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ACAMS CAMS PDF Questions - Exceptional Practice To Certified Anti-Money Laundering Specialists
CAMS Exam topics
Candidates must know the exam topics before they start of preparation. Because it will really help them in hitting the core. Our CAMS dumps will include the following topics:
- Comply standards for anti-money laundering (AML) and combating the financing of terrorism (CFT)
- The Financial Action Task Force (FATF) Recommendations, the Basel Committee’s Report on client Due Diligence and also the Wolfsberg cluster Principles
- Important elements of an Anti-Money Laundering (AML) program
- Maintenance of an effective AML/CFT compliance program
- Money laundering and terrorist financing methods
- Recognition of AML compliance risks
- AML/CFT compliance program designs in several business settings
NEW QUESTION 57
What indicates potential money laundering activity by a lawyer?
- A. A lawyer's trust account regularly receives wire transfers from unknown remitters in a high risk country and immediately redirects the same funds to the same remitters account in a low risk country
- B. A lawyer's account in a high risk country receives a cash deposit of an amount that is considerable below the reporting threshold
- C. A lawyer's trust account receives a large value wire transfer from a publicly listed life insurance company and then immediately transfers the same funds out to an unknown individual in a low risk country
- D. A lawyer's account in a low risk country receives a bank draft from another lawyer firm in a high risk country
Answer: A
NEW QUESTION 58
Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers
- A. All U.S. citizens
- B. All foreign-based entities that have U.S. customers
- C. All persons and entities within the U.S.
- D. All U.S.-domiciled entities and their foreign branches
Answer: A,B,D
NEW QUESTION 59
A compliance officer learns from an Information Technology (IT) source of a potential new financial service being discussed by the new product approval committee.
What is the correct next course of action?
- A. Request that the new product approval committee include the compliance officer.
- B. Go to the board of directors and try to shut the new service down immediately because the committee did not communicate with the compliance officer.
- C. Get as much information as possible from the source so that potential risks can be researched and a report prepared and presented to the head of marketing.
- D. Start initial research into potential risks but wait until notified that the service has been approved by the committee before initiating extensive research.
Answer: D
NEW QUESTION 60
Financial Intelligence Units (FIUs) are responsible for:
- A. responding to requests from law enforcement agencies for information contained in regulatory reports.
- B. sharing evidence with other FIUs.
- C. the timely dissemination of cases to law enforcement agencies.
- D. receiving confirmed reports about committed crimes from accountable and reporting institutions.
Answer: C
NEW QUESTION 61
In the summer, an institution identifies anti-money laundering concerns regarding a customer's account activity. The customer, an ice cream, has deposited a lot of checks drawn on banks in foreign countries, sent large number of high dollar international wires to different countries, made cash deposits of a few hundred dollars every few days and written multiple checks for a few hundred dollars to the same dozen payees every two weeks.
Which two transaction types warrant investigation? (Choose two.)
- A. Regular cash deposits
- B. Checks drawn on banks in foreign countries
- C. The wires to foreign countries
- D. Repeated checks to the same payees
Answer: B,C
NEW QUESTION 62
In reviewing recent transaction activity, a compliance officer for a money transmitter notices that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?
- A. Conduct further investigation to determine whether this is truly suspicious activity
- B. File a suspicious transaction report
- C. Instruct the tellers not to process remittances for these customers in the future
- D. Immediately contact the customers and ask them why they are remitting money more often
Answer: A
NEW QUESTION 63
Which activity would require an update to the first line training program?
- A. The expansion to customer segments that will utilize newly established products.
- B. The implementation of a new system that provides information for monitoring customer accounts.
- C. The maintenance of regulatory requirements for onboarding documentation collections of a customer base.
- D. The onboarding of a new customer type which was previously reviewed and risk rated.
Answer: A
NEW QUESTION 64
You are developing a Computer Vision application.
You plan to use a workflow that will load data from an on-premises database to Azure Blob storage, and then connect to an Azure Machine Learning service.
What should you use to orchestrate the workflow?
- A. Azure Kubernetes Service (AKS)
- B. Azure Data Factory
- C. Azure Container Instances
- D. Azure Pipelines
Answer: B
Explanation:
With Azure Data Factory you can use workflows to orchestrate data integration and data transformation processes at scale.
Build data integration, and easily transform and integrate big data processing and machine learning with the visual interface.
References:
https://azure.microsoft.com/en-us/services/data-factory/
NEW QUESTION 65
What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers
- A. The legal structure of the customer's business
- B. The country or location where the customer is from or does business
- C. The previous financial institutions where the customer has banked
- D. The type and size of the business the customer runs
Answer: A,B,D
NEW QUESTION 66
Which method most likely indicates the placement stage of laundering dirty money in a land based casino?
