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CAMS dumps review - Professional Quiz Study Materials
Certification Path
The CAMS Certified Anti-Money Laundering Specialist certification path includes only one CAMS certification exam.
NEW QUESTION 96
Who has the ultimate responsibility within a bank for ensuring that the bank has a comprehensive and effective Bank Secrecy Act / anti-money laundering (BSA/AML) program and oversight framework that is reasonably designed to ensure compliance with applicable regulations?
- A. Board of directors
- B. Business line managers
- C. Senior management
- D. BSA/AML compliance officer
Answer: A
Explanation:
Explanation/Reference:
NEW QUESTION 97
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?
- A. Contact the credit department manager to determine how the suspicious transaction report information can be provided
- B. Provide the suspicious transaction report information to the credit department
- C. Decline to provide the suspicious transaction report information to the credit department
- D. Seek approval from the board of directors to disclose the suspicious transaction report information
Answer: C
NEW QUESTION 98
What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?
- A. 15,000 Euros
- B. 3,000 Euros
- C. 5,000 Euros
- D. 10,000 Euros
Answer: D
NEW QUESTION 99
Your company develops an API application that is orchestrated by using Kubernetes.
You need to deploy the application.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Create an Azure Container Registry instance.
- B. Create a Web App for Containers.
- C. Create an Azure container instance.
- D. Create a Kubernetes cluster.
- E. Create a container image file.
Answer: A,D,E
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/aks/tutorial-kubernetes-prepare-app
NEW QUESTION 100
A financial institution accepts new on-line customers. After customers have provided acceptable identification, the institution should next
- A. Obtain an electronic picture of each customer.
- B. Establish the account based on the information provided.
- C. Confirm the validity of the customer information.
- D. Closely monitor the account for 30 days.
Answer: B
NEW QUESTION 101
How should a financial institution deter money laundering through new accounts? Choose 3 answers
- A. Seek to determine the source of deposited funds
- B. Document the identity of the party opening the account
- C. Query owner's names against FATF database
- D. Determine the beneficial owner(s) of the account
Answer: A,B,D
NEW QUESTION 102
With which person(s) should an anti-money laundering officer coordinate when implementing a new hire screening program?
- A. Internal Auditor
- B. Human Resources
- C. Local Financial Intelligence Unit
- D. Institution's Regulator
Answer: B
NEW QUESTION 103
Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?
- A. Technical compliance assessments and effectiveness assessment
- B. Risk assessments and technical standards assessments
- C. Country audit assessments and transaction monitoring assessments
- D. Sanction risk assessments and the country's National Risk Assessment
Answer: A
NEW QUESTION 104
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 Wolfsburg Group
- B. The Basel Committee
- C. The Financial Action Task Force
- D. The Egmont Group
Answer: D
NEW QUESTION 105
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 Officer's 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?
- A. Call the law enforcement agent and suggest he modify the legal request to include these memos
- B. Place these memos in his personal files in case they are subsequently requested
- C. Advise the bank's senior legal advisor of the situation
- D. Ask the bank president to document his instructions to the specialist
Answer: C
NEW QUESTION 106
Which three actions should employees be instructed to do during an internal investigation?
- A. Provide corporate documents directly to law enforcement
- B. Keep a log of the documents requested
- C. Inform counsel of all request for documentation
- D. Make copies of all documents provided to law enforcement
Answer: B,C,D
NEW QUESTION 107
Which step should be taken to understand the types of financial institutions to whom the services are being offered when a correspondent bank permits "nested" relationships according to the Wolfsberg Group?
- A. Understand the type and volume of accounts serviced
- B. Obtain independent audits or examination reports for "nested" relationships to determine risk levels
- C. Review peer-group clients by risk category
- D. Evaluate the distribution of downstream correspondents and identify any direct or indirect issues
Answer: D
NEW QUESTION 108
An anti-money laundering specialist has been asked to create internal anti-money laundering policies, procedures and controls for a recently chartered offshore financial institution.
Which three should be included? Choose 3 answers
- A. Basel Committee on Banking Supervision's capital adequacy requirements for the host country
- B. A training program for senior management and staff
- C. Compliance requirement of host and charting countries
- D. An anti-money laundering compliance program, internal audit program, and procedure manual
Answer: B,C,D
NEW QUESTION 109
A customer living in a high-risk jurisdiction makes frequent, large cash deposits at a bank. The same customer sends small wire transfers to unrelated parties in other high-risk jurisdictions.
What are two red flags that may indicate money laundering? (Choose two.)
- A. The bank allows cash deposits
- B. The client resides in a high-risk jurisdiction
- C. Wire transfers are to high-risk jurisdiction
- D. Large cash deposits are from a high-risk jurisdiction
Answer: C,D
NEW QUESTION 110
Which is a red flag for funds transfers?
- A. Funds transfers are repeatedly sent to the same beneficiary out of line with the business purpose.
- B. Funds transfers are to a higher-risk geographic location with a known supplier within the same industry as the originator.
- C. Funds transfers are repetitive and within expected patterns.
- D. Funds transfers are received in numerous small quantities from entities that are in related industries.
Answer: C
NEW QUESTION 111
The compliance officer at a crowdfunding website is in charge of monitoring new crowdfunding projects. Recently, the number of crowdfunding projects has significantly increased.
Which red flag indicates the highest anti-money laundering risk?
- A. Projects that start and close and are fully funded within a very short period
- B. Those with the largest number of donors
- C. Projects with the highest monetary success threshold
- D. Projects that get funding within days of their start
Answer: A
NEW QUESTION 112
Which information should be gathered as part of enhanced due diligence (EDD) for a high-risk customer?
- A. Explanations for changes in marital status
- B. Plans for traveling in business trips
- C. Personal references
- D. Details on individuals with control over the account
Answer: D
NEW QUESTION 113
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. The compliance officer immediately checks the official's account and new account the official opened at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's long-standing account had no unusual activity and that the recently opened had no activity since it was opened. What should the compliance officer do next?
- A. Wait until the new account receives funds and confirm their source
- B. Call the office to confirm the need for multiple accounts
- C. Call the competent authorities to assess the need to file a suspicious transaction report
- D. Meet with staff who opened the account to understand its nature and purpose
Answer: C
NEW QUESTION 114
What was cited by the Wolfsberg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?
- A. Correspondent banking
- B. Private banking
- C. Alternative remittance
- D. Trade finance
Answer: C
NEW QUESTION 115
What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?
- A. Documentation must be provided as quickly as possible using email
- B. A copy of all the documentation released must also be provided to the account holder's attorney
- C. Confirm that the request originated from a representative of the law enforcement agency
- D. The financial institution may notify the account holder of the request
Answer: C
NEW QUESTION 116
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