P.S. Free & New CAMS dumps are available on Google Drive shared by Itbraindumps: https://drive.google.com/open?id=1tjks_NAthArS5bxTPU3Nu00tuH4doLoH
According to personal propensity and various understanding level of exam candidates, we have three versions of CAMS practice materials for your reference. Here are the respective features and detailed disparities of our CAMS practice materials. Pdf version- it is legible to read and remember, and support customers’ printing request, so you can have a print and practice in papers. Software version-It support simulation test system, and times of setup has no restriction. Remember this version support Windows system users only. App online version-Be suitable to all kinds of equipment or digital devices. Be supportive to offline exercise on the condition that you practice it without mobile data.
ACAMS CAMS (Certified Anti-Money Laundering Specialists) certification exam is a globally recognized credential for professionals in the anti-money laundering (AML) field. Certified Anti-Money Laundering Specialists certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization focused on enhancing the knowledge and skills of AML professionals. The CAMS Certification Exam is designed to validate the expertise of AML professionals and demonstrate their commitment to staying current with industry best practices and regulatory requirements.
It is believe that employers nowadays are more open to learn new knowledge, as they realize that ACAMS certification may be conducive to them in refreshing their life, especially in their career arena. A professional ACAMS certification serves as the most powerful way for you to show your professional knowledge and skills. For those who are struggling for promotion or better job, they should figure out what kind of CAMS test guide is most suitable for them. However, some employers are hesitating to choose. We here promise you that our CAMS Certification material is the best in the market, which can definitely exert positive effect on your study. Our CAMS learn tool create a kind of relaxing leaning atmosphere that improve the quality as well as the efficiency, on one hand provide conveniences, on the other hand offer great flexibility and mobility for our customers. That’s the reason why you should choose us.
NEW QUESTION # 23
Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?
Answer: D
Explanation:
--- Wire transfers are one of the most common methods of moving funds across borders and jurisdictions, and therefore pose a high risk of violating OFAC sanctions. A bank's OFAC sanctions screening audit program should include a test to review the wire transfer screening processes to ensure that potential name hits are investigated promptly and appropriately, and that any blocked or rejected transactions are reported to OFAC in a timely manner. This test would help the bank to assess the effectiveness of its screening system, identify any gaps or weaknesses, and demonstrate its compliance with OFAC regulations.
References:
A Framework for OFAC Compliance Commitments1, page 4, section 4: Testing and Auditing OFAC Framework for Sanctions Compliance Programs2, page 2, section 4: Testing and Auditing OFAC Sanctions List Search Tool3
NEW QUESTION # 24
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement.
In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legalrequest with the customer. The account officer intends to discuss points related to the investigation during the meeting.
What should an anti-money laundering specialist recommend?
Answer: D
Explanation:
the account officer should avoid disclosing any details of the investigation to the customer, as this could compromise the integrity of the law enforcement inquiry, or even constitute tipping off, which is a criminal offense in many jurisdictions12. The account officer should only inform the customer that a legal request has been made, and that the bank is obliged to comply with it, without revealing the nature or scope of the request3. The account officer should also document the communication with the customer, and report it to the appropriate internal authority, such as the compliance officer or the legal department4.
:
1: CAMS Study Guide, 6th Edition, Chapter 5: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), page 151-152. 2: Tipping Off: What It Is and How to Avoid It, ACAMS Today, March 2019. 3: How to Handle Law Enforcement Requests, ACAMS Webinar, June 2018. 4: Best Practices for Responding to Law Enforcement Inquiries, ACAMS White Paper, October
2017.
NEW QUESTION # 25
A school teacher recently opened a private banking account with a major bank. The customer indicated annual income of EUR 45,000 and listed her source of wealth as a EUR 1.5 million inheritance from relatives. The customer plans to invest EUR 12,000 to 15,000 earned annually from bearer bonds. The relationship manager verified the client's identity and documented all of the above information in the account file before opening the account. During a routine review of the account, several electronic fund transfers in excess of EUR 5 million each were made from a diamond distributor. The relationship manager also noticed that in each instance, the customer immediately transferred the funds to bank accounts in Hong Kong. Which of the following is appropriate for the anti-money laundering specialist to recommend?
Answer: A
Explanation:
The customer's profile and transactions are highly suspicious and indicative of possible money laundering.
The customer's income, source of wealth, and investment plans do not match with the large and frequent transfers from a diamond distributor, which is a high-risk business sector for money laundering. The customer' s transfers to Hong Kong, which is a high-risk jurisdiction for money laundering, also raise red flags. The anti- money laundering specialist should recommend contacting the competent authority and local law enforcement to report the suspicious activity and cooperate with any investigation. This is in accordance with the FATF Recommendation 20, which states that "If a financial institution suspects or has reasonable grounds to suspect that funds are the proceeds of a criminal activity, or are related to terrorist financing, it should be required, by law, to report promptly its suspicions to the financial intelligence unit (FIU)"1. The other options are not appropriate, as they do not address the urgency and severity of the situation.
References: 1: FATF (2012), International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation, FATF, Paris, France, www.fatf-gafi.org/recommendations.html, p. 19.
NEW QUESTION # 26
An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officers brother. During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?
Answer: C
Explanation:
the specialist should inform the bank's senior legal advisor of the situation and seek guidance on how to handle the legal request and the internal memos. The specialist should not take any action that could compromise the integrity of the legal request, the bank's anti-money laundering program, or the specialist's own professional obligations. The specialist should not place the memos in his personal files, as this could be seen as hiding or tampering with evidence. The specialist should not ask the bank president to document his instructions, as this could create a conflict of interest or a perception of undue influence. The specialist should not call the law enforcement agent and suggest he modify the legal request, as this could be seen as interfering with the investigation or tipping off the account holder.
Reference:
Legal Sector Affinity Group (LSAG) Anti-Money Laundering Guidance for the Legal Sector (January 2021) p. 1321 ACAMS: Certified Anti-Money Laundering Specialist | ACAMS2 Anti-Money Laundering - The Law Society of Singapore3
NEW QUESTION # 27
How should a compliance officer respond to law enforcement agencies' request for information on a customer undergoing an investigation?
Answer: B
Explanation:
A compliance officer should cooperate with the law enforcement inquiry as much as possible, but also ensure that the request is valid, lawful, and does not violate any confidentiality or privacy obligations. Therefore, the compliance officer should collaborate with the FI's designated department, such as the legal counsel, the senior management, or the board of directors, to determine the appropriate course of action to comply with the request12. The compliance officer should also ensure that all communication, written and oral, is funneled through a centralized place, and that the FI maintains a record of the request and the response12.
References:
1: Requests by Law Enforcement for Financial Institutions to Maintain Accounts, FinCEN, 2014
2: Best Practices for Compliance and Enforcement-Related Information Requests, EPA, 2018 Reference: https://www.acams.org/en/resources/aml-glossary-of-terms
NEW QUESTION # 28
......
This cost-effective exam product is made as per the current content of the ACAMS CAMS examination. Therefore, using Itbraindumps the actual ACAMS CAMS dumps will guarantee your successful attempt at the CAMS Certification Exam. For the convenience of customers, we have designed CAMS pdf dumps, desktop ACAMS CAMS practice exam software, and ACAMS CAMS web-based practice test.
Exam CAMS Questions: https://www.itbraindumps.com/CAMS_exam.html
BONUS!!! Download part of Itbraindumps CAMS dumps for free: https://drive.google.com/open?id=1tjks_NAthArS5bxTPU3Nu00tuH4doLoH