Latest CAMS Actual Free Exam Questions Updated 405 Questions
Free CAMS Exam Braindumps certification guide Q&A
Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Provide three professional references.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Submit supporting documents.
The benefit in Obtaining the CAMS Exam Certification
- Protecting their company from money laundering threats and minimize money crime risks
- Proving their AML experience to examiners and regulators
- Increasing their skilled worth through a higher understanding of financial crime detection and hindrance techniques
- Meeting mandated AML training needs through preparation and study
- ACAMS conducted a survey recently and the findings were pretty interesting on average, professionals who had their ACAMS made $25,000 more than their colleagues who did not have the CAMS certification!
NEW QUESTION 129
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of counterfeit money orders. What should the bank do?
- A. The institution should close the account before another issues arise
- B. The bank has received a plausible explanation, so it should do nothing
- C. While the explanation may be plausible, the institute should nonetheless file a SuspiciousTransaction Report to protect itself
- D. While the explanation appears plausible, the institution should, for a period of time, monitortheaccount for cash transactions and suspicious activity
Answer: D
NEW QUESTION 130
One area of responsibility for the Board of Directors when implementing a successful AML program is to:
- A. ensure the appointment of a qualified chief AML officer.
- B. manage the day-to-day processes of the compliance program.
- C. hire a third-party firm to be responsible for the AML compliance.
- D. create a culture of compliance based on the profit expectation.
Answer: A
NEW QUESTION 131
Which is a key reason why a financial institution (FI) conducts an enterprise-wide AML risk assessment?
- A. The board of directors and senior management are required to have an AML risk assessment for the bank.
- B. The need to assess money laundering and terrorist financing risks and ensure there are adequate controls to mitigate those risks.
- C. The identification of specific risk categories (i.e., export, inactivity, layman, and false locations) unique to the bank.
- D. The need to understand its overall budget needs for each department and for internal audit.
Answer: B
NEW QUESTION 132
A bank maintains a number of United States (U.S.) dollar correspondent accounts for foreign financial institutions. Upon a routine review of a U.S. dollar correspondent account owned by Foreign Bank A, a number of transactions appear to have been originated by Foreign Bank B outside the expected activity for this account. These transactions appear suspicious and a suspicious transaction report was filed by the compliance officer.
Which step should the compliance officer take?
- A. Notify other U.S. financial institutions who maintain U.S. dollar correspondent accounts for Foreign Bank A and Foreign Bank B in an effort to shut down the activity
- B. Notify senior management of the money laundering risks by allowing Foreign Bank A to maintain its U.S. dollar correspondent account
- C. File a report with the appropriate tax authorities in the jurisdictions of Foreign Bank A and Foreign Bank B
- D. Notify Foreign Bank A of the discovery and seek documentation supporting Foreign Bank A was collusive and a willing partner with Foreign Bank B in the activity
Answer: D
NEW QUESTION 133
You are designing an AI solution that will provide feedback to teachers who train students over the Internet.
The students will be in classrooms located in remote areas. The solution will capture video and audio data of the students in the classrooms.
You need to recommend Azure Cognitive Services for the AI solution to meet the following requirements:
* Alert teachers if a student facial expression indicates the student is angry or scared.
* Identify each student in the classrooms for attendance purposes.
* Allow the teachers to log voice conversations as text.
Which Cognitive Services should you recommend?
- A. Computer Vision and Text Analytics
- B. QnA Maker and Computer Vision
- C. Speech to Text and Face API
- D. Face API and Text Analytics
Answer: C
Explanation:
Speech-to-text from Azure Speech Services, also known as speech-to-text, enables real-time transcription of audio streams into text that your applications, tools, or devices can consume, display, and take action on as command input.
Face detection: Detect one or more human faces in an image and get back face rectangles for where in the image the faces are, along with face attributes which contain machine learning-based predictions of facial features. The face attribute features available are: Age, Emotion, Gender, Pose, Smile, and Facial Hair along with 27 landmarks for each face in the image.
References:
https://docs.microsoft.com/en-us/azure/cognitive-services/speech-service/speech-to-text
https://azure.microsoft.com/en-us/services/cognitive-services/face/
NEW QUESTION 134
A national Financial Intelligence Unit, which is responsible for receiving, analyzing and disseminating disclosure of financial information, should consider becoming a member of what organization?
