New BootcampPDF CAMS Exam Questions| Real CAMS Dumps Updated on Dec 31, 2023
CAMS Braindumps – CAMS Questions to Get Better Grades
NEW QUESTION # 29
An analyst reviewing trade finance transactions notices an increase in price of 25% over 12 months for commodities with the same specification and quantity. Which action should the analyst take?
- A. Produce an updated due diligence record for the client so that monitoring can be enhanced.
- B. Produce an investigation report that finds evidence to substantiate the analyst's suspicion and submit a SAR/STR.
- C. Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).
- D. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.
Answer: D
NEW QUESTION # 30
A retail bank prepares a yearly AML risk assessment. Which inherent risk factor is likely the most relevant?
- A. The provision of brokerage services
- B. The provision of remote check deposit services
- C. The provision of payable through accounts
- D. The provision of cash services
Answer: D
Explanation:
Explanation
Retail banks typically have a high inherent risk of money laundering due to their provision of cash services.
This is because cash is a preferred medium of exchange for criminals and terrorists, and retail banks provide a convenient way for them to move large sums of money without detection. Retail banks are also vulnerable to money laundering through the use of false identities and other deceptive practices. (CAMS Manual, 6th Edition, Page 8).
NEW QUESTION # 31
Which transaction should result in a SAR/STR filing?
- A. A small business owner deposits $25,000 USD in cash proceeds with a business equipment bill of sale.
- B. A national food-chain restaurant makes multiple, anticipated cash transactions that are above the daily reporting threshold.
- C. A small business owner deposits checks totaling $9,950 USD on a daily basis without providing a legitimate purpose.
- D. A national food-chain restaurant with multiple cash transactions at various branch locations.
Answer: C
Explanation:
Reference: https://aml-cft.net/library/suspicious-transaction-report-str-suspicious-activity-report-sar/
NEW QUESTION # 32
A financial institution files a suspicious transaction report on a customer as the result of a high volume of large currency deposits to pay off a loan.
A law enforcement officer calls the anti-money laundering officer to discuss the suspicious transaction report.
Which of the following is the anti-money laundering officer legally permitted to do?
- A. Provide copies of the customer's loan documents.
- B. Discuss any aspects of the reported activity.
- C. Send the deposit documents referenced in the suspicious transaction report.
- D. Explain the customer's loan payment history.
Answer: A,C
NEW QUESTION # 33
Which key aspect of the Office of Foreign Assets Control's extraterritorial reach specifically relates to prohibited transactions?
- A. Prohibit or reject unlicensed trade and financial transactions with specified countries, entities, and individuals
- B. Prohibit or reject licensed trade and financial transactions with specified countries, entities and U.S. individuals
- C. Prohibit or reject unlicensed foreign trade and financial transactions with specified countries, entities, and individuals.
- D. Prohibit or reject licensed trade and financial transactions with specified countries, entities and non- U.S. individuals
Answer: C
NEW QUESTION # 34
Which of the following represents the first Financial Action Task Force initiative?
- A. The Report on Money Laundering Typologies
- B. The 40 Recommendations on Money Laundering
- C. The Special Recommendations on Terrorist Financing
- D. The Report on Non-Cooperative Countries and Territories
Answer: B
NEW QUESTION # 35
Which three circumstances are indicators for defining a customer as required additional diligence according to the Wolfsberg Principles on Private Banking? Choose 3 answers
- A. Persons who receive funds from a correspondent banking relationship
- B. Persons residing in a having funds from countries with inadequate AML standards
- C. Persons determined to be Politically Exposed Persons (PEPs)
- D. Persons engaged in business activities known to be susceptible to money laundering
Answer: A,B,D
NEW QUESTION # 36
Which method do terrorist financiers use to move funds without leaving an audit trail?
- A. Cash couriers
- B. Virtual currency
- C. Casa de cambio
- D. Extortion
Answer: A
Explanation:
Reference: https://www.fatf-gafi.org/media/fatf/documents/reports/FATF%20Terrorist%20Financing%
20Typologies%20Report.pdf (24)
NEW QUESTION # 37
Which situations would require a financial institution (FI) to update its ML/TF risk assessment? (Choose two.)
- A. When opening a sales point in a new location in the same city
- B. When the institution faces a merger or acquisition
- C. When the AML compliance team hires new employees
- D. When new board members are elected
- E. When new products, services or customer types are introduced
Answer: A,B
Explanation:
Reference: https://www.fatf-gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf
NEW QUESTION # 38
How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?
