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ACAMS CAMS Certification program is a valuable asset for professionals who are dedicated to preventing financial crimes. It provides individuals with the knowledge and skills needed to stay up-to-date with the latest AML regulations and best practices, and it also offers a way for professionals to demonstrate their expertise and commitment to AML compliance.

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ACAMS CAMS Certification Exam is an essential credential for professionals in the financial crime prevention industry. It provides a comprehensive understanding of AML regulations and best practices and demonstrates a commitment to professional development and excellence. With the ever-increasing threat of money laundering and terrorist financing, the demand for CAMS-certified professionals is expected to continue to grow, making the certification a valuable investment in one's career.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q384-Q389):

NEW QUESTION # 384
According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?

Answer: B

Explanation:
Reference: http://www.fatfgafi.org/media/fatf/documents/recommendations/pdfs/FATF%20Recommendations%20
(approved%20February%202012)%20reprint%20May%202012%20web%20version.pdf (page 19, DNFBPs: customer due diligence, bulleted point (b))


NEW QUESTION # 385
A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners, with a stated long-term investment goal. The customer deposits $25.5 million into the account and three days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making numerous purchases of pesos. The compliance officer receives a query regarding the movement of funds. Within a month of account opening, the customer depletes the account.
Which two red flags should prompt the firm's compliance officer to take action? (Choose two.)

Answer: B,C

Explanation:
A corporate account opened on behalf of several beneficial owners is a red flag because it may indicate an attempt to conceal the identity or source of funds of the ultimate beneficiaries1. The customer's stated investment goal of long-term investment is not reflective of the account activity, which involves frequent and large transfers, currency exchanges, and account depletion within a short period of time. This discrepancy may suggest that the customer is using the account for money laundering or other illicit purposes2.
= 1: ACAMS CAMS Certification Video Training Course - Exam-Labs, Module 3, Lesson 4, Topic:
Corporate Accounts 2: ACAMS CAMS Certification Video Training Course - Exam-Labs, Module 3, Lesson
4, Topic: Customer Profile and Account Activity


NEW QUESTION # 386
the Financing of Terrorism (CFT)]
A prospective AML officer comes highly recommended by a banks up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?

Answer: D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, one of the best practices for hiring an AML officer is to do a thorough background check, including verifying the candidate's credentials, qualifications, references, and reputation1. This is because the AML officer plays a crucial role in ensuring the compliance and integrity of the financial institution, and therefore must have the necessary skills, knowledge, experience, and ethics to perform the job effectively and professionally. A background check can also help to identify any potential conflicts of interest, criminal records, or regulatory sanctions that may affect the candidate's suitability for the position1. The other options are incorrect because:
* B. Confering with the regulatory agency may not be necessary or appropriate, as the hiring decision is ultimately the responsibility of the financial institution, and the regulatory agency may not have any specific or relevant information or guidance on the candidate2.
* C. Hiring the individual, relying on the recommendation of the correspondent, may not be sufficient or prudent, as the correspondent may have different standards, expectations, or interests than the financial institution, and may not have conducted a comprehensive or objective assessment of the candidate3.
* D. Hiring the individual on a probationary basis may not be feasible or fair, as the AML officer role requires a high level of trust, authority, and responsibility, and the financial institution may not be able to evaluate the candidate's performance or potential in a short period of time4.
:
1: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 147
2: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 148
3: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 147
4: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 148


NEW QUESTION # 387
A new AML Officer for a US-based money service business (MSB) is drafting procedures around types of activity that require further review. Which should be included? (Choose two.)

Answer: A,B

Explanation:
A customer visiting multiple branches of the MSB on the same day in order to transfer funds internationally is a potential indicator of structuring, which is a technique used by money launderers to avoid reporting thresholds or detection by authorities. A customer attempting to buy money orders under $3,000 USD in cash multiple times a day is also a possible sign of structuring, as well as an attempt to evade the identification and recordkeeping requirements for MSBs. Both scenarios should be included in the procedures for further review by the AML Officer.
References:
BSA/AML Risk Assessment for Money Services Businesses (MSBs), section "Risk Factors", sub-section "Structuring": "Structuring is the practice of conducting financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by the BSA and/or 31 CFR Chapter X. Structuring is illegal and is often indicative of money laundering or other illicit activity." Money Services Business (MSB) - AML Compliance Guide, section "AML Compliance Requirements for MSBs", sub-section "Identification and Recordkeeping": "MSBs must verify the identity of any person who conducts a transaction of $3,000 or more. They must also keep records of the transaction, including the name, address, date of birth, and identification number of the customer, as well as the amount, date, and method of payment."


NEW QUESTION # 388
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?

Answer: B

Explanation:
the U.S. government has the authority to seize and forfeit funds in a correspondent account of a non-U.S.
bank if the funds are involved in or traceable to a money laundering offense, regardless of where the offense occurred. This is based on the USA PATRIOT Act, which expanded the definition of "proceeds of specified unlawful activity" to include any property that is derived from or traceable to a foreign offense that would be a predicate offense if committed in the U.S12 References: =
* 1: ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 4, page 137
* 2: USA PATRIOT Act, Title III, Section 319(b)


NEW QUESTION # 389
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