- A. The Egmont Group
- B. The Basel Committee
- C. The Financial Action Task Force
- D. The Wolfsburg Group
Answer: A
NEW QUESTION 135
A U.K. real estate agent has three foreign clients interested in purchasing an apartment building, valued at £30 million, in the outskirts of London as an investment property. The clients are not willing to have their names provided to the bank. The clients want to purchase to be made in the names of three private companies for privacy reasons. The plan is to wire the funds into an account held in the name of another private company at a bank in London.
Which red flag should stop the agent from discussing this potential purchase further?
- A. The clients are foreign
- B. The clients have the funds necessary to fund a £30 million purchase
- C. The clients are not willing to have their names provided to the bank
- D. The clients want to purchase to be made in the names of the private companies
Answer: C
NEW QUESTION 136
In some instances, a financial institution may receive a warrant from law enforcement authorities to search its premises. A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and seize specific categories of items or information. Generally, what is the required threshold for the requesting agency to establish in order to obtain a search warrant of a financial institution?
- A. A preponderance of the evidence
- B. Clear and convincing proof
- C. Probable cause
- D. Reasonable belief
Answer: C
Explanation:
Explanation
Explanation/Reference:
A search warrant is a grant of permission from a court for a law enforcement agency to search certain designated premises and to seize specific categories of items or documents. Generally requesting agency is required to establish that probable cause exists to believe that evidence of a crime will be located. Warrant is authorized based on information contained in an affidavit submitted by a law enforcement officer.
NEW QUESTION 137
What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?
- A. MLAT Executive Agreement
- B. The World Wide Network of Information Sharing
- C. Patriot Act Communications System
- D. Mutual Legal Assistance Treaties (MLAT)
Answer: D
NEW QUESTION 138
A periodic review of the account of a small household goods business reveals multiple shipments of goods to a country classified by the bank as high risk. They were transshipped through another country prior to the final destination. In the past three months, volumes over 25,000 units. The business has been a customer of a bank for 10 years.
Records show previous shipments to destinations primarily in Europe involving quantities of 5,000 units or less. Recent shipments are listed as being received by the same company as the earlier shipments and payments are being received from the same originator, but the unit price of the goods is three times higher than before.
Which two red flags indicate potential trade-based money laundering? (Choose two.)
- A. The goods are transshipped through one or more jurisdictions for no apparent economic reason.
- B. The size of the shipments appear inconsistent with the exporter's previous business activities.
- C. The shipments of the same goods are now going to a different location.
- D. The goods are shipped to a jurisdiction that the bank classifies as "high risk" for money laundering activities.
Answer: A,B
NEW QUESTION 139
When implementing a risk-based approach related to casinos, which risks are related to the customer as an individual? (Choose two.)
- A. Customer from a high-risk country
- B. Use of casino deposit accounts by the customer
- C. Casual customers
- D. Transfer between customers
- E. Improper use of third parties as customers
Answer: B,E
NEW QUESTION 140
A benefit of using bearer shares in corporate formations is that bearer shares are:
- A. entered in the register of owners.
- B. associated with lower costs in setting up a company.
- C. easily transferred so the holder claims ownership.
- D. widely accepted in the financial world.
Answer: C
NEW QUESTION 141
An anti-money laundering officer for a financial institution has been conducting a monthly self assessment.
The officer reviews the accounts increase in compliance with a long standing know your Customer policy. The self- assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. What is the nest course of action for the anti-money laundering officer to take?
- A. Implement a revision to the account-opening training program
- B. Revise the policy to simplify Know Your Customer compliance before the report is issued
- C. Determine if there is a readily identifiable cause for the deficiencies
- D. Inform the Board of Directors promptly of the Know Your Customer policy trend over the last six months.
Answer: A
NEW QUESTION 142
What was the topic the Wolfsburg Group's first guidance addressed?
- A. Private banking
- B. Merchant acquiring activities
- C. AML training for financial institution staff
- D. Enhanced due diligence for high risk customers
Answer: A
NEW QUESTION 143
What does the Basel Committee's Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?
- A. A process to ensure that the approval of senior management is obtained prior to opening the account
- B. A policy requiring all identified beneficial owners to undergo a national police check
- C. An understanding of the structure of the company
- D. A fee structure that reflects the banks' costs in monitoring the risks associated with entity's business activities
Answer: B
NEW QUESTION 144
Which AML standards have force of law?
