Free CAMS Braindumps Download Updated on Oct 27, 2021 with 542 Questions
ACAMS CAMS Exam Practice Test Questions
How much CAMS Exam Cost
There are two options. Candidate can choose either with a virtual classroom package or without a virtual classroom package.
Price and benefits of with virtual classroom package
- This package consists of a CAMS study guide, Online Preparation Course, CAMS Virtual classroom and CAMS Examination
- The price of this package is $1,880 for private sectors and $1,540 for public sectors
Price and benefits of without virtual classroom package:
- This package consists of a CAMS study guide, Online Preparation Course and CAMS Examination
- The price of this package is $1,459 for private sectors and $1,145 for public sectors
CAMS Exam topics
Candidates must know the exam topics before they start of preparation. Because it will really help them in hitting the core. Our CAMS dumps will include the following topics:
- SAR and STR filing
- The Financial Action Task Force (FATF) Recommendations, the Basel Committee’s Report on client Due Diligence and also the Wolfsberg cluster Principles
- Money laundering and terrorist financing methods
- Money laundering risks and strategies, like Black Market Peso Exchange and import and export price manipulation
- The assistance of institutional investigations
- Maintenance of an effective AML/CFT compliance program
- How to manage and support a money laundering investigation
- Recognition of AML compliance risks
- AML/CFT compliance program designs in several business settings
- Comply standards for anti-money laundering (AML) and combating the financing of terrorism (CFT)
- Important elements of an Anti-Money Laundering (AML) program
- Conducting or supporting the investigation process
How to study the CAMS Exam
BootcampPDF 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.
- Provided a scenario, Determine when and how to implement necessary program changes, the process to access the money laundering and internal factors that should be escalated to management
- Provided a Scenario about trust, company service providers, emerging risks related to technology, banks, insurance companies, broker-dealers, investment advisors, capital markets, gaming, dealers of precious metal dealers, dealers of real estate, bureau de change, money services business, lawyers, notaries, accountants, auditors, financial transactions that offer anonymity, lack of transparency of ownership, moving money, involving commercial transactions and identify the red flags that indicate money laundering or financing terrorism.
- Determine the risks to individuals or institutions for violation of AML laws.
- Determine the economic and social consequences of money laundering
- Provided a scenario, Determine the key aspects of delivering targeted training for different audiences and job functions, components of an AML training program, roles senior management, roles senior management, how customer onboarding should be implemented for the institution, area to increase the efficiency and accuracy of automated AML tools
NEW QUESTION 221
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. Computer Vision
- B. Translator Text
- C. Text Analytics
- D. the Image Moderation API
Answer: A
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 222
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. Real time transfer of funds
- B. Servicing the under-banked population
- C. Cross-border functionality
- D. Customer onboarding
- E. Limited access to counterparty information
Answer: A,D,E
NEW QUESTION 223
A compliance officer at an insurance company has been reviewing the transaction activity of several clients.
Which transaction is considered a red flag for potential money laundering?
- A. A client paid the quarterly life insurance premium using money orders from two different banks.
- B. A client from a high-risk jurisdiction recently purchased property insurance for a real-estate development.
- C. A corporation owns several affiliates and recently opened separate group life insurance policies for each of the affiliates.
- D. A client established a $100,000 charitable annuity with a non-profit organization that provides health and safety assistance internationally.
Answer: D
NEW QUESTION 224
What is a hawala?
- A. A method of transferring funds based on trust
- B. A licensed means of transferring money
- C. A transaction monitoring package for banks
- D. A hedge fund in the Middle East
Answer: A
NEW QUESTION 225
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. The regulator authorities
- B. A member of senior management
- C. The anti-money laundering specialist
- D. A qualified independent party/auditor
Answer: D
NEW QUESTION 226
What kind of person should perform the independent testing of an institution's anti-money laundering program?
- A. A person who reports directly to the Board of Directors or a Board Committee
- B. A retired government regulator or federal law enforcement officer
- C. A former anti-money laundering officer from a similar institution
- D. A certified specialist in the anti-money laundering field
Answer: D
NEW QUESTION 227
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?
- A. They assist member countries in penalizing entities that violate FATF standards and recommendations
- B. They work with members on areas of concern outside of anti-money laundering and terrorist financing
- C. They provide technical assistance to members in implementing FATF recommendations
- D. They supervise member country financial institutions relating to anti-money laundering and terrorist financing
Answer: D
NEW QUESTION 228
A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there.
During on-boarding, the client's wealth was estimated at $7 million. Shortly thereafter, the client's father became president of Country B.
