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For most users, access to the relevant qualifying examinations may be the first, so many of the course content related to qualifying examinations are complex and arcane. According to these ignorant beginners, the CAMS exam questions set up a series of basic course, by easy to read, with corresponding examples to explain at the same time, the CAMS study question let the user to be able to find in real life and corresponds to the actual use of CAMS learned knowledge. And it will only takes 20 to 30 hours for them to pass the CAMS exam.

How to study the CAMS Exam

TestInsides expert team recommend you to prepare some notes on these topics along with it don't forget to practice Certified Anti-Money Laundering Specialist CAMS Dumps which been written by our expert team, Both these will help you a lot to clear this exam with good marks.

• Determine the key aspects of the FATF, BASEL Committee Customer Due Diligence Principles, EU Directives on money and Wolfsberg Groups AML Principles as they relate to private/correspondent banking, USA PATRIOT Act and OFAC sanctions that have extraterritorial reach
• Determine methods to finance terrorism and to launder money used in banks, insurance companies, broker-dealers, investment advisors, capital markets, gaming, dealers of precious metal/high-value items, real estate, bureau de change, the business of money services, lawyers, notaries, accountants, and auditors.
• Determine the economic and social consequences of money laundering

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ACAMS CAMS Exam is a challenging and prestigious certification that is highly valued in the field of AML compliance. It is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and is recognized as the gold standard in AML certification. Passing the exam requires a significant amount of knowledge, experience, and dedication, but it can lead to new career opportunities and professional advancement.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q134-Q139):

NEW QUESTION # 134
You plan to design a solution for an AI implementation that uses data from IoT devices.
You need to recommend a data storage solution for the IoT devices that meets the following requirements:
* Allow data to be queried in real-time as it streams into the solution.
* Provide the lowest amount of latency for loading data into the solution.
What should you include in the recommendation?

• A. a Microsoft Azure SQL database that has In-Memory OLTP enabled
• B. a Microsoft Azure HDInsight R Server cluster
• C. a Microsoft Azure HDInsight Hadoop cluster
• D. a Microsoft Azure Table Storage solution

Answer: C

Explanation:
You can use HDInsight to process streaming data that's received in real time from a variety of devices.
Internet of Things (IoT)
You can use HDInsight to build applications that extract critical insights from data. You can also use Azure Machine Learning on top of that to predict future trends for your business.
By combining enterprise-scale R analytics software with the power of Apache Hadoop and Apache Spark, Microsoft R Server for HDInsight gives you the scale and performance you need. Multi-threaded math libraries and transparent parallelization in R Server handle up to 1000x more data and up to 50x faster speeds than open-source R, which helps you to train more accurate models for better predictions.
References:
https://docs.microsoft.com/en-us/azure/hdinsight/hadoop/apache-hadoop-introduction

 

NEW QUESTION # 135
A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts.
This employee handles all of the dealer's structured deposits and does not report the suspicious activity internally.
The competent authority has advised the anti-money laundering specialist to avoid tipping off the employee until the investigation is finalized.
What action should the specialist take next?

• A. Consult with senior management and the legal advisor.
• B. Inform the institution's regulatory agency of the situation.
• C. Advise that the dealer's accounts should be closed.
• D. Recommend the immediate termination of the employee.

Answer: A

Explanation:
it describes the action that the anti-money laundering specialist should take next, which is to consult with senior management and the legal advisor. This is because the specialist needs to seek guidance and approval from the higher authorities and the legal experts on how to handle the situation without compromising the ongoing criminal investigation or violating the anti-money laundering laws and regulations. The specialist also needs to ensure that the institution's internal policies and procedures are followed and that the appropriate measures are taken to mitigate the risks and protect the reputation of the institution.
The other options are not necessarily actions that the anti-money laundering specialist should take next, although they may be considered or implemented later depending on the outcome of the consultation and the investigation. Option A describes a possible consequence for the employee, which is to recommend the immediate termination of the employee, but this may not be the best course of action at this stage, as it may alert the employee or the dealer of the investigation, or it may be premature or disproportionate without sufficient evidence or due process. Option B describes a possible measure for the dealer, which is to advise that the dealer's accounts should be closed, but this may not be feasible or advisable at this stage, as it may also tip off the dealer or the employee of the investigation, or it may interfere with the collection of evidence or the prosecution of the case. Option D describes a possible reporting obligation for the institution, which is to inform the institution's regulatory agency of the situation, but this may not be required or appropriate at this stage, as it may conflict with the instructions of the competent authority or the confidentiality of the investigation, or it may expose the institution to legal or regulatory liabilities or sanctions.
Reference:
ACAMS CAMS Certification Video Training Course - 6th Edition1
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)2 ACAMS CAMS Study Guide - 6th Edition, Chapter 6, pages 132-133
: https://www.acams.org/wp-content/uploads/2019/09/ACAMS-CAMS-Study-Guide-6th-Edition-Chapter-6.pdf

 

NEW QUESTION # 136
An institution is about to release a new peer to peer (P2P) funds transfer product to provide much needed remittance services to an under-banked population segment in the country.
The service allows customers to transfer funds through a mobile banking application to individuals worldwide entering only a name and mobile number. The new service charges less than comparable market solutions and offers real time transfer of funds. The customer onboarding process is conducted at branch locations with identity verification.
Which three present the highest anti-money laundering or sanctions risk and will require controls prior to launch? (Choose three.)

