[Jul-2024] Free CAMS Exam Dumps to Improve Exam Score [Q321-Q339]

admin CAMS ACAMS July 20, 2024

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[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.

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

Q324. 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

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

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

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

Q334. 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.

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

Q337. 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).

Q339. 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