Free PDF Quiz 2025 CAMS: Updated Certified Anti-Money Laundering Specialists Exam Reviews

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The CAMS exam is a comprehensive test that covers a wide range of topics related to AML, including the history of money laundering, the international regulatory environment, risk assessment, customer due diligence, and transaction monitoring. CAMS Exam is designed to assess the knowledge and skills of AML professionals and to ensure that they have the necessary expertise to detect and prevent money laundering activities.

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Free PDF Quiz ACAMS - CAMS - Certified Anti-Money Laundering Specialists Perfect Exam Reviews

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q457-Q462):

NEW QUESTION # 457
An anti-money laundering specialist has been hired by an independently-owned community bank to implement an anti-money laundering compliance program. This bank has recently seen a dramatic increase in the number of international electronic fund transfers from its commercial clients. The first thing the anti-money laundering specialist should do is

A. file a suspicious transaction report on international customers receiving large electronic fund transfers.
B. develop a new account questionnaire to quantify the level of risk for new international accounts.
C. conduct a risk assessment of the bank's international electronic fund transfer activity.
D. close all accounts which have had a dramatic increase in international electronic fund transfer activity.

Answer: C

Explanation:
The first thing the anti-money laundering specialist should do is to conduct a risk assessment of the bank's international electronic fund transfer activity. This is to identify and measure the potential money laundering and terrorist financing risks associated with the bank's products, services, customers, and geographic locations. A risk assessment can help the anti-money laundering specialist to:
Understand the nature and extent of the bank's exposure to money laundering and terrorist financing threats and vulnerabilities.
Establish a risk-based approach to the design and implementation of the anti-money laundering compliance program, including policies, procedures, controls, monitoring, reporting, and training.
Allocate appropriate resources and prioritize actions to mitigate the identified risks and enhance the effectiveness of the anti-money laundering compliance program.
Demonstrate to the regulators and auditors that the bank has a sound and comprehensive anti-money laundering compliance program that is commensurate with its risk profile and business activities.
Reference:
CAMS Study Guide - 6th Edition, Chapter 6, pages 167-168
CAMS Certification Exam Outline, Domain 3, Task 3.1, Skill 3.1.1
Anti-Money Laundering Bulletin November 2021 - Central Bank of Ireland, pages 4-5 Money Laundering through Money Remittance and Currency Exchange Providers, FATF, June 2010, pages 7-8 REGULATIONS - FIU, Part III, Regulation 9, pages 9-10

NEW QUESTION # 458
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?

A. Send a notice to customers asking them to provide the necessary information
B. Change systems to ensure the required information is automatically obtained from all customers
C. Change procedures and systems as necessary and provide employee training
D. Change procedures to require that the necessary information is obtained

Answer: C

Explanation:
According to the CDD Rule, covered financial institutions must establish and maintain written procedures that are reasonably designed to identify and verify beneficial owners of legal entity customers and to include such procedures in their anti-money laundering compliance program1. These procedures should also be updated as necessary to reflect changes in the law or the institution's risk profile2. Moreover, the institution should provide adequate training to its employees on the new requirements and monitor their compliance3.
:
1: FinCEN Guidance, FIN-2020-G002, August 3, 2020, p. 1
2: Your responsibilities under money laundering supervision - GOV.UK, Section: Customer due diligence requirements
3: Customer identification: Know your customer (KYC) | AUSTRAC, Section: Training and awareness

NEW QUESTION # 459
What should an employee do after witnessing suspicious activity from a coworker?

A. Request help from colleagues in determining that the best course of action.
B. Request that the coworker provide justification for their actions.
C. Escalate to the company's conflict line or compliance department.
D. Discuss the suspicious activity with your supervisor.

Answer: C

Explanation:
Explanation
An employee who witnesses suspicious activity from a coworker should not confront the coworker or discuss the activity with their supervisor. Instead, they should report the activity to their employer's conflict line or compliance department, who can investigate the matter and take the appropriate action. It is important to remember that employees are legally obligated to report any suspicious activity they witness.

NEW QUESTION # 460
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU?
(Choose two.)

A. Disclose the reason and purpose for the request
B. Make best efforts to provide complete and factual information
C. Provide feedback on how the information was used
D. Send the same request to all FIUs

Answer: A,C

Explanation:
According to the Egmont Group of Financial Intelligence Units, which is a global network of FIUs that promotes information exchange and cooperation, FIUs making requests to another FIU should disclose the reason and purpose for the request, andprovide feedback on how the information was used12. These actions are intended to enhance mutual trust, transparency, and accountability between FIUs, and to facilitate the effective use of financial intelligence and information for combating money laundering, terrorist financing, and other financial crimes12. FIUs making requests should also respect the confidentiality and data protection requirements of the FIU receiving the request, and avoid imposing unreasonable or unduly restrictive conditions12.
FIUs making requests should not send the same request to all FIUs, as this would be inefficient, unnecessary, and potentially harmful. FIUs should only send requests to FIUs that are relevant and competent to provide the information they need, based on the nature and scope of the case12. Sending the same request to all FIUs could overload the system, create duplication, and compromise the security and confidentiality of the information12. FIUs making requests should also make best efforts to provide complete andfactual information, but this is not an action they should take when submitting a request, but rather when responding to a request from another FIU12.
:
Egmont Group of Financial Intelligence Units Operational Guidance for FIU Activities and the Exchange of Information Principles for Information Exchange Between Financial Intelligence Units

NEW QUESTION # 461
Which of the following is ared flag indicating potential money launderingorterrorism financingthrough dealers of precious metals or high-value items?

A. A customer wants to purchase gold bars with a combination of cash and cryptocurrency.
B. A customer wants ahandwritten receiptfor acash purchaseof a high-end, limited-edition luxury watch.
C. A customer specifically requests to purchase aKimberly Process-certified cut diamond.
D. A customer pays an antique dealer with a credit card for a high-value antique item.

Answer: B

Explanation:
Money launderers usehigh-value goods(e.g., jewelry, art, and precious metals) todisguise illicit funds.
* Option C (Correct):Requesting ahandwritten receipt for a cash purchasesuggests anattempt to avoid record-keeping, a knownmoney laundering technique.
* Option A (Incorrect):Buying gold bars withcash and cryptocurrencyisunusualbut notinherently illegalunless the amounts are suspicious.
* Option B (Incorrect):Credit card payments are traceableanddo not raise immediate red flags.
* Option D (Incorrect):Kimberly Process-certified diamondsare legally sourced, and requesting them does not indicate suspicious intent.
Reference:FATF Report on Trade-Based Money Laundering, Wolfsberg Guidance on High-Value Transactions, U.S. FinCEN Jewelry & Precious Metals AML Guidance.

NEW QUESTION # 462
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Free PDF Quiz 2025 CAMS: Updated Certified Anti-Money Laundering Specialists Exam Reviews

Free PDF Quiz ACAMS - CAMS - Certified Anti-Money Laundering Specialists Perfect Exam Reviews

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q457-Q462):

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