Not having appropriate information to share with Financial Intelligence Units.
B. The possibility of lawsuits that adversely affect the operations of a bank.
C. Failure to conduct proper due diligence.
D. The bank's exposure to politically exposed persons.

Answer: A

NEW QUESTION # 416
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Hal Lee Hal Lee

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