CAMS Free Questions – Certified Anti-Money Laundering Specialist V9.02

Most candidates are looking to complete CAMS Certified Anti-Money Laundering Specialist certification exam. We know, as the gold standard in ACAMS AML certifications, Certified Anti-Money Laundering Specialist CAMS recognized internationally by financial institutions, governments and regulators as a serious commitment to protecting the financial system against money laundering. We have updated CAMS exam questions online to help you prepare for CAMS Certified Anti-Money Laundering Specialist certification exam.

CAMS Free Questions – Certified Anti-Money Laundering Specialist V9.02

1. A bank account is established for a new business customer. The business was established five years ago with an address in another state. The business website contains few details other than stating it is a real estate business.
One principal has an international telephone number and appears to be living in another country. The other principal works out of a recreational vehicle.
What warrants enhanced due diligence in this scenario?

 
 
 
 

2. A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.
Which suspicious activity should be the focus of the suspicious transaction report?

 
 
 
 

3. 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?

 
 
 
 

4. An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan.
What is the role of the auditor during the correction phase?

 
 
 
 

5.

Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
 
 
 
 

6.

A politically exposed person (PEP) maintains an account at a bank. Last month a money laundering analyst filed a suspicious transaction report about unusual wire deposits originated by unknown individuals in the home country of the official.
To whom should this situation be escalated?
 
 
 
 

7.

A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists’ cells.
Which action by the charity indicates possible terrorist financing?

 
 
 
 

8.

What are two sources for maintaining up-to-date sanctions information? (Choose two.)
 
 
 
 

9.

What is the appropriate compliance control for identifying politically exposed persons (PEPs) according to the Basel Committee’s paper on Customer Due Diligence for Banks?

 
 
 
 

10.

Which method to launder money through deposit-taking institutions is closely associated with international trade?
 
 
 
 

11.

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.)

 
 
 
 

12.

What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?
 
 
 
 

13.

An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction.
What action should the employee take?

 
 
 
 

14.

The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account.
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)
 
 
 
 

15.

What are two legal risks of having inadequate privacy policies and procedures? (Choose two.)
 
 
 
 

16.

The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account.
Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)

 
 
 
 

17.

What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution
 
 
 
 

18.

Which aspect of the USA PATRIOT Act impacts foreign financial institutions?
 
 
 
 

19.

The compliance officer at a crowd funding website is in charge of monitoring new crowd funding projects. Recently, the number of crowd funding projects has significantly increased.
Which red flag indicates the highest anti-money laundering risk?
 
 
 
 

20.

Which two statements in the Wolfsberg Group’s “Suppression of the Financing of Terrorism” define the role financial institutions should play in the fight against terrorism? (Choose two.)
 
 
 
 

Leave a Reply

Your email address will not be published. Required fields are marked *