VALID CAMS RELIABLE STUDY GUIDE - AUTHORITATIVE SOURCE OF CAMS EXAM

Valid CAMS Reliable Study Guide - Authoritative Source of CAMS Exam

Valid CAMS Reliable Study Guide - Authoritative Source of CAMS Exam

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The CAMS Exam is a comprehensive test that covers a wide range of topics related to AML, including federal and international AML laws and regulations, financial crimes, compliance programs, and risk assessments. CAMS Exam consists of 120 multiple-choice questions that must be completed within four hours. Candidates must answer at least 75% of the questions correctly to pass the exam and earn the CAMS certification.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q599-Q604):

NEW QUESTION # 599
As a result of an audit, a policy exception was identified that had been approved by the compliance officer. The auditor determined that the policy exception is a violation of a regulatory requirement.
What should the auditor do?

  • A. Advise the compliance officer on how to appropriately respond to policy exceptions.
  • B. Consult with legal counsel to determine if the approval of the policy exception was acceptable.
  • C. Include the regulatory violation in the audit report and recommend the compliance officer be subject to disciplinary action by the board of directors.
  • D. Include the regulatory violation in the audit report and report it to the board of directors.

Answer: D


NEW QUESTION # 600
Which of the following are best practices to raise awareness and train staff regarding the risks related to financial crime? (Select Three.)

  • A. Tailor training and offer regular training to all employees
  • B. Use a variety of training methods and provide necessary resources to employees
  • C. Train outside of daily operations and promote awareness of Compliance
  • D. Train core AML topics once per year, at a minimum, to relevant employees
  • E. Communicate regularly and measure effectiveness of training

Answer: A,B,E

Explanation:
A robust AML training program should incorporate the followingbest practicesto ensure awareness and ongoing engagement:
Option A - Tailored and regular training:
Training should berisk-based and role-specific, ensuring employees understand how AML applies to their function.
Option D - Variety and resources:
Use ofinteractive, digital, live, and scenario-based methodskeeps training effective and adaptable. Providing materials and resources supports continued learning.
Option E - Communication and measurement:
Ongoing AML awareness campaigns andfeedback mechanismshelp assess theeffectivenessof training and reinforce its importance.
Option Bis too vague and not recognized as a best practice.
Option C, while helpful, isnot sufficient alone-annual frequency without contextual or tailored content is inadequate.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:AML Program Components- Section:
Training and Awareness Best Practices


NEW QUESTION # 601
An existing customer has changed its business scope and jurisdictions it deals with. Which are the steps the bank needs to take to manage sanctions compliance risk for this customer?

  • A. Conduct further sanctions screening on the customer's directors and ultimate beneficial owners.
  • B. Perform politically exposed person and negative media screenings.
  • C. Deploy an independent risk-based test to ensure the screening on this customer is effective.
  • D. Collect further customer reference data and determine what must be screened and at which frequency.

Answer: C,D

Explanation:
Verified Answer: = A. Collect further customer reference data and determine what must be Comprehensive Detailed = When an existing customer changes its business scope and jurisdictions, banks need to manage sanctions compliance risk effectively. Here are the steps they should take:
1. Collect Further Customer Reference Data: Obtain updated information about the customer's new business activities, locations, and counterparties. Understand the nature of their transactions and assess the associated risks. Determine what specific data elements need to be screened (e.g., names, addresses, beneficial owners) and establish the appropriate screening frequency.
2. Deploy an Independent Risk-Based Test: Conduct a comprehensive risk assessment tailored to the customer's changes. This assessment should consider factors such as the customer's industry, geographic exposure, and transaction volume. The risk assessment helps identify high-risk areas that require enhanced scrutiny.
3. Screen Directors and Ultimate Beneficial Owners: Perform sanctions screening not only on the customer but also on their directors and ultimate beneficial owners. This ensures that any potential risks associated with these individuals are identified and mitigated.
4. Perform Politically Exposed Person (PEP) and Negative Media Screenings: Continue to screen the customer and related parties against PEP lists and negative media sources. This helps detect any adverse information related to politically exposed individuals or entities.
By following these steps, banks can proactively manage sanctions compliance risk and safeguard their institution's reputation while adhering to regulatory requirements12.
Reference:
1. Protiviti: Sanctions Risk Assessment: A Key Risk Management Tool
2. Moody's: What Businesses Need to Know About Sanctions Compliance


NEW QUESTION # 602
Combating the Financing of Terrorism (CFT)]
A financial institution's (Fl's) policy is to apply enhanced due diligence (EDD) for every new client to ensure the effectiveness of the program. How should a consultant advise the Fl's management team?

  • A. Suggest EDD for 50% of the clients is appropriate.
  • B. Suggest the FI needs to implement a risk-based approach for EDD.
  • C. Suggest the management team ask the regulator for advice on EDD measures.
  • D. Suggest the management team select the clients that are chosen for EDD.

Answer: B

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, a risk-based approach for EDD means that the FI applies more or less stringent measures depending on the level of risk posed by each client1. This allows the FI to allocate its resources more efficiently and effectively, and to focus on the clients that pose the highest risk of money laundering or terrorist financing2. Applying EDD for every new client, regardless of their risk profile, may not be the best use of the FI's resources, and may not reflect the proportionality and relevance of the EDD measures3.
References:
1: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.2, page 69
2: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.3, page 70
3: CAMS Study Guide, 6th Edition, Chapter 3, Section 3.4, page 71


NEW QUESTION # 603
the Financing of Terrorism (CFT)]
According to the Financial Crimes Enforcement Network, after an initial suspicious activity report has been filed for a customer, a financial institution must perform a continuing review of the account for a period of how many days?

  • A. 60 days
  • B. 120 days
  • C. 90 days
  • D. 30 days

Answer: C

Explanation:
a financial institution must perform a continuing review of the account for a period of 90 days. The continuing review must include an analysis of any transactions that occur in the account, as well as any changes in the customer's risk profile. The review should be updated as needed to ensure that the customer is not engaging in any suspicious activities.


NEW QUESTION # 604
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