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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a globally recognized certification that demonstrates a professional's knowledge and expertise in the field of anti-money laundering (AML) and financial crime prevention. CAMS exam is designed to assess the candidate's understanding of AML regulations, compliance procedures, and risk management strategies.

To become a CAMS Certified professional, candidates must pass the CAMS exam and meet other eligibility requirements, such as having relevant work experience in the AML field. The CAMS certification is valid for three years, and certified professionals must complete continuing education requirements to maintain their certification.

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Free PDF Quiz CAMS - Certified Anti-Money Laundering Specialists (the 6th edition) Authoritative Latest Exam Preparation

As long as you enter the learning interface of our soft test engine of CAMS quiz guide and start practicing on our Windows software, you will find that there are many small buttons that are designed to better assist you in your learning. When you want to correct the answer after you finish learning, the correct answer for our CAMS Test Prep is below each question, and you can correct it based on the answer. In addition, we design small buttons, which can also show or hide the CAMS exam torrent, and you can flexibly and freely choose these two modes according to your habit.

Who should take the CAMS exam

The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS Certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.

Provide three professional references.
Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
Submit supporting documents.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q667-Q672):

NEW QUESTION # 667
An automotive parts company in South America sends multiple $500,000 wire transfers per week to ABC Holdings Ltd. in Asia referencing payment for silk flower shipments. Research reveals Sunrise Holdings, Ltd is registered in the British Virgin Islands with no available ownership information.
What are two red flags that indicate how trade-based money laundering could be occurring in this instance?
(Choose two.)

A. The packaging is inconsistent with the commodity or shipping method
B. The transaction involves the use of front (or shell) companies
C. Significant discrepancies appear between the description of the commodity on the bill of lading and theinvoice
D. The type of commodity being shipped appears inconsistent with the exporter or importer's regular businessactivities

Answer: B,D

Explanation:
Trade-based money laundering (TBML) is a method of disguising and moving illicit funds through the international trade system. Criminals often manipulate various aspects of trade transactions, such as pricing, quantity, documentation, and commodity type, to transfer value and obscure the source of funds. Some of the common red flags that may indicate TBML are:
The transaction involves the use of front (or shell) companies: Front or shell companies are entities that have no physical presence, no employees, and no business activity, but are used to facilitate money laundering.
They often have vague or generic names, are registered in secrecy jurisdictions, and have no available ownership information. In this case, ABC Holdings Ltd. and Sunrise Holdings Ltd. could be front or shell companies that are used to launder money through trade transactions.
The type of commodity being shipped appears inconsistent with the exporter or importer's regular business activities: Criminals may use commodities that are unrelated to their core business or that have low correlation with the market price to launder money. They may also use commodities that are difficult to value, verify, or trace, such as precious metals, gems, art, or antiquities. In this case, the automotive parts company and the silk flower supplier seem to have no logical connection, and the value of the silk flowers may be inflated or deflated to transfer funds.
Trade-Based Money Laundering: Risk Indicators - Financial Action Task Force, pp. 9-10, 14-15 Identifying TBML: 8 Trade-Based Money Laundering Red Flags - Alessa, pp. 1-2 FFIEC BSA/AML Appendices - Appendix F - Money Laundering and Terrorist Financing Red Flags, p. 7 AML Red Flags - What are the Top 10 Indicators? - ComplyAdvantage, p. 1

NEW QUESTION # 668
Which are social/economic consequences of money laundering? (Choose two.)

A. Increase in tax revenue
B. Weakening of the country's infrastructure
C. Weakening financial institutions
D. Civil war
E. Increase in corruption and organized crime