• A. Limited access to counterparty information
• B. Customer onboarding
• C. Cross-border functionality
• D. Real time transfer of funds
• E. Servicing the under-banked population

Answer: A,C,D

Explanation:
The correct answer is B, C, and E, as these three present the highest anti-money laundering or sanctions risk and will require controls prior to launch. According to the FATF Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers1, P2P transactions pose significant challenges for AML/CFT compliance, as they may involve anonymous or pseudonymous parties, cross-border transfers, real-time settlement, and limited information on the beneficiaries. These factors increase the risk of money laundering, terrorist financing, and sanctions evasion, as well as the difficulty of detecting and reporting suspicious activity. Therefore, the institution should implement appropriate controls to mitigate these risks, such as:
Conducting enhanced due diligence on customers who use the P2P service, especially if they are located in high-risk jurisdictions or are involved in high-risk activities1.
Implementing transaction monitoring systems that can identify and flag unusual or suspicious patterns of behavior, such as large or frequent transfers, transfers to or from sanctioned entities or countries, or transfers that do not match the customer's profile or expected activity12.
Applying the travel rule, which requires the originator and beneficiary VASPs (or financial institutions) to exchange and retain information on the parties involved in the transfer, such as their names, account numbers, addresses, and national identification numbers13.
Establishing information-sharing and cooperation mechanisms with other VASPs, financial institutions, and regulators, to facilitate the exchange of relevant data and intelligence on P2P transactions and customers14.
References: 1: Updated Guidance for a Risk-Based Approach to Virtual Assets and Virtual Asset Service Providers - FATF, page 13-16, 28-29, 32-33, 40-412: AML and Compliance Solution for The P2P Industry - Sanction Scanner3: P2P Money Laundering: How to Comply - ComplyAdvantage4: 2024 National Money Laundering Risk Assessment - U.S. Department of the Treasury, page 17.

 

NEW QUESTION # 137
To what extent should senior management and the Board of Directors be involved in the filing of any STR?

• A. They should be informed of all significant STRs and the numbers and trends of the filings
• B. They should be given copies of all STRs filed by the institution
• C. They should review and approve the filing of all STRs
• D. They should be the only designated individuals to communicate with law enforcement

Answer: A

Explanation:
According to the ACAMS CAMS Certification Study Guide (6th edition), senior management and the Board of Directors have the ultimate responsibility for the effectiveness of the AML program and the compliance with the relevant laws and regulations. Therefore, they should be informed of all significant STRs and the numbers and trends of the filings, as this would help them to assess the level of risk exposure and the adequacy of the controls and resources. The other options are either too restrictive or too burdensome for senior management and the Board of Directors, and may interfere with the timely and confidential filing of STRs.
ACAMS CAMS Certification Study Guide (6th edition), page 361; ACAMS CAMS Certification Video Training Course, Module 2, Lesson 12

 

NEW QUESTION # 138
An anti-money laundering specialist has just developed and implemented an anti-money laundering program.
What is the most effective resource to evaluate the effectiveness of the program?

• A. A member of senior management
• B. The anti-money laundering specialist
• C. The regulator authorities
• D. A qualified independent party/auditor

Answer: D

Explanation:
A qualified independent party/auditor is the most effective resource to evaluate the effectiveness of an anti-money laundering program. This is because an independent auditor can provide an objective and unbiased assessment of the program, identify any weaknesses or gaps, and make recommendations for improvement. An independent auditor can also verify the compliance of the program with the relevant regulations and best practices, and test the adequacy and functionality of the internal controls, customer due diligence processes, and transaction monitoring systems. An independent auditor can also help an organization prepare for regulatory examinations and audits, and avoid potential penalties or sanctions.
References: = The main references for this question are the following sources:
The document titled "Frequently Asked Questions Conducting Independent Reviews of Money Services Business Anti-Money Laundering Programs" published by the Financial Crimes Enforcement Network (FinCEN) in July 2010. You can access it by clicking here.
The document titled "AML Audit: How to Effectively Assess Your Compliance Program" published by Alessa in May 2023. You can access it by clicking here.
The document titled "Mutual Evaluations" published by the Financial Action Task Force (FATF). You can access it by clicking here.

 

NEW QUESTION # 139
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