- A. Request a subpoena to maintain the account
- B. Request a letter on the agency's letterhead
- C. Agree to keep the account open
- D. Request a search warrant from the local court
Answer: B
Explanation:
Explanation/Reference: http://files.acams.org/pdfs/English_Study_Guide/Chapter_5.pdf (12)
NEW QUESTION # 39
Which two statements about the Wolfsberg Group are true?
- A. It is composed of representatives of financial intelligence units from around the world
- B. It has no power to impose itsprinciples/guidance
- C. It focuses primarily on Know Your Customer, AML and CTF guidance
- D. It based its original guidancearoundcombating the laundering ofproceedsof narcoticstrafficking
Answer: B,C
NEW QUESTION # 40
A compliance officer is looking to update an institution's private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?
- A. Approval of Politically Exposed Persons (PEPs) by at least one person other than the relationship manager
- B. Review of client files annually if there are unusual transactions
- C. Dedicated automated AML monitoring of client activity
- D. The institution's senior management has primary responsibility for the relationship
Answer: A
NEW QUESTION # 41
Bank A is located in Country A. A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C. The wire transfer isdeemed suspicious by Bank A.
- A. The transaction in Country B.
- B. Bank C in Country C.
- C. Bank B in Country A.
- D. The transaction in Country A.
Answer: D
Explanation:
Explanation
Another simpler way of looking at the problem is by seeing this case as a Correspondent Banking relationship:
-A is the primary correspondent bank.
-B is the respondent bank.
-C is the receiving bank (of the wire transfer).
Since A is conducting the transaction on behalf of B's customer via the correspondent relationship deemed suspicious, it is the transaction in Country A by the correspondent bank that files the STR. Also, per the regular process, it is on the transaction, not the bank, that the STR is filed against.
NEW QUESTION # 42
An AML compliance officer receives notice of government update including the names of the latest terrorists sanctioned by the United Nations Security Council. Which would be the most appropriate step to take?
- A. Update the monitoring software containing sanctioned persons
- B. Update training information to include the latest names
- C. Inform the customers that their funds will be frozen
- D. Notify the Board of Directors
Answer: A
NEW QUESTION # 43
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You are deploying an Azure Machine Learning model to an Azure Kubernetes Service (AKS) container.
You need to monitor the scoring accuracy of each run of the model.
Solution: You configure Azure Application Insights.
Does this meet the goal?
- A. Yes
- B. No
Answer: A
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/machine-learning/service/how-to-enable-data-collection
https://docs.microsoft.com/en-us/azure/machine-learning/service/how-to-enable-app-insights
NEW QUESTION # 44
What is the main role of the Egmont Group in combating money laundering and terrorist financing?
- A. To create standards that countries can use when drafting laws to combat money laundering and terrorist financing
- B. To establish regulations that countries must use when establishing their own FIUs
- C. To require that all countries participate in a global repository for the sharing of information
- D. To find ways that FIUs can better cooperate amongst themselves and exchange information
Answer: D
NEW QUESTION # 45
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should:
- A. be consistent with the head office audits.
- B. be tailored to the higher of standards between the jurisdictions.
- C. provide all foreign jurisdiction reports to the head office for approval.
- D. conform to the foreign jurisdiction policies to align with the head office policies.
Answer: D
Explanation:
Explanation
When assessing and managing money laundering risks while operating in foreign jurisdictions different from that of the head office, an effective AML monitoring program should conform to the foreign jurisdiction policies to align with the head office policies. This ensures that the organization's AML/CFT risk management remains consistent across all jurisdictions, while allowing local compliance staff to assess and manage the risks specific to their jurisdiction. Additionally, the program should be tailored to the higher of standards between the jurisdictions, and should be consistent with the head office audits. Providing all foreign jurisdiction reports to the head office for approval is not necessary, as long as the program is consistent with the head office policies.
NEW QUESTION # 46
Which reputations risk consequence could a financial entity face for violating AML laws?
- A. Increased audit costs to monitor behavior
- B. Loss of high-profile customers
- C. Seizure of assets
- D. Monetary penalties
Answer: D
Explanation:
Explanation
According to the Certified Anti-Money Laundering Specialist (CAMS) Manual [1], 6th edition, financial entities that violate Anti-Money Laundering (AML) laws can face several reputational risks such as loss of high-profile customers, seizure of assets, increased audit costs to monitor behavior, and monetary penalties.
