CAMS Dumps 2023 - New ACAMS CAMS Exam Questions
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The CAMS exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a global professional organization dedicated to advancing the AML profession through education, certification, and networking. ACAMS is recognized as the leading provider of AML training and certification, and its members include AML professionals from a wide range of industries, including banking, finance, law enforcement, and government.
NEW QUESTION # 289
A non-U.S. bank asks its U.S. correspondent whether there is risk of having funds seized in their correspondent account if a customer is involved in a predicate offense.The correspondent bank's reply should be,
- A. "Yes, if it is suspected that money laundering has occurred solely in the U.S."
- B. "No, only U.S. accounts for U.S. citizens can be seized and forfeited by the competent authority."
- C. "Yes, also if the customer's account is used in a country other than the U.S. by suspected money launderers."
- D. "No, only correspondent accounts of U.S. banks can be seized and forfeited by government agencies."
Answer: D
NEW QUESTION # 290
According to experts, what is the most effective way to prevent money laundering through financial institutions?
- A. Collecting information on beneficial owners and foreign customers
- B. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
- C. Implementing a sound customer due diligence program
- D. Ensuring that transaction monitoring systems can identify terrorist financing
Answer: C
NEW QUESTION # 291
What does the Egmont Group's support for its members include?
- A. Expanding and systematizing international cooperation in the reciprocal exchange of information
- B. Expanding the ability of FIUs to enforce laws and exchange information globally to combat money laundering and terrorist financing
- C. Issuing strategic products for law enforcement agencies and FIUs on topics of international interest
- D. Issuing due diligence models for financial institutions
Answer: A
Explanation:
Reference: https://egmontgroup.org/en/content/membership
NEW QUESTION # 292
In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?
- A. At or before the policy is issued to the beneficiary by the insurance company
- B. At or before a premium payment has been accepted for the policy purchased
- C. At or before 30 days of the relationship being established under the policy
- D. At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy
Answer: B
NEW QUESTION # 293
In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.
What is another name for these internal, non-client accounts?
- A. Pay through accounts
- B. Correspondent accounts
- C. Concentration accounts
- D. Trust accounts
Answer: C
NEW QUESTION # 294
What is one of the indicia of a Black Market Peso Exchange?
- A. A large deposit of pesos converted into U.S. dollars
- B. A transfer of U.S. dollars to Central or Sourth America to be converted into pesos
- C. A wire transfer from a third party not connected with a transaction
- D. An illegal entity that exchanges pesos for U.S. dollard for illegal immigrants
Answer: D
NEW QUESTION # 295
What are three potential issues for foreign financial institutions maintaining correspondent accounts with U.S. banks under the Patriot Act? Choose 3 answers
- A. U.S. residents maintaining private banking accounts
- B. Prohibition of correspondent accounts for shell banks
- C. Cancellation of correspondent banking relationships
- D. Forfeiture of funds in a U.S. interbank account
Answer: B,C,D
Explanation:
Reference:http://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_027.htm
NEW QUESTION # 296
When should a financial institution (FI) exit a relationship? (Choose two.)
- A. The request from law enforcement to close the account
- B. The FI's requirements for opening an account
- C. The suspicious conduct of the account holder
- D. The FI's stated policies and procedures for closing an account
- E. The reputational risk to the FI posed by closing the account
Answer: B,D
NEW QUESTION # 297
You have thousands of images that contain text.
You need to process the text from the images to a machine-readable character stream.
Which Azure Cognitive Services service should you use?
- A. the Image Moderation API
- B. Text Analytics
- C. Translator Text
- D. Computer Vision
Answer: D
Explanation:
With Computer Vision you can detect text in an image using optical character recognition (OCR) and extract the recognized words into a machine-readable character stream.
Incorrect Answers:
A: Use Content Moderator's machine-assisted image moderation and human-in-the-loop Review tool to moderate images for adult and racy content. Scan images for text content and extract that text, and detect faces. You can match images against custom lists, and take further action.
Reference:
https://azure.microsoft.com/en-us/services/cognitive-services/computer-vision/
https://docs.microsoft.com/en-us/azure/cognitive-services/content-moderator/image-moderation-api
NEW QUESTION # 298
Based on the USA PATRIOT Act, what action might the US take to demonstrate extraterritorial reach?
- A. Freeze U. S. accounts that contain funds from the non-US FI
- B. Initiate a lawsuit in the home country of the non-US FI
- C. Hand over potential penalties from the US to another government
- D. Send requests for information to a non-US based financial institution (FI)
Answer: D
NEW QUESTION # 299
To ensure that an institution's anti-money laundering program is current, which step should be taken?
- A. The program should be evaluated and updated at least every six months be the Board of Directors
- B. The program should be reassessed at least annually
- C. The program should be sent to the institution's government regulator on a periodic basis
- D. The program should be reviews by a federal law enforcement officer for gaps in controls
Answer: C
NEW QUESTION # 300
Which three procedures should a compliance officer looking to revise an institution's CTF efforts include in accordance with the Wolfsberg Group's Statement on the Suppression of the Financing of Terrorism?
- A. Maintaining customer information to facilitate timely retrieval of such information
- B. Reporting matches from lists of known or suspected terrorists to relevant authorities
- C. Reviewing only original identification documents when verifying customers
- D. Consulting applicable lists and taking appropriate actions to determine if customers appear on such lists
Answer: A,B,D
NEW QUESTION # 301
What is a key objective of the Egmont Group?
- A. To issue binding standards that establish consistently operated Financial Intelligence Units in member jurisdictions.
- B. To provide best practices for financial institutions on how to report suspicious activity to best share the information with law enforcement.
- C. To find ways to promote the development of Financial Intelligence Units and the sharing of expertise.
- D. To safeguard the financial system from illicit use and combat money laundering and promote national security.
Answer: D
NEW QUESTION # 302
Which two statements are true regarding the European Union Money Laundering Directives? (Choose two.)
- A. They apply to member states of the European Union
- B. They require member states to enact laws and/or regulations to comply with the directives
- C. They have extraterritorial impact and apply to states that have diplomatic relations with member states
- D. They set forth non-binding best practices for financial institutions within the member states
Answer: A,B
Explanation:
Explanation/Reference: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015L0849&from=FR
NEW QUESTION # 303
Which of the following customer activities poses the highest risk of money laundering?
- A. Making multiple cash deposits slightly below a required reporting limit.
- B. Paying a supplier of precious metals at regular quarterly intervals.
- C. Transferring funds to pay for flight training lessons.
- D. Conducting business in a country that represents a high risk of money laundering.
Answer: A
NEW QUESTION # 304
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