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ACAMS Exam Dumps

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Description

Exam Name: Certified Anti-Money Laundering Specialist v6
Exam Code: CAMS
Related Certification(s): Acams Association of Certified Anti Money Launderying CAMS Certification
Certification Provider: Acams
Actual Exam Duration: 90 Minutes
Number of CAMS practice questions in our database:
Expected CAMS Exam Topics, as suggested by Acams :

  • Module 1: RISKS AND METHODS OF MONEY LAUNDERING AND TERRORISM FINANCING: This section focuses on identifying the various risks and methods associated with money laundering and terrorism financing. Candidates will need to recognize the risks to both individuals and institutions for violations of anti-money laundering (AML) laws.
  • Module 2: COMPLIANCE STANDARDS FOR ANTI-MONEY LAUNDERING (AML) AND COMBATING THE FINANCING OF TERRORISM (CFT): This section assesses understanding of the key compliance frameworks and principles related to AML and CFT.
  • Module 3: AML, CFT, AND SANCTIONS COMPLIANCE PROGRAMS: This section focuses on the design and implementation of effective AML, CFT, and sanctions compliance programs. Candidates must be able to recognize the essential elements of an institution-wide risk assessment.
  • Module 4: CONDUCTING AND SUPPORTING THE INVESTIGATION PROCESS: This section of the exam assesses the candidate’s knowledge of investigative procedures and reporting requirements. Candidates must show they understand how to appropriately report high-profile suspicious activity reports (SARs) or suspicious transaction reports (STRs) to both internal management and external regulatory authorities.

Description

Exam Name: Certified Anti-Money Laundering Specialist v6
Exam Code: CAMS
Related Certification(s): Acams Association of Certified Anti Money Launderying CAMS Certification
Certification Provider: Acams
Actual Exam Duration: 90 Minutes
Number of CAMS practice questions in our database:
Expected CAMS Exam Topics, as suggested by Acams :

  • Module 1: RISKS AND METHODS OF MONEY LAUNDERING AND TERRORISM FINANCING: This section focuses on identifying the various risks and methods associated with money laundering and terrorism financing. Candidates will need to recognize the risks to both individuals and institutions for violations of anti-money laundering (AML) laws.
  • Module 2: COMPLIANCE STANDARDS FOR ANTI-MONEY LAUNDERING (AML) AND COMBATING THE FINANCING OF TERRORISM (CFT): This section assesses understanding of the key compliance frameworks and principles related to AML and CFT.
  • Module 3: AML, CFT, AND SANCTIONS COMPLIANCE PROGRAMS: This section focuses on the design and implementation of effective AML, CFT, and sanctions compliance programs. Candidates must be able to recognize the essential elements of an institution-wide risk assessment.
  • Module 4: CONDUCTING AND SUPPORTING THE INVESTIGATION PROCESS: This section of the exam assesses the candidate’s knowledge of investigative procedures and reporting requirements. Candidates must show they understand how to appropriately report high-profile suspicious activity reports (SARs) or suspicious transaction reports (STRs) to both internal management and external regulatory authorities.

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Q1. A financial institution (FI) is fined for failure to implement an effective AML program. Which consequences could the regulator impose on the bank's Chief AML Officer? (Select Three.)

A.Loss of professional accounting and legal designations

B. Civil and criminal prosecution, fines, and imprisonment

C. Ban from employment in the financial services industry

D. Recommend termination of employment from the FI

E. Add to the Office of Foreign Assets Control Specially Designated Nationals and Blocked Persons List

F. Prohibition from dealing with goods on the Wassenaar List

Correct Answer: B, C, D

Q2. A customer's registered business activity is a domestic carpet cleaning company. Besides domestic receipts, there are incoming weekly transactions from an international reputable auction house starting at 15,000 USD and averaging 30,000 USD. The matching cash outgoings amount to 90% of the incoming deposits to non-related individuals. Which is most concerning for potential money laundering?

A.The customer is paying 90% of the incoming proceeds to non-related individuals in cash.

B. The customer is a domestic carpet cleaning company.

C. The customer's international incomings are from an international reputable antique auction house.

D. The customer's initial international receipt has increased from 15,000 USD to an average of 30,000 USD per transaction per week.

Correct Answer: A

Q3. Which is the most severe consequence for a financial institution if the regulator finds it is in breach of AML regulatory obligations?

A.Loss of license

B. Civil sanctions

C. Monetary fines

D. Negative reputation

Correct Answer: A

Q4. Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities. Which action should the firm take?

A.Update all job descriptions to include anti-money laundering responsibilities

B. Respond that only compliance personnel have anti-money laundering responsibilities

C. Send an email to all staff stating that personnel must observe the anti-money laundering policy

D. Reply that a description of anti-money laundering responsibilities is included in the annual training

Correct Answer: A

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