For example, the US Treasury's Financial Crimes Enforcement Network (FinCEN) imposes civil money penalties on "persons who willfully violate, attempt to violate, conspire to violate, or cause any violation of any provision of the Bank Secrecy Act or its implementing regulations." (CAMS Manual, 6th edition, page
26).
NEW QUESTION # 47
You have a Face API solution that updates in real time. A pilot of the solution runs successfully on a small dataset.
When you attempt to use the solution on a larger dataset that continually changes, the performance degrades, slowing how long it takes to recognize existing faces.
You need to recommend changes to reduce the time it takes to recognize existing faces without increasing costs.
What should you recommend?
- A. Distribute the face recognition inference process across many Azure Cognitive Services instances.
- B. Change the solution to use the Bing Image Search API instead of the Face API.
- C. Change the solution to use the Computer Vision API instead of the Face API.
- D. Separate training into an independent pipeline and schedule the pipeline to run daily.
Answer: D
Explanation:
Explanation/Reference:
Incorrect Answers:
A: The purpose of Computer Vision is to inspects each image associated with an incoming article to (1) scrape out written words from the image and (2) determine what types of objects are present in the image.
C: The Bing API provides an experience similar to Bing.com/search by returning search results that Bing determines are relevant to a user's query. The results include Web pages and may also include images, videos, and more.
D: That would increase cost.
References:
https://github.com/Azure/cognitive-services
Design solutions
Testlet 2
Overview
Contoso, Ltd. has an office in New York to serve its North American customers and an office in Paris to serve its European customers.
Existing Environment
Infrastructure
Each office has a small data center that hosts Active Directory services and a few off-the-shelf software solutions used by internal users.
The network contains a single Active Directory forest that contains a single domain named contoso.com. Azure Active Directory (Azure AD) Connect is used to extend identity management to Azure.
The company has an Azure subscription. Each office has an Azure ExpressRoute connection to the subscription. The New York office connects to a virtual network hosted in the US East 2 Azure region. The Paris office connects to a virtual network hosted in the West Europe Azure region.
The New York office has an Azure Stack Development Kit (ASDK) deployment that is used for development and testing.
Current Business Model
Contoso has a web app named Bookings hosted in an App Service Environment (ASE). The ASE is in the virtual network in the East US 2 region. Contoso employees and customers use Bookings to reserve hotel rooms.
Data Environment
Bookings connects to a Microsoft SQL Server database named hotelDB in the New York office.
The database has a view named vwAvailability that consolidates columns from the tables named Hotels, Rooms, and RoomAvailability. The database contains data that was collected during the last 20 years.
Problem Statements
Contoso identifies the following issues with its current business model:
* European users report that access to Booking is slow, and they lose customers who must wait on the phone while they search for available rooms.
* Users report that Bookings was unavailable during an outage in the New York data center for more than 24 hours.
Requirements
Contoso identifies the following issues with its current business model:
* European users report that access to Bookings is slow, and they lose customers who must wait on the phone while they search for available rooms.
* Users report that Bookings was unavailable during on outage in the New York data center for more than 24 hours.
Business Goals
Contoso wants to provide a new version of the Bookings app that will provide a highly available, reliable service for booking travel packages by interacting with a chatbot named Butler.
Contoso plans to move all production workloads to the cloud.
Technical requirements
Contoso identifies the following technical requirements:
* Data scientists must test Butler by using ASDK.
* Whenever possible, solutions must minimize costs.
* Butler must greet users by name when they first connect.
* Butler must be able to handle up to 10,000 messages a day.
* Butler must recognize the users' intent based on basic utterances.
* All configurations to the Azure Bot Service must be logged centrally.
* Whenever possible, solutions must use the principle of least privilege.
* Internal users must be able to access Butler by using Microsoft Skype for Business.
* The new Bookings app must provide a user interface where users can interact with Butler.
* Users in an Azure AD group named KeyManagers must be able to manage keys for all Azure Cognitive Services.
* Butler must provide users with the ability to reserve a room, cancel a reservation, and view existing reservations.
* The new Bookings app must be available to users in North America and Europe if a single data center or Azure region fails.
* For continuous improvement, you must be able to test Butler by sending sample utterances and comparing the chatbot's responses to the actual intent.
NEW QUESTION # 48
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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is an internationally recognized certification for professionals in the anti-money laundering (AML) industry. The CAMS certification is a testament to a professional's expertise in identifying and mitigating money laundering risks, as well as their commitment to ethical and legal AML practices. Certified Anti-Money Laundering Specialists certification is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), an organization that is dedicated to advancing the AML profession through education, certification, and networking.
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