Download Certified Anti-Money Laundering Specialist.test-inside.CAMS.2019-12-04.1e.72q.vcex

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Exam Certified Anti-Money Laundering