This page was exported from Valid Premium Exam [ http://premium.validexam.com ] Export date:Thu Sep 19 22:43:46 2024 / +0000 GMT ___________________________________________________ Title: [Jul-2024] Free CAMS Exam Dumps to Improve Exam Score [Q321-Q339] --------------------------------------------------- [Jul-2024] Free CAMS Exam Dumps to Improve Exam Score 2024 Realistic CAMS Dumps Exam Tips Test Pdf Exam Material The Certified Anti-Money Laundering Specialists (CAMS) certification is recognized as the gold standard in AML certifications. AML professionals who earn the CAMS certification demonstrate their expertise in anti-money laundering detection, prevention, and enforcement. The CAMS certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to fighting financial crime.   Q321. Which three methods are commonly used by an accountant to launder money? (Choose three.)  Representing a client in court  Understating income to take a tax loss  Overstating income to hide excess cash  Acting as a conduit for transferring cash between accounts  Acting as a designee for someone who wishes to hide their identity Q322. Which are characteristics of Mutual Legal Assistance Treaties (MLATs)? (Select Three.)  MLATs are neither public nor binding under international law.  MLATs cannot be used for obtaining banking records from treaty partners.  MLATs do not provide a legal basis for transmitting evidence.  MLATs only involve two countries.  MLATs cooperatively combat crime between countries.  MLATs are useful for gathering evidence and intelligence in a foreign country. Mutual Legal Assistance Treaties (MLATs) are characteristics of D. only involving two countries, E.cooperatively combating crime between countries, and F. being useful for gathering evidence and intelligence in a foreign country. MLATs are public and binding under international law (A), can be used for obtaining banking records from treaty partners (B), and provide a legal basis for transmitting evidence .Q323. What correspondent banking risk factor increases the risk for a Correspondent Bank?  Multi-national financial institution with global operations  Offers international funds transfer to customers  Major service provider to money service businesses  Limited product offering to customers in high-risk jurisdictions Reference:https://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-Correspondent-Banking-Services.pdfQ324. 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 Q325. A customer brings $15,000 worth of chips into a casino and plays various games. The customer redeems all the remaining chips and requests a wire transfer of the proceeds to an unrelated third party.What are two red flags that indicate money laundering? (Choose two.)  Customer redeeming all remaining chips  Playing various games before cashing out  Bringing $15,000 worth of chips into the casino  Requesting a wire transfer to an unrelated third party Q326. A New York-based lawyer is interested in purchasing a luxury condo in Manhattan listed at $30 million for a client based in the Caribbean.The client does not want to be named on the deed and wants the purchase to be made under the name of a limited liability company (LLC). The client states that the reason for this arrangement is that he is a high level government official who is concerned about his privacy if the purchase were to be made in his name.The funds for the purchase are to be wired from several accounts in various countries.Which two facts lead to gathering more information about this potential client before moving forward with the transaction? (Choose two.)  The client is from a Caribbean country  The use of an LLC to make the purchase  The client is a high level government official  The funds are coming from several accounts in various countries. Q327. Bank A is a non-United States (U.S.) bank that has $5 million in a correspondent account at a bank in New York City. The Worldwide Terrorist Syndicate (WTS) has $1 million in its account at a non-US branch of Bank A. The U.S. government has initiated forfeiture action against the WTS.Which potential action can the U.S. take under the USA PATRIOT ACT pursuant to the issuance seizure warrant?  Seize Bank A’s $5 million correspondent account in the U.S.  Seize WTS’ $1 million account at the non-U.S. branch of Bank A.  Seize $1 million from Bank A’s correspondent account in the U.S.  Seize $5 million from the non-U.S. branch of Bank A where the WTS’ account is located. Q328. According to the Financial Action Task Force, as part of their risk assessment, which are important data and information that a Trust and Company Service Provider must understand when establishing and administering a trust? (Select Two.)  The responsibility and authority in the structure  The management structure of the trust  The source of funds in the structure  The general purpose behind the structure  The general nature of business of the trust ExplanationHere is the exact information from the Financial Action Task Force (FATF) Guidance for a Risk-Based Approach for Trust and Company Service Providers:“Understanding the management and ownership structure of a trust is crucial in assessing the ML/TF risk it poses. This includes the identity of all settlors, trustees and beneficiaries, and their respective roles and responsibilities, as well as the nature and purpose of the trust.”