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ACAMS CAMS Certification is highly valued by employers in the AML industry, as it demonstrates a professional's knowledge and understanding of AML best practices. CAMS-certified professionals are in high demand by financial institutions, regulatory agencies, and law enforcement agencies, as they can help prevent money laundering and other financial crimes. Additionally, the certification can lead to career advancement opportunities and higher salaries for AML professionals.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q341-Q346):

NEW QUESTION # 341
the Financing of Terrorism (CFT)]
Which statement about U.S. Specified Unlawful Activities (SUA) is true?

A. SUAs are limited to crimes that occur within the borders of the U.S. and its territories and possessions
B. In order to secure a conviction, the defendant must be proven to have known the precise nature of the source of funds
C. At least one SUA must be proven in order to pursue a money laundering conviction
D. SUAs are generally limited to a small sub-set of crimes

Answer: C

Explanation:
According to 18 U.S.C. § 1956, the money laundering statute, the property involved in a financial transaction must represent the proceeds of some form of unlawful activity, which is defined as a specified unlawful activity (SUA). SUAs include over 250 crimes in six categories, such as RICO predicate offenses, certain offenses against foreign nations, acts constituting a criminal enterprise under the Controlled Substances Act, and federal health care offenses. Therefore, in order to pursue a money laundering conviction, the government must prove that at least one SUA was committed and that the property involved in the transaction was derived from that SUA.
:
18 U.S. Code § 1956 - Laundering of monetary instruments, (a)(1) and (7).
957. Money Laundering-18 U.S.C. §§ 1956 & 1957, first paragraph.
Specified Unlawful Activities (SUA), first paragraph.

NEW QUESTION # 342
An anti-money laundering specialist at a large institution is responsible for information senior management about the status of the anti-money laundering program across the organization.
Which report is the most useful?

A. Details on inquires received from law enforcement
B. The total credit exposure for non-cooperative countries and territories
C. Results of related audits and examinations
D. Notification of management changes in the different major divisions

Answer: C

NEW QUESTION # 343
According to the Basel Committee, customer acceptance, customer due diligence, and record-keeping policies and procedures should be changed as necessary to:

A. ensure policies and procedures are reviewed every three months.
B. address KYC deficiencies in account opening procedures.
C. address variations in risk among each line of business within the organization.
D. address structure changes strictly related to new employees.

Answer: C

Explanation:
The Basel Committee on Banking Supervision (BCBS) is an international body that sets standards and guidelines for the prudential regulation of banks. One of its key publications is the Customer Due Diligence for Banks, which outlines the essential elements of Know Your Customer (KYC) standards for banks. According to this document, customer acceptance, customer due diligence, and record-keeping policies and procedures should be changed as necessary to address variations in risk among each line of business within the organization. This means that banks should adopt a risk-based approach to KYC, taking into account the different types, levels, and sources of risk associated with different customers, products, services, transactions, and delivery channels. By doing so, banks can allocate their resources more efficiently and effectively, and mitigate the potential for money laundering, terrorist financing, and other financial crimes.
Reference:
Customer Due Diligence for Banks, BCBS, October 2001, p. 5, 14-15.
The Basel Committee: The Important Set Of International Banking Regulations, Financial Crime Academy, November 2023.

NEW QUESTION # 344
Under which two circumstances may law enforcement be given access to a financial institution customer's financial records? (Choose two.)

A. If the person is named in a suspicious transaction report
B. If law enforcement serves a legal summons or subpoena
C. If the investigation of a customer is made public in the media
D. If law enforcement has circumstantial evidence to suspect money laundering

Answer: B,D

NEW QUESTION # 345
Which should be provided to the board of directors or designated specialized committee when preparing suspicious activity reports (SARs)?

A. Names of all customers subject to SARs filed during the reported period
B. Copies of all SARs filed during the reported period
C. All possible details of SARs filed during the reported period
D. Statistical data regarding SARs filed during the reported period

Answer: D

Explanation:
The board of directors or designated specialized committee should be provided with statistical data regarding SARs filed during the reported period, such as the number, type, and amount of SARs, as well as any trends or patterns identified. This would enable them to oversee the effectiveness of the anti-money laundering program and ensure compliance with regulatory requirements. Providing too much detail, such as names of customers or copies of SARs, could compromise the confidentiality of the SARs and expose the institution to legal risks.
References:
ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 5, page 153, section
"Reporting to the Board of Directors or Designated Specialized Committee".
ACAMS CAMS Certification Video Training Course, Module 5, Lesson 5.4, "Reporting to the Board of Directors or Designated Specialized Committee".

NEW QUESTION # 346
......

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Bob Hill Bob Hill

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