- A. Using cash to buy casino winnings from legitimate winners at apremium
- B. Redeeming smaller denomination casino chips forlargestdenomination chips
- C. Buying casino chips against a bank draft
- D. Transfering substantial amounts of money from a client's credit card to a client's casino's VIPaccount
Answer: A
NEW QUESTION 67
A financial institution files a suspicious transaction report on a customer as the result of a high volume of large currency deposits to pay off a loan. A law enforcement officer calls the anti-money laundering officer to discuss the suspicious transaction report. Which of the following is the anti-money laundering officer legally permitted to do?
1. Discuss any aspects of the reported activity.
2. Provide copies of the customer's loan documents.
3. Explain the customer's loan payment history.
4. Send the deposit documents referenced in the suspicious transaction report.
- A. 2 and 4 only
- B. 2 and 3 only
- C. 1 and 2 only
- D. 1 and 4 only
Answer: A
NEW QUESTION 68
In establishing procedures for the review of suspicious transactions and filling of STRs, what thing should an institution focus on?
- A. The appropriateness of having a centralized review of suspicious transactions and recommendations to file an STR to ensure consistency
- B. The need to have on-going training as to potential red flags that the institution might encounter
- C. A system for tracking STRs and ensuring that appropriate supporting documentation is segregated and maintained
- D. The need not to ensure that the institution has a strong case of impropriety before filling an STR
Answer: A,B,C
NEW QUESTION 69
You are designing an AI workflow that will aggregate data stored in Azure as JSON documents.
You expect to store more than 2 TB of new data daily.
You need to choose the data storage service for the data. The solution must minimize costs.
Which data storage service should you choose?
- A. Azure Blob Storage
- B. Azure Data Lake Storage
- C. Azure File Storage
- D. Azure Manage Disks
Answer: A
Explanation:
Generally, Data Lake will be a bit more expensive although they are in close range of each other. Blob storage has more options for pricing depending upon things like how frequently you need to access your data (cold vs hot storage). Data Lake is priced on volume, so it will go up as you reach certain tiers of volume.
References:
http://blog.pragmaticworks.com/azure-data-lake-vs-azure-blob-storage-in-data-warehousing
NEW QUESTION 70
A compliance officer at a small local bank reads in the newspaper that a high ranking local public official, who is a long-standing account holder, is being investigated by the competent authorities for accepting bribes. The compliance officer immediately checks the official's account and new account the official opened at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's long-standing account had no unusual activity and that the recently opened had no activity since it was opened. What should the compliance officer do next?
- A. Wait until the new account receives funds and confirm their source
- B. Call the office to confirm the need for multiple accounts
- C. Call the competent authorities to assess the need to file a suspicious transaction report
- D. Meet with staff who opened the account to understand its nature and purpose
Answer: C
NEW QUESTION 71
After review of the financial institution's enterprise-wide anti-money laundering risk assessment, the new compliance officer identifies several deficiencies that need attention.
Which deficiency could lead to the highest potential for unmitigated risk?
- A. The risk assessment is several years old and does not cover all current products and services.
- B. The risk assessment does not anticipate potential risks even though the financial institution has no immediate plans involving those risks.
- C. The risk assessment is managed by a different team from the previous assessment therefore disrupting continuity of institutional knowledge.
- D. The risk assessment is revisited too frequently thereby diverting critical resources from other compliance tasks.
Answer: A
Explanation:
Explanation
https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk-Assessment-FAQ How often should an enterprise-wide risk assessment take place? Regardless of the frequency with which an enterprise-wide risk assessment is undertaken, FIs are usually *****required to report annually *****on the status of the money laundering risk environment. This can take the form of an Annual Report or other types of reports. FIs should review their methodology on a regular basis (most likely annually) to ensure that any changes in internal or external factors are incorporated appropriately in order to arrive at the most accurate picture of risk possible Changes will need to be assessed in terms of a FI's ability to compare results year on year, otherwise potentially significant changes in the results may not be justifiable, clearly explained or understood.
NEW QUESTION 72
What is suspicious activity or red flag with regard to a customer's activity? Choose 3 answers
- A. Exchanging small denomination bills for large ones
- B. Paying the tellers he deals with a regular gratuity
- C. Engaging in wiretransactionswith an offshore account
- D. Asking about the bank's fee schedule for a series of transactions
Answer: A,B,C
NEW QUESTION 73
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