“TCSPs should obtain and maintain up-to-date information on the purpose and intended nature of the business relationship, the source of funds and wealth, and where relevant, the source of funds or wealth of the settlor and beneficiaries.” Based on this information, the correct answers are A and D. Trust and Company Service Providers must understand the responsibility and authority in the structure, as well as the general purpose behind the structure in order to assess the overall risk of the trust and ensure that any transactions with the trust are legitimate.Q329. According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?  Commodities traders  Money services businesses  Hawala operators  Real estate agents Reference:http://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%20(approve (page 19, DNFBPs: customer due diligence, bulleted point (b))Q330. Which are key objectives of the Egmont Group? (Select Two.)  Setting international standards that aim to prevent  AML Providing a platform for the secure exchange of financial intelligence  Serving as a prudential regulator for global financial institutions  Serving as an authoritative body in the field of anti-corruption  Serving as a united body of financial intelligence units across the world ExplanationThe Egmont Group is an international body of Financial Intelligence Units (FIUs) from around the world. Its primary purpose is to serve as a forum for FIUs to exchange information, and it also sets international standards for AML/CFT measures. Additionally, the Egmont Group does not serve as a prudential regulator for global financial institutions or as an authoritative body in the field of anti-corruption.Q331. What should law enforcement provide when asking an institution to keep an account open?  An explanation of the underlying conduct that is being investigated  A written request with an explanation of the scope of the investigation  An in-person visit by an investigating official to explain the reasons why the account must remain open  A written request on government agency letterhead with the appropriate signature Q332. A government has instituted a new anti-money laundering laws which require all financial institutions to obtain certain information from its customers.Which step should an institution located in this jurisdiction take to ensure compliance?  Change procedures to require that the necessary information is obtained  Change procedures and systems as necessary and provide employee training  Send a notice to customers asking them to provide the necessary information  Change systems to ensure the required information is automatically obtained from all customers Q333. Which action should countries take related to the financing of terrorist acts in accordance with the Financial Action Task Force 40 Recommendations?  Oppose  Sanction  Prosecute  Criminalize The FATF 40 Recommendations are the international standards for combating money laundering, terrorist financing, and proliferation financing. They provide a comprehensive and consistent framework of measures that countries should implement in their national systems. Recommendation 5 of the FATF 40 Recommendations states that countries should criminalize the financing of terrorism, terrorist acts and terrorist organizations. This means that countries should adopt laws that make it an offence to provide or collect funds or other assets with the intention or knowledge that they will be used to carry out terrorist acts or support terrorist organizations. Countries should also ensure that such offences are punishable by effective, proportionate and dissuasive sanctions. Furthermore, countries should ensure that terrorist financing offences extend to any person who wilfully provides or collects funds or other assets by any means, directly or indirectly, with the unlawful intention that they should be used or in the knowledge that they are to be used, in full or in part, in order to carry out terrorist acts or support terrorist organizations. Therefore, the correct answer is D. Criminalize, as this is the action that countries should take related to the financing of terrorist acts in accordance with the FATF 40 Recommendations.References:FATF websiteFATF 40 Recommendations – February 2012FATF Recommendation 5 – Criminalisation of Terrorist FinancingReference:https://www.fatf-gafi.org/publications/methodsandtrends/documents/fatf-action-against-terroristfinancing- feb-2019.htmlQ334. A large international bank has detected potentially suspicious activity in one of its customer accounts. Following an investigation, the bank has determined the activity to be typical of suspected money laundering.To which entity should this activity be reported on a suspicious transaction report according to Financial Action Task Force?  