[Jul 10, 2023] 100% Latest Most updated CAMS Questions and Answers [Q266-Q285]

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[Jul 10, 2023] 100% Latest Most updated CAMS Questions and Answers

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The Certified Anti-Money Laundering Specialists (CAMS) certification exam is a globally recognized certification program designed for professionals in the financial crime prevention and anti-money laundering (AML) industry. The CAMS certification exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), an international organization that provides training and certification to AML professionals. The CAMS certification is recognized as the gold standard in the AML industry and is highly sought after by employers and professionals alike.

NEW QUESTION 266
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?

Failure to conduct proper due diligence.

The possibility of lawsuits that adversely affect the operations of a bank.

The bank’s exposure to politically exposed persons.

Not having appropriate information to share with Financial Intelligence Units.

NEW QUESTION 267
Which is a key reason why a financial institution (FI) conducts an enterprise-wide AML risk assessment?

The need to assess money laundering and terrorist financing risks and ensure there are adequate controls to mitigate those risks.

The identification of specific risk categories (i.e., export, inactivity, layman, and false locations) unique to the bank.

The need to understand its overall budget needs for each department and for internal audit.

The board of directors and senior management are required to have an AML risk assessment for the bank.

NEW QUESTION 268
What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?

Gatekeepers

Correspondent banking

Payable through accounts

Legal persons and arrangements

NEW QUESTION 269
Which three entities does the Third European Union Money Laundering Directive apply to?

Financial Institutions

Defense Attorneys

Casinos

Real Estate Agents

NEW QUESTION 270
Which precaution will a money launderer take to avoid detection when sending electronic transfers?

Using cover payments for all electronic transfers

Varying the amounts of transactions and using reputable organizations

Using round dollar amounts, so funds appear to be gifts or loans

Misspelling names to foil watch-list filtering systems

NEW QUESTION 271
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?

The bank should limit the amount of money which can be processed per transaction

The bank should ensure that prospective new customers can be properly identified

The bank should set up automated programs to analyze transactions for money launderingactivity

The bank should ensure that a firewall is set up to protect the transactions

NEW QUESTION 272
You are designing an AI application that will use an azure Machine Learning Studio experiment.
The source data contains more than 200 TB of relational tables. The experiment will run once a month.
You need to identify a data storage solution for the application. The solution must minimize compute costs.
Which data storage solution should you identify?

Azure Database for MySQL

Azure SQL Database

Azure SQL Data Warehouse

NEW QUESTION 273
What are three risk factors a financial institution should examine with regard to a proposed new product?

The complexity of the product

The need to verify the identification of the customer

Whether the product is easily transferable

Whether other financial institutions are marketing the product

NEW QUESTION 274
When and how should an institution appraise the AML risk of a newly developed product? Choose 3 answers

The institution should request the Compliance Officer to review and evaluate the AML risk prior to the product going live

The institution should roll the product out on a preliminary basis to determine what risks develop with regard to the product

The institution should review previous administrative actions to determine if the product has created problems for other institutions

The institution should evaluated where, how and to what extent the product is going to be used

NEW QUESTION 275
A bank employee reviews wire transactions looking for indications of wire stripping.
Which two actions should the employee take to complete appropriate bank procedures? (Choose two.)

Compare the wire transaction as it enters and after it leaves the bank

Check for suspicious phrases usually used to conceal originator or beneficiary identity

Identify large incoming wire transactions received on behalf of a foreign client with no explicit reason

Identify wire transaction activity to or from a financial institution located in a higher risk jurisdiction

NEW QUESTION 276
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

NEW QUESTION 277
A compliance officer is looking to update an institution’s private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?

Approval of Politically Exposed Persons (PEPs) by at least one person other than the relationship manager

Dedicated automated AML monitoring of client activity

Review of client files annually if there are unusual transactions

The institution’s senior management has primary responsibility for the relationship

NEW QUESTION 278
What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?

Documentation must be provided as quickly as possible using email

The financial institution may notify the account holder of the request

Confirm that the request originated from a representative of the law enforcement agency

A copy of all the documentation released must also be provided to the account holder’s attorney

NEW QUESTION 279
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during this meeting. Which of the following should an anti-money laundering specialist recommend?

Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when approached.

Let his manager know what conversations have taken place with the customer and document the account file accordingly.

Limit discussions about the investigation with the customer and be satisfied that he has provided proper notice to the customer.

The meeting should be cancelled as he has already behaved inappropriately by alerting the customer to the investigation.

NEW QUESTION 280
Which activity is most likely to facilitate money laundering through on-line systems with inadequate controls?

Conducting a large volume of transactions

Providing continuous worldwide access

Conducting anonymous transactions

Conducting large value transactions

NEW QUESTION 281
Which three are examples of best practices terms of ensuring an adequate AML program?

Engage an independent party to perform a periodic review of the program

Review applicable domestic and international AML guidance

Perform a risk analysis on a regular basis and compare it to the coverage of the AML program

Review the accuracy of account opening applications

NEW QUESTION 282
A financial institution is reorganizing and the anti-money laundering officer is now required to report to the Head of Operations?

The reorganization will ensure communication of anti-money laundering issues to the Board of Directors

The reorganization will enhance the compliance framework

The anti-money laundering officer should be elevated to a position on the Board of Directors

The anti-money laundering officer should be independent of business functions

NEW QUESTION 283
A financial institution has expanded its scope of services so that it is attracting the business of politically exposed persons (PEPs) who had previously never been part of the customer base.
Which two courses of action should the compliance officer include in the institution’s procedures for considering PEPs as customers? (Choose two.)

Conduct enhanced ongoing monitoring of the business relationship

Expedite due diligence when a PEP is pre-approved by a member of senior management

Obtain appropriate senior management approval for establishing a business relationship with a PEP from a high risk country

Take adequate measures to establish the source of wealth and source of funds which are involved in the business relationship or occasional transaction

NEW QUESTION 284
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan.
What is the role of the auditor during the correction phase?

Directing the remediation of the deficiency in a timely manner

Developing procedures to provide sufficient risk-based documentation for clearing alerts

Providing training to the alert clearing department on the importance of effective alert clearing

Validating the successful remediation of the issue once management indicates the issue is resolved

NEW QUESTION 285
A popular restaurant in town has begun depositing less cash than it has in prior years. In a review of the customer’s accounts, you notice that credit card receipts have increased with no explanation.
The account officer discovers that the restaurant has installed a privately-owned automated teller machine (ATM) onsite and has begun construction of a patio dining area.
Which red flag should trigger additional investigation?

Privately-owned ATM

Lower cash deposits

Increased credit card receipts

Construction of the new patio dining area

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[Jul 10, 2023] 100% Latest Most updated CAMS Questions and Answers [Q266-Q285]

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