Answer: C,E

Explanation:
Money laundering has severe social and economic impacts, including increased crime rates, corruption and erosion of public trust. Money laundering fuels criminal activities by providing the necessary financial resources for criminals to continue their operations. As illicit funds circulate within the financial system, they enable the growth of criminal organizations and contribute to an increase in crime rates, including organized crime1. Money laundering also facilitates corruption and undermines public trust in financial institutions and the wider economy. This erosion of public trust is exacerbated by trade-based money laundering, which involves the manipulation of international trade transactions to disguise the origins of illicit funds2. Money laundering also weakens financial institutions by exposing them to reputational, operational, legal and regulatory risks. Money launderers exploit the vulnerabilities of financial systems and compromisetheir integrity and stability. Money laundering can also distort the allocation of resources, create inflationary pressures, and undermine the effectiveness of monetary policy3.
:
1: Consequences Of Money Laundering Are: Understanding The Social, Economic, and Penalties Impacts1
2: Consequences of Money Laundering and Financial Crime2
3: Money laundering, its impact and consequences3
Reference: https://www.fatf-gafi.org/faq/moneylaundering/#:~:text=As%20for%20the%20potential%
20negative,and%20exchange%20rates%20due%20to

NEW QUESTION # 669
Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)

A. Maintain account records for at least five years after the request expires
B. Ask for a written request from the law enforcement agency that defines the duration
C. File a suspicious transaction report on the account owner(s)
D. Stop filing suspicious transaction reports because law enforcement will be monitoring the account

Answer: A,B

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, when a financial institution receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity, it should take the following two steps:
Maintain account records for at least five years after the request expires. This is to ensure that the financial institution can provide evidence of its compliance with the law enforcement request and the applicable anti-money laundering regulations. The five-year retention period is based on the international standard set by the Financial Action Task Force (FATF) and adopted by many jurisdictions12.
Ask for a written request from the law enforcement agency that defines the duration. This is to protect the financial institution from potential liability and to clarify the scope and purpose of the law enforcement request. The written request should specify the time period for which the account should remain open, the reason for the request, the contact information of the law enforcement officer, and the legal authority for the request34.
References:
Anti-Money Laundering Specialist (the 6th edition) study guide, page 57 FATF Recommendation 11, paragraph 2 Anti-Money Laundering Specialist (the 6th edition) study guide, page 58 Money Laundering website, article on "Law Enforcement Requests to Keep Accounts Open"
https://www.fincen.gov/resources/statutes-regulations/guidance/requests-law-enforcement-financial-institutions-

NEW QUESTION # 670
Combating the Financing of Terrorism (CFT)]
Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?

A. Create an action plan to address the deficiencies without the support of the FATF
B. Apply counter-measures
C. Conduct due diligence
D. Add the jurisdiction to the United Nations' list of sanctioned jurisdictions

Answer: B

Explanation:
Reference:http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents
/publicstatement-october-2018.html
"Countries can be subject to comprehensive or targeted sanctions. Comprehensive sanctions prohibit virtually all transactions with a specific country. Targeted sanctions prohibit transac-tions with specified industries, entities or individuals listed on OFAC's Specially Designated Nationals and Blocked Parties List. Failure to comply may result in criminal and civil penalties. FATF also maintains a list of jurisdictions identified as high-risk and noncooperative, whose AML/CFT regimes have strategic deficiencies and are not at international standards. As a result, FATF calls on its members to implement COUNTERMEASURES against the jurisdiction, such as financial institutions applying enhanced due diligence to business relationships and transactions with natural and legal persons from the identified jurisdiction in an attempt to persuade the jurisdiction to improve its AML/CFT regime."

NEW QUESTION # 671
Which are essential elements of a KYC program identified by the Basel Committee on Banking Supervision? (Select Two.)

A. Risk appetite
B. Code of conduct
C. Internal control
D. Customer acceptance policy
E. Risk management

Answer: D,E

Explanation:
According to the Basel Committee on Banking Supervision (BCBS), a sound KYC program should consist of four essential elements: (i) customer acceptance policy; (ii) customer identification; (iii) on-going monitoring of higher risk accounts; and (iv) risk management. Therefore, B and D are the correct choices among the given options. A customer acceptance policy defines the types of customers that the bank is willing to accept and the conditions for doing so. A risk management system ensures that the bank has adequate policies, procedures, and controls to identify, measure, monitor, and mitigate the risks arising from its KYC program.
Reference:
BCBS, Customer due diligence for banks, October 2001, p. 41
BCBS, Consolidated KYC Risk Management, October 2004, p. 42

NEW QUESTION # 672
......

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