Feb-2022 ACAMS CAMS Actual Questions and 100% Cover Real Exam Questions
CAMS Free Exam Questions & Answers PDF Updated on Feb-2022
ACAMS CAMS Exam Syllabus Topics:
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NEW QUESTION 21
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. Probable cause
- C. Reasonable belief
- D. Clear and convincing proof
Answer: B
NEW QUESTION 22
An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law enforcement wants the institution to continue to monitor the account and report any suspicious activity.
What is a primary consideration the institution should keep in mind when deciding whether to agree to this request?
- A. The fact that the institution has a solid record in complying with law enforcement requests
- B. The anticipated cost of complying with the law enforcement request
- C. The number of suspicious transaction reports previously filed on the client
- D. Whether the institution can continue to meet its regulatory obligations with the accounts open
Answer: D
Explanation:
Explanation
NEW QUESTION 23
Which should authorities do to safeguard AML information exchanged with other countries?
- A. Protect exchanged information as they would protect similar information received from domestic sources.
- B. Destroy the information once the investigation is complete.
- C. Use the court system to ensure confidentiality of exchanged information through court orders.
- D. Require the use of non-disclosure agreements with anyone accessing the exchanged information.
Answer: D
NEW QUESTION 24
When creating an anti-money laundering program for a foreign bank with branches in the U.S., which three are included among the four minimum elements required under the USA Bank Secrecy Act? Choose 3 answers
- A. An independent audit functions to test the program
- B. The designation of a compliance officer
- C. The development of a Know You Customer program
- D. An ongoing employee training program
Answer: A,B,D
NEW QUESTION 25
Which three should real estate agents include in the criteria to assess their company's potential money laundering and terrorist financing risks when implementing a reasonable risk-based approach?
- A. Credit Risk
- B. Transaction Risk
- C. Customer Risk
- D. Geographic Risk
Answer: B,C,D
Explanation:
Reference:http://www.fatfgafi.org/media/fatf/documents/reports/RBA%20Guidance%20for%20Real%20Estate%20Agents.p df(page 20, second paragraph)
NEW QUESTION 26
Since its last regulatory examination, a financial institution has aggressively grown by adding profitable new products and services. The institution has not historically received regulatory criticism regarding its anti-money laundering compliance program. However, a recent regulatory examination cited significant deficiencies in the anti-money laundering program that were attributed primarily to the lack of oversight by the institution's leadership in implementing adequate controls over the new products and services.
Which area of international control should leadership first address to correct the weaknesses in the program?
- A. Money laundering risk assessment
- B. Anti-money laundering compliance staff
- C. Anti-money laundering policy
- D. Anti-money laundering policy
Answer: A
NEW QUESTION 27
When an institution files an STR with regard to a particular account, what steps should the institution take visa account?
- A. The institution should keep the account open due to the need to continue to monitor theaccount
- B. The institution should consult its counsel and AML compliance officer and determine whetherclosing the account is in accord with the institution's procedures
- C. The institution should close the account due to the obvious risk it represents
- D. The institution should not close the account due to the risk of tipping off the customer andupsetting the criminal investigation
Answer: B
NEW QUESTION 28
The most important concerns imposed on foreign financial institutions maintaining correspondent accounts with U.S. banks under the USA PATRIOT Act are:
1. Cancellation of correspondent banking relationships.
2. Forfeiture of funds in a U.S. interbank account.
3. Prohibition of correspondent accounts for shell banks.
4. U.S. residents maintaining private banking accounts.
- A. 1, 2, and 4 only
- B. 1, 3, and 4 only
- C. 2, 3, and 4 only
- D. 1, 2, and 3 only
Answer: A
NEW QUESTION 29
Which action should an FIU consider taking when it has information that might be useful to another FIU?
- A. Take no action until contacted by the other FIU
- B. Supply the information to the other FIU spontaneously as soon as the relevance of sharing theinformation is identified
- C. In accordance with Wolfsberg guidelines, submit the information to the other FIU in writtenform
- D. Request approval from the Egmont Group prior to sharing the information with the other FIU
Answer: B
NEW QUESTION 30
A local law enforcement officer, who is conducting a criminal investigation, requests information about a customer.
Which two actions should the bank take? (Choose two.)
- A. File a suspicious transaction report
- B. Close the account immediately
- C. Monitor the account for suspicious activity
- D. Review the money laundering risk posed by the account
Answer: C,D
NEW QUESTION 31
The branch manager calls the compliance officer and informs her that a law enforcement officer has just left the branch and was asking a lot of questions and left a business card.
What should the compliance officer do?
- A. File a suspicious transaction report
- B. Verify that the reported officer was an actual authorized representative
- C. Require the branch manager to write a detailed memo about the request
- D. Follow up to verify that the officer received all necessary information
Answer: B
Explanation:
Explanation
NEW QUESTION 32
What are three risk factors a financial institution should examine with regard to a proposed new product?
- A. Whether other financial institutions are marketing the product
- B. The complexity of the product
- C. Whether the product is easily transferable
- D. The need to verify the identification of the customer
Answer: B,C,D
NEW QUESTION 33
Since its last regulatory examination, a financial institution has aggressively grown by adding profitable new products and services. The institution has not historically received regulatory criticism regarding its anti-money laundering compliance program. However, a recent regulatory examination cited significant deficiencies in the anti-money laundering program that were attributed primarily to the lack of oversight by the institution's leadership in implementing adequate controls over the new products and services.
Which area of international control should leadership first address to correct the weaknesses in the program?
- A. Money laundering risk assessment
- B. Anti-money laundering compliance staff
- C. Anti-money laundering training
- D. Anti-money laundering policy
Answer: A
Explanation:
Explanation/Reference:
NEW QUESTION 34
Which three are principles found in the document "Principles of information Exchange between Financial Intelligence Units (FIUs)"?
- A. Differences in the definition of offenses that fall under the competence of FIUs should be before free exchange of information takes place
- B. The Egmont principle of free exchange of information at the FIU level should be possible on the basis of reciprocity, including spontaneous exchange
- C. It should be possible for communication between FIUs to take place directly and without intermediaries
- D. The exchange of information between FIUs should take place as informally and as rapidly as possible and with no prerequisites, while guaranteeing protection of privacy and confidentiality of the shared data
Answer: B,C,D
NEW QUESTION 35
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Those who have legal title to a controlling share interest in the customer
- B. Those two are authorized signers on the account
- C. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
- D. Those who generally have ultimate control through ownership or other means over the funds in the account
Answer: C,D
Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (2)
NEW QUESTION 36
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How to book the CAMS Exam
These are following steps for registering the CAMS exam.
Step 1: Fill your contact and membership information form Step 2: Select your CAMS exam package and certification language Step 3: Select any payment method and write the certification name Step 4: Mail or Fax exam application with attached necessary documents (diploma, copies etc) that fulfill the 40 credit prerequisite to this address:
ACAMS Attn. Certification Department Brickell City Tower 80 Southwest 8th Street, Suite 2350 Fax: +1.305.373.7788 or +1.305.373.5229
What is the duration of the CAMS Exam
Format: Multiple choices, multiple answers Length of Examination: 3 1/2 hours
ACAMS CAMS Real 2022 Braindumps Mock Exam Dumps: https://www.prep4pass.com/CAMS_exam-braindumps.html
Latest CAMS Exam Dumps Recently Updated 405 Questions: https://drive.google.com/open?id=1kMYEeXVY1ACEMn4X7KdIdp5BG8AjZ3_m
