[Q126-Q143] Positive Aspects of ValidExamDumps CAMS Exam Dumps! [Aug-2022]

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Positive Aspects of Valid Dumps CAMS Exam Dumps! [Aug-2022]

First Attempt Guaranteed Success in CAMS Exam 2022

Certification Path

The CAMS Certified Anti-Money Laundering Specialist certification path includes only one CAMS certification exam.

Who should take the CAMS exam

The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.

Submit supporting documents.
Provide three professional references.
Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.

Q126. When an institution receives a document request from law enforcement with regard to an STR that the institution has filed, what should institution do?

It should turn over the documents that were previously collected to support the STR

It should request a written subpoena or court order before turning over any documents

It should have its outside counsel review the request and the documents before doing anything

It should politely decline to provide the requested documents until the law enforcement agency can explain the nature and purpose of its inquiry

Q127. Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)

Financial institutions need to assist competent authorities in fighting terrorist financing through prevention, detection and information sharing.

Financial institutions need to continuously analyze the types of activity related to terrorist financing and develop models that in the long term will drive down terrorism.

Financial institutions should have financial intelligence units dedicated to the investigation of activity that would lead to the detection of terrorist financing as a means to decrease global terrorism.

Financial institutions should apply extra due diligence whenever they see suspicious or irregular activities, especially when customers are engaged in sectors or activities that have been identified by competent authorities as being used for the financing of terrorism.

Q128. What is a key objective of the Egmont Group?

To find ways to promote the development of Financial Intelligence Units and the sharing of expertise.

To safeguard the financial system from illicit use and combat money laundering and promote national security.

To issue binding standards that establish consistently operated Financial Intelligence Units in member jurisdictions.

To provide best practices for financial institutions on how to report suspicious activity to best share the information with law enforcement.

Q129. Outgoing foreign transactions of similar amounts trigger a monitoring alert for a customer’s accounts. During the evaluation of the accounts, the bank discovers the wire transfers were very small amounts and occurred within the last 3 months following a long period of inactivity. The wire transfers appear to originate from legal sources. To assess the potential of terrorist financing, the institution must ensure the:

account holder presents proof the funds are legal.

beneficiaries of transfers are not on a terrorist watch list.

beneficiaries of transfers are not included on the Transparency International List.

account holder does not reside in a country included on the U.S. State Department State Sponsors of Terrorism List.

Q130. An anti-money laundering specialist is concerned that several suspicious transaction reports will discuss potential illegal activity of bank employees.
In this situation, which of the following is the immediate concern for the institution?

Prohibiting distribution of suspicious transaction report copies to the Board.

The timing of the presentation of suspicious transaction reports to the competent authority.

The type of form to be used when reporting to the Board.

Ensuring no delay in informing the Board.

Q131. Which of the following customer transactions with a securities dealer would indicate the highest suspicion of money laundering?

Frequent trades in unlisted securities throughout the day on a regular basis.

Recurring transfers of money into a brokerage account subsequently invested in short-term securities.

An unexplained high level of account activity with very low levels of securities transactions

Investment in securities with a significantly lower risk than the customer’s expressed risk tolerance.

Q132. Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide explains that there have been numerous conventions in town so business has increased substantially.
Which further action(s) should the financial institution take?

Immediately terminate the relationship

Schedule a periodic review of activity

Perform further investigation, it appropriate report the activity to the authorities and consider terminating the relationship

Perform further investigation, if appropriate report the activity to the authorities and place a limit on future transactions

Q133. In establishing procedures for the review of suspicious transactions and filling of STRs, what thing should an institution focus on?

The need to have on-going training as to potential red flags that the institution might encounter

The appropriateness of having a centralized review of suspicious transactions and recommendations to file an STR to ensure consistency

A system for tracking STRs and ensuring that appropriate supporting documentation is segregated and maintained

The need not to ensure that the institution has a strong case of impropriety before filling an STR

Q134. A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?

Investigate these unusual transactions further

Contact the local FIU for advice

File an STR with the competent authorities

Document reasons for not filing a STR

Q135. According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which of the following types of products or transactions?
1. Life insurance policies where the annual premium is no more than USD/EUR 1,000 or a single premium of no more than USD/EUR 2,500.
2. Insurance policies for pension schemes if there is no surrender clause and the policy cannot be used as collateral.
3. A pension that provides retirement benefits to employees.
4. Trusts where the settlor, trustee and beneficiaries are identified and the shares are in bearer form.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

Q136. 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?

Conducting successful annual self-assessments.

Entering into a mutual legal assistance treaty.

Joining the Wolfsburg Group.

Receiving a favorable mutual evaluation.

Q137. You have an Azure Machine Learning experiment that must comply with GDPR regulations.
You need to track compliance of the experiment and store documentation about the experiment.
What should you use?

Azure Table storage

Azure Security Center

An Azure Log Analytics workspace

Compliance Manager

Q138. A commission regotorie would be used in which gateway to obtain information from another country?

An FIU request under the Egmont principles

An MLAT request

A supervisory channel request with the Basel Committee

A FATF request

Q139. Upon filing a suspicious transaction report, which of the following elements should be the highest anti-money laundering priority in making the decision to keep the account open?

Financial impact on the institution if the account is closed.

Procedures to ascertain the potential risk to the organization.

Additional Administrative costs of monitoring the account.

Total number of accounts the institution closed in the last month.

Q140. The purpose of an anti-money laundering program should be to do what?

Detect all illegal activity perpetrated by customers

Avoid criticism and sanctions from government regulators

Focus monitoring efforts on riskier transactions and customers

Detect and report cash structuring and suspicious wire transactions

Q141. On-line financial technologies are susceptible to money laundering risk because

Viruses significantly damage communications and commerce.

The risk of identity theft is greatly increased.

The identity of the people who conduct transactions may be unknown.

Baring staff are familiar with how this technology can be abused.

Q142. Which two channels can be utilized during a cross-border money laundering investigation to assist in gathering information according to Financial Action Task Force? (Choose two.)

Contacting existing liaison officers in the foreign jurisdiction

Exchanging information between national law enforcement agencies

Contacting the potential suspect or their family members to request information

Submitting only formal requests for information to a financial intelligence unit

Q143. A compliance officer at a financial institution (FI) received an investigation request for a customer from a local law enforcement agency. Which action should be taken by the FI?

Obtain approval from the Financial Intelligence Unit (FIU) before submitting the customer’s information.

Omit some responses to meet the regulatory deadline.

Assign employees responsible for the customer to the investigation team.

Consider retaining qualified, experienced legal counsel.

The benefit in Obtaining the CAMS Exam Certification

Proving their AML experience to examiners and regulators
Meeting mandated AML training needs through preparation and study
Protecting their company from money laundering threats and minimize money crime risks
ACAMS conducted a survey recently and the findings were pretty interesting on average, professionals who had their ACAMS made $25,000 more than their colleagues who did not have the CAMS certification!
Increasing their skilled worth through a higher understanding of financial crime detection and hindrance techniques

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