- A. Standards as defined by World Bank / International Monetary Fund (IMF)
- B. Standards as defined in the Third European Union Money Laundering Directive (2005/60/EC)
- C. Standards as defined by the United Nations (UN)
- D. 40 Recommendations
Answer: B
NEW QUESTION 145
When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?
- A. if there is no basis for contesting the request, provide what is requested
- B. Provide all records and documents the officer believes would be pertinent to the law enforcement agent's investigation
- C. Refuse to provide any records or documents until the agent narrows the scope of the request down to what he or she actually needs
- D. Not act on the legal process until the bank officer has contact w4h the agent and learns what the agent is investigating
Answer: D
NEW QUESTION 146
An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which of the following item s should be delivered?
1. Monthly statements and transaction activities for that individual since 2004.
2. All wire transfers for that individual since 2004.
3. Signature cards from accounts opened by that individual since 2004.
4. All security trading activities for that individual since 2004.
- A. 1, 3, and 4 only
- B. 1, 2, and 3 only
- C. 1, 2, and 4 only
- D. 2, 3, and 4 only
Answer: C
NEW QUESTION 147
How can a 'free-look provision' as part of a life insurance policy help criminals to launder money?
- A. 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.
- 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 can decide how to pay the premium within a pre-defined period.
- D. A policy owner is able to terminate the contract without penalties such as surrender charges.
Answer: C
NEW QUESTION 148
Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?
- A. Add the jurisdiction to the United Nations' list of sanctioned jurisdictions
- B. Conduct due diligence
- C. Apply counter-measures
- D. Create an action plan to address the deficiencies without the support of the FATF
Answer: C
NEW QUESTION 149
What are the European Union Directives on Money Laundering?
- A. They are written by the Wolfsberg Group
- B. They require members to implement certain laws of prevent money laundering
- C. They require financial institutions to report suspicious activity to the Egmont Group in Brussels
- D. They are voluntary codes of best practice for the financial sector
Answer: B
Explanation:
Explanation
"The first European Union Directive, "Prevention of the Use of the Financial System for the Purpose of Money Laundering (Directive 91/308/EEC)," was adopted by the Council of the European Communities in June 1991. Like all directives adopted by the Council, it required member states to achieve (by amending national law, if necessary) the specified results. This First Directive required the members to enact legislation to prevent their domestic financial systems from being used for money laundering"
NEW QUESTION 150
You need to design an application that will analyze real-time data from financial feeds.
The data will be ingested into Azure IoT Hub. The data must be processed as quickly as possible in the order in which it is ingested.
Which service should you include in the design?
- A. Azure Stream Analytics
- B. Apache Kafka
- C. Azure Data Factory
- D. Azure Notification Hubs
- E. Azure Event Hubs
- F. Azure Queue storage
Answer: A
Explanation:
Stream processing can be handled by Azure Stream Analytics. Azure Stream Analytics can run perpetual queries against an unbounded stream of data. These queries consume streams of data from storage or message brokers, filter and aggregate the data based on temporal windows, and write the results to sinks such as storage, databases, or directly to reports in Power BI. Stream Analytics uses a SQL-based query language that supports temporal and geospatial constructs, and can be extended using JavaScript.
Incorrect Answers:
E: Apache Kafka is used for ingestion, not for stream processing.
F: Azure Event Hubs is used for ingestion, not for stream processing.
Reference:
https://docs.microsoft.com/en-us/azure/architecture/data-guide/big-data/real-time-processing
NEW QUESTION 151
A compliance officer at a small local bank reads in the newspaper that a high ranking local public official, who is a long-standing account holder, is being investigated by the competent authorities for accepting bribes from a well-known construction company with offices in the town. The compliance officer immediately checks the official's account and other recently opened accounts at the bank. The official opened a new account at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's longstanding account had no unusual activity and the recently opened account had no activity since it was opened. Which of the following should the compliance officer do next?
- A. Meet with staff who opened the account to understand its nature and purpose.
- B. Call the competent authorities to assess the need to file a suspicious transaction report.
- C. Call the official's office to confirm the need for multiple accounts.
- D. Wait until the new account receives funds and confirm their source.
Answer: A
NEW QUESTION 152
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