EXAM CAMS QUESTIONS PDF - CAMS NEW STUDY NOTES

Exam CAMS Questions Pdf - CAMS New Study Notes

Exam CAMS Questions Pdf - CAMS New Study Notes

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100% Pass Accurate ACAMS - CAMS - Exam Certified Anti-Money Laundering Specialists Questions Pdf

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q495-Q500):

NEW QUESTION # 495
Which is an emerging risk associated with cyber-enabled fraud?

  • A. Frequent transactions in round or whole dollars
  • B. Receipt of joint account wire transfers
  • C. Multiple people colluding to place funds in the financial market
  • D. Mismatch between account names and government-issued documentation

Answer: D

Explanation:
This is an emerging risk associated with cyber-enabled fraud because the use of false identities and documents can allow criminals to disguise their activities and evade detection. In such cases, the name and address provided on the account may not match the name and address on the government-issued documentation. This discrepancy can be difficult to detect, making it a potential risk for financial institutions.


NEW QUESTION # 496
the Financing of Terrorism (CFT)]
Which method is used to launder money via wire remittances sent through a bureau de change or money services business?

  • A. A large number of wire transfers are sent from a large number of senders in country A to a large number of recipients in country B during the period of December 1 to December 15.
  • B. A customer in country A makes frequent wire transfers to a single customer in country B that are slightly under the legal reporting threshold.
  • C. A customer in country A makes a weekly small wire transfer to the bank account of an individual in country
  • D. A customer in country A receives four small wire transfers from four different individuals located in country B on December 21. The aggregate of the wire transfers falls below the legal reporting threshold.

Answer: B

Explanation:
The correct answer is B, because it describes a method of money laundering known as structuring or smurfing. This is when a customer or a group of customers break down large amounts of illicit funds into smaller transactions that are below the reporting threshold, and then send them to another customer or entity, often in another country. This way, they avoid triggering any suspicion or regulatory reporting by the bureau de change or money services business (MSB) that processes the wire transfers.
Structuring or smurfing is a common technique used by money launderers to move funds across borders and disguise their origin and destination.
The other options are not necessarily indicative of money laundering, although they may require further investigation depending on the circumstances and the risk profile of the customers and countries involved.
Option A describes a regular and small wire transfer that may be legitimate, such as a remittance to a family member or a friend. Option Cdescribes a large volume of wire transfers that may be related to a seasonal or business activity, such as a holiday or a trade event. Option D describes a series of small wire transfers that may be coincidental or random, and do not necessarily add up to a significant amount.:ACAMS CAMS Certification Video Training Course - 6th Edition1 Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)2 ACAMS CAMS Study Guide - 6th Edition, Chapter 2, pages 36-37: https://www.acams.org/wp-content/uploads/2019/09/ACAMS-CAMS-Study-Guide-6th-Edition-Chapter-2.pdf


NEW QUESTION # 497
Suspicious activity triggered a suspicious transaction report filing on a company that holds an account at a large commercial bank. Investigations revealed that a member of the bank's Board of Directors is the major shareholder of the company. Further review revealed the bank had no reasonable explanation for the activity, but could not confirm if criminal activity occurred. Which of the following is the next best course of action for the compliance officer?

  • A. Maintain standard summary statistical reporting to the Board.
  • B. Prevent the suspicious transaction report from government filing.
  • C. Include a detailed presentation of this case in the Board report.
  • D. Ask the Board member to explain the transaction.

Answer: C

Explanation:
The compliance officer should report the suspicious activity to the Board of Directors, as they are ultimately responsible for the bank's compliance program and oversight. The Board should be informed of the potential conflict of interest and reputational risk involved in the case, as well as the steps taken by the compliance officer to investigate and file the suspicious transaction report. The compliance officer should not prevent the filing of the report, as this would violate the legal obligations of the bank and expose it to regulatory sanctions and penalties. The compliance officer should not ask the Board member to explain the transaction, as this could compromise the integrity and independence of the investigation and the reporting process. The compliance officer should not maintain standard summary statistical reporting to the Board, as this would not adequately address the seriousness and complexity of the case.
Reference:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 5, page 1271 ACAMS CAMS Certification Video Training Course, Module 5, Lesson 22 ACAMS CAMS Certification Exam Outline, Domain 5, Task 13


NEW QUESTION # 498
The bank's internal financial intelligence unit (FIU) has reviewed activity related to a politically exposed person (PEP); the activity in the account contains a large, round number, one time wire to an obscure organization. Which would not be a sufficient reason to file a SAR/STR?

  • A. Customer activity is unreasonable
  • B. Maintain the bank's reputation
  • C. Wire is a large amount
  • D. Beneficiary is largely unknown

Answer: B

Explanation:
The bank's reputation is not a valid criterion for filing a SAR/STR, as it is not related to the objective assessment of the suspiciousness of the transaction or the activity. The bank should file a SAR/STR based on the facts and circumstances of the case, and not on the potential impact on its image or reputation. The other options are possible indicators of money laundering or terrorist financing, and could warrant a SAR/STR filing, depending on the context and the risk profile of the customer and the transaction. For example, a large, round number wire to an obscure organization could suggest an attempt to conceal the source or destination of the funds, or to support a criminal or terrorist entity. A beneficiary that is largely unknown or has no apparent connection to the customer could indicate a lack of transparency or a false identity. A customer activity that is unreasonable or inconsistent with the customer's profile, business, or expected behavior could indicate a deviation from the normal or legitimate purpose of the account or the transaction.
References:
CAMS Certification Package - 6th Edition, ACAMS, Chapter 5, page 123
CAMS Certifications: How to Get CAMS Certified, ACAMS
Suspicious Activity Reporting - Overview, FFIEC, page 2
3.2. Basic Structure of an STR or SAR, CBUAE Rulebook, page 1
What is a suspicious activity report?, Thomson Reuters
How to decide if SAR filing is needed, Wipfli
STR (Suspicious Transaction Reports), Ministry of Finance, India


NEW QUESTION # 499
Which situation would require enhanced due diligence be performed on a customer?

  • A. A customer closes their store location and opens a new store location across town.
  • B. A prospective customer recently started and incorporated a new business.
  • C. The low-risk rating for a customer has not changed since the relationship was established 5 years ago.
  • D. Company ownership is held in bearer share form.

Answer: D

Explanation:
Company ownership is held in bearer share form. Bearer share ownership can make it difficult to identify the actual owners of a company and is therefore considered a high risk for money laundering or terrorist financing. Enhanced due diligence measures may include obtaining additional identification and ownership information, conducting more frequent reviews of the account, and monitoring transactions more closely.


NEW QUESTION # 500
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