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CAMS Exam Practice - New CAMS Exam Cram

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The ACAMS CAMS exam consists of multiple-choice questions and covers a broad range of topics, including AML regulations, customer due diligence, sanctions screening, and suspicious activity reporting. CAMS Exam is available in multiple languages and can be taken online or at a physical test center.

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Hot CAMS Exam Practice | Reliable New CAMS Exam Cram: Certified Anti-Money Laundering Specialists (the 6th edition)

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q820-Q825):

NEW QUESTION # 820
A financial institution (FI) has decided to revamp its compliance program to be more risk-based. Which option should the FI use as part of the new risk-based compliance program?

A. Leadership-based
B. Predictive-based
C. Data-based
D. Transaction-based

Answer: D

NEW QUESTION # 821
How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?

A. They immediately resell priceless works of art after purchase from a foreign auction house
B. They use forged or fraudulent invoicing of priceless works of art by auction houses
C. They commingle legitimate and illicit proceeds by principals for payment of fine art
D. They use anonymous agents to buy the art and have the payment wired from offshore havens

Answer: D

NEW QUESTION # 822
What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?

A. The respondent bank's customer acceptance and know your customer policies are ineffective
B. The service fees are insufficient to cover the cost of managing the account
C. It is not used on a daily basis
D. The volume and value of transactions passing through the account may not be in line with the original correspondent agreement

Answer: A

NEW QUESTION # 823
How can a 'free-look provision' as part of a life insurance policy help criminals to launder money?

A. A policy owner can decide how to pay the premium within a pre-defined period.
B. A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to an unrelated third party.
C. A policy owner has freedom to decide who the beneficiary of the policy will be and can in this way move money to a related third party.
D. A policy owner is able to terminate the contract without penalties such as surrender charges.

Answer: D

Explanation:
A free-look provision is a period of time, typically 10 to 30 days, in which a new life insurance policy owner can terminate the policy and have their premium refunded1. This can help criminals to launder money by purchasing a policy with illicit funds and then cancelling it within the free-look period to receive a clean check from the insurance company2. This way, they can disguise the source and origin of their funds and avoid any penalties or charges that would otherwise apply to early termination of the policy.
1: Investopedia, What Is a Free Look Period and How Does It Work?
2: FinCEN, Anti-Money Laundering Program and Suspicious Activity Reporting Requirements for Insurance Companies

NEW QUESTION # 824
A national risk assessment (NRA) can impact the risk-based approach (RBA) within an organization's anti- financial crime (AFC) compliance program by: (Choose two.)

A. eliminating the need for sectoral risk assessments within the organization
B. automatically reducing the organization's responsibility for conducting its own risk assessment
C. helping to identify high-risk sectors that require enhanced due diligence (EDO),
D. requiring all organizations to apply standardized measures
E. guiding the allocation of resources for mitigating financial crime risks

Answer: C,E

Explanation:
A national risk assessment can identify high-risk sectors requiring enhanced due diligence and guide resource allocation to mitigate financial crime risks effectively, helping organizations align their risk-based approach with national priorities and threats.

NEW QUESTION # 825
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Kevin Brown Kevin Brown

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