During a routine client review two years later, it was identified that client's wealth had grown to $510 million.
What are two red flags that indicate money laundering or financial terrorism? (Choose two.)
- A. The holding company is in Country A with a bank account in one of the international banks.
- B. The substantial growth in wealth during a short period of time.
- C. The client is a family member of a PEP from a country known for corruption.
- D. The client is from a country known for corruption.
Answer: B,C
NEW QUESTION 229
Which requirement is included in the Fourth European Union Directive on money laundering?
- A. It requires obliged entities to consider politically exposed persons as high risk for life
- B. It requires member countries to maintain registries of the beneficial owners of legal entities
- C. It requires obliged entities to conduct enhanced due diligence on all prepaid card holders
- D. It requires member states to enact economic sanctions against countries that do not cooperate with Financial Action Task Force recommendations
Answer: B
NEW QUESTION 230
Which primary international authoritative body designates sanctions?
- A. Financial Action Task Force (FATF)
- B. International Monetary Fund (IMF)
- C. United Nations (UN)
- D. Organizationof Economic Co-operation and Development (OECD)
Answer: C
NEW QUESTION 231
Which situation is the highest risk for money laundering and terrorist financing activity?
- A. A customer purchases casino chips, using small denomination bank notes, but does not engage in game play before redeeming the chips for a casino check
- B. A customer purchases casino chips and engages in significant game play before requesting a casino check for the remainder
- C. A customer purchases casino chips using a credit card and engages in minimal game play before redeeming the chips for a casino check
- D. A customer purchases casino chips using credit from an account at an affiliated casino and engages in significant game play before redeeming the chips for a casino check
Answer: C
NEW QUESTION 232
What are two aspects of the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking? (Choose two.)
- A. At least one person, aside from the person sponsoring the relationship, should approve the correspondent relationship.
- B. Correspondent banking is an inherently high risk business and all correspondent bank relationships should be reviewed on an annual basis.
- C. Factors such as politically exposed person involvement and downstream (nested) correspondents increase the risk inherent in a correspondent relationship.
- D. An Institution may assign a low risk rating to a correspondent bank located in a jurisdiction deemed to have an adequate AML environment (e.g., Financial Action Task Force member country) without needing to consider other factors.
Answer: A,B
NEW QUESTION 233
You need to build a solution to monitor Twitter. The solution must meet the following requirements:
* Send an email message to the marketing department when negative Twitter messages are detected.
* Run sentiment analysis on Twitter messages that mention specific tags.
* Use the least amount of custom code possible.
Which two services should you include in the solution? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Azure Functions
- B. Azure Stream Analytics
- C. Azure Logic Apps
- D. Azure Databricks
- E. Azure Cognitive Services
Answer: B,C
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/stream-analytics/streaming-technologies
https://docs.microsoft.com/en-us/azure/stream-analytics/stream-analytics-twitter-sentiment-analysis-trends
NEW QUESTION 234
Which three are examples of best practices terms of ensuring an adequate AML program?
- A. Engage an independent party to perform a periodic review of the program
- B. Review applicable domestic and international AML guidance
- C. Perform a risk analysis on a regular basis and compare it to the coverage of the AML program
- D. Review the accuracy of account opening applications
Answer: B,C,D
NEW QUESTION 235
In 2004, Consolidated KYC Risk Management was issued by the Basel Committee on Banking Supervision (BCBS). What is a key message in this document?
- A. Consolidated KYC risk management for a group is critical and trumps jurisdictional rules hat limit information sharing
- B. KYC Risk Management means as established decentralized process for promulgating policies and procedures
- C. Policies and procedures should be designed not merely to comply strictly with all relevant laws and regulations
- D. KYC Risk Management required a yearly consolidation effort
Answer: C
NEW QUESTION 236
Who has the day-to-day responsibility of communicating and reinforcing the established anti-money laundering compliance culture and program?
- A. Compliance officer
- B. Board of directors
- C. Senior management
- D. Business lines
Answer: A
Explanation:
Explanation/Reference: http://files.acams.org/pdfs/English_Study_Guide/Chapter_4.pdf
NEW QUESTION 237
A financial institution receives a regulatory enforcement action because of deficiencies in its anti-money laundering program.
Which action should the board of directors take?
- A. Instruct the compliance officer to develop a plan to remediate the institution's anti-money laundering program
- B. Hire an attorney with instructions to protest the enforcement action
- C. Terminate the compliance officer and staff
- D. Purchase and install a new suspicious activity monitoring system
Answer: A
Explanation:
Explanation/Reference:
NEW QUESTION 238
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