TRUSTWORTHY ACAMS CAMS DUMPS, TEST CAMS DUMPS.ZIP

Trustworthy ACAMS CAMS Dumps, Test CAMS Dumps.zip

Trustworthy ACAMS CAMS Dumps, Test CAMS Dumps.zip

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) exam is a certification exam that is designed to test the knowledge and skills of individuals involved in anti-money laundering (AML) compliance. CAMS exam covers a broad range of topics related to AML, including the legal and regulatory framework, risk assessment, customer due diligence, transaction monitoring, and reporting. It is a rigorous and challenging exam, and passing it demonstrates a high level of expertise in the field of AML.

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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The CAMS Certification Exam covers a wide range of topics related to AML and financial crime prevention, including risk assessment, customer due diligence, transaction monitoring, sanctions screening, and regulatory compliance. CAMS exam is designed to test the knowledge and skills of professionals working in AML compliance and ensures that they have a comprehensive understanding of the latest AML regulations, laws, and best practices. Certified Anti-Money Laundering Specialists certification exam is rigorous and requires a thorough understanding of the subject matter, making it a valuable credential for professionals looking to advance their careers in the field.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q107-Q112):

NEW QUESTION # 107
Which of the following is the most likely reason for the Financial Action Task Force to remove a jurisdiction from the Non-Cooperative Countries and Territories list?

  • A. Entering into a mutual legal assistance treaty.
  • B. Receiving a favorable mutual evaluation.
  • C. Conducting successful annual self-assessments.
  • D. Joining the Wolfsburg Group.

Answer: A


NEW QUESTION # 108
The local manager of a remote mortgage origination department of a financial institution has just discovered that sanctions screening of new customers is not being performed.
Which action should the local manager take in this situation?

  • A. Immediately inform the regulators
  • B. Do nothing because the department only handles a very small number of mortgages
  • C. Immediately inform senior management
  • D. Start screening new customers

Answer: C

Explanation:
This action is the most appropriate because it demonstrates the local manager's responsibility and accountability for the sanctions compliance program. Sanctions screening is an important part of the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, as it helps to identify and prevent transactions with sanctioned individuals or entities, which could expose the financial institution to legal, regulatory, and reputational risks. Failing to perform sanctions screening could result in violations of sanctions laws and regulations, which could lead to fines, penalties, sanctions, or even criminal prosecution. Therefore, the local manager should immediately inform senior management of the issue, so that they can take corrective actions, such as implementing screening procedures, conducting a risk assessment, reviewing existing customers, reporting any potential violations, and providing training and guidance to the staff.
The other actions are not appropriate because they either do not address the root cause of the problem, or they could worsen the situation. Starting screening new customers without informing senior management could create a false sense of compliance, and it could also miss the existing customers who may be sanctioned.
Immediately informing the regulators without informing senior management could undermine the trust and communication within the organization, and it could also trigger an investigation or enforcement action before the issue is resolved internally. Doing nothing because the department only handles a very small number of mortgages could be a sign of negligence or indifference, and it could also expose the financial institution to significant risks, as even one transaction with a sanctioned party could have serious consequences.
References:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 4: Developing and Implementing an AML Training Program, pp. 97-98 CAMS Certifications: How to Get CAMS Certified | ACAMS, CAMS Study Guide, pp. 76-77 What is Sanctions Screening and How Does It Work? | Jumio, Introduction and Benefits of Sanctions Screening Sanctions Screening: Challenges and Control Considerations, Background and Regulatory Expectations for Sanctions Screening Sanction Screening: A Complete Guide | KYC AML Guide, What is Sanction Screening and Why is it Important?


NEW QUESTION # 109
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?

  • A. They provide technical assistance to members in implementing FATF recommendations
  • B. They assist member countries in penalizing entities that violate FATF standards and recommendations
  • C. They work with members on areas of concern outside of anti-money laundering and terrorist financing
  • D. They supervise member country financial institutions relating to anti-money laundering and terrorist financing

Answer: D

Explanation:
Explanation
Explanation/Reference: https://www.fatf-gafi.org/media/fatf/documents/brochuresannualreports/FATF30-(1989-2019).pdf


NEW QUESTION # 110
Which methods are typically used to launder money using insurance companies? (Choose two.)

  • A. The policy holder purchases a bond and redeems it at a discount prior to its full term.
  • B. The policy holder is strongly interested in how many costs are incurred when taking out an insurance policy.
  • C. The policy holder enters a sibling as a beneficiary of the insurance policy rather than themselves.
  • D. The policy holder overpays the policy and moves the funds out of the policy despite paying early withdrawal penalties.
  • E. The policy holder uses an offshore company to pay the insurance installments.

Answer: D,E


NEW QUESTION # 111
Combating the Financing of Terrorism (CFT)]
What are two sources for maintaining up-to-date sanctions information? (Choose two.)

  • A. U.S. Department of the Treasury Office of Foreign Assets Control
  • B. U.S. Department of the Treasury - Section 311 - Special Measures
  • C. U.S. Federal Bureau of Investigation's National Security Letters
  • D. Financial Action Task Force's list of High Risk and Non-Cooperative Jurisdictions

Answer: A,D

Explanation:
The U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) administers and enforces economic and trade sanctions based on U.S. foreign policy and national security goals. OFAC publishes lists of individuals and entities that are subject to various sanctions programs, such as the Specially Designated Nationals and Blocked Persons List (SDN List), the Sectoral Sanctions Identifications List (SSI List), and the Foreign Sanctions Evaders List (FSE List). These lists are updated frequently and can be accessed through OFAC's website or other sources12.
The Financial Action Task Force (FATF) is an inter-governmental body that sets standards and promotes effective implementation of legal, regulatory and operational measures for combating money laundering, terrorist financing and other related threats to the integrity of the international financial system. FATF publishes lists of jurisdictions that have strategic deficiencies in their anti-money laundering and counter- terrorist financing (AML/CTF) regimes, and calls on its members and other countries to apply enhanced due diligence or counter-measures to protect themselves from the risks emanating from these jurisdictions. These lists are updated periodically and can be accessed through FATF's website or other sources34.
:
1: CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: Sanctions, p. 63-64 2: U.S. Department of theTreasury Office of Foreign Assets Control, https://home.treasury.gov/policy-issues/financial-sanctions 3:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 4: FATF Recommendations, p. 77-78 4:
Financial Action Task Force, http://www.fatf-gafi.org/countries/#high-risk Reference:https://www.treasury.gov/resource-center/faqs/Sanctions/Pages/faq_lists.aspx#search


NEW QUESTION # 112
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