National Security Council  Financial Intelligence Unit  Local law enforcement agency  Federal law enforcement agency Q335. A compliance officer of a financial institution is reviewing a payment for sanctions compliance between two parties in Europe and Asia. The payment is in Euros and involves the provision of services to a company located in a jurisdiction subject to Office of Foreign Assets Control secondary sanctions. Which factor is most important in determining the compliance officer’s response?  Asset freezes only prohibit US companies from engaging in certain activities with counterparts from a sanctioned jurisdiction.  A one-off commercial transaction conducted between parties in Europe and Asia is not subject to secondary sanctions.  The threat of US sanctions against foreign individuals and entities continues to exist despite the absence of a US nexus.  Secondary sanctions only target specific sectors of the economy such as the banking and finance sectors. ExplanationThe threat of US sanctions against foreign individuals and entities continues to exist despite the absence of a US nexus. This is stated in the Certified Anti-Money Laundering Specialist (the 6th edition) manual on page591, which states: “It is important to note that the threat of US sanctions against foreign individuals and entities continues to exist even when there is no direct US nexus (i.e., no US persons or assets involved).”Q336. The bank’s Compliance Officer is tasked with designing standards based on Basel’s KYC principles. Which essential elements should be included in the program? (Choose two.)  Appointing an independent audit function  Conducting a money laundering risk assessment  Documenting a customer acceptance policy  Establishing on-going monitoring of high-risk accounts  Reporting suspicious activity Reference: https://www.bis.org/publ/bcbs77.pdfQ337. An individual opened an account with a minimal cash deposit at a financial institution. He presented a foreign passport and stated he would be working locally for a few months. He also requested information about making electronic fund transfers. The institution was subsequently unable to verify the employment or residence information provided by the individual. Soon after this, a large transfer was sent to the customer’s account. Which of the following is the course of action recommended by the Basel Committee on Banking Supervision’s Customer Due Diligence for Banks?  Post the deposit to the account and notify the customer that the deposit has been made.  Implement enhanced due diligence procedures to monitor the account for suspicious activity.  Close the account and return the funds to the source from which they were received.  End the relationship by sending a check (cheque) to the customer for the full amount in the account. Q338. Enhanced due diligence (EDD) may be bypassed for which situation?  On-boarding a branch or majority-owned subsidiary of an EU or US FI located in a high-risk third country that fully complies with group-wide policies and procedures.  On-boarding a subsidiary in a high-risk country with a complex ownership structure of a long-standing and reputable customer based in the EU or US.  On-boarding a casino headquartered in the EU or US that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures.  On-boarding a reputable Politically Exposed Person (PEP) from the EU onto the wealth management arm of a US financial institution (FI). Reference: https://www.trulioo.com/blog/enhanced-due-diligenceQ339. An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which of the following item s should be delivered?1. Monthly statements and transaction activities for that individual since 2004.2. All wire transfers for that individual since 2004.3.Signature cards from accounts opened by that individual since 2004.4. All security trading activities for that individual since 2004.  1, 2, and 3 only  1, 2, and 4 only  1, 3, and 4 only  2, 3, and 4 only According to the CAMS study guide, chapter 4, page 1191, transaction records include any records that reflect the movement of funds or assets, such as wire transfers, checks, deposits, withdrawals, securities trades, etc.Therefore, items 1, 2, and 4 are examples of transaction records that should be delivered in response to a legal request. Item 3, signature cards, are not transaction records, but rather account opening documents that contain the customer’s name, address, identification, and signature. These documents may be relevant for customer due diligence or identification purposes, but they do not reflect the transaction activities of the customer.References:1: ACAMS CAMS Study Guide – 6th Edition, Chapter 4, page 119:https://www.acams.org/wp-content/uploads/2019/09/ACAMS-CAMS-Study-Guide-6th-Edition-Chapter-4.pdf Loading … Powerful CAMS PDF Dumps for CAMS Questions: https://www.validexam.com/CAMS-latest-dumps.html --------------------------------------------------- Images: https://premium.validexam.com/wp-content/plugins/watu/loading.gif https://premium.validexam.com/wp-content/plugins/watu/loading.gif --------------------------------------------------- --------------------------------------------------- Post date: 2024-07-20 10:26:56 Post date GMT: 2024-07-20 10:26:56 Post modified date: 2024-07-20 10:26:56 Post modified date GMT: 2024-07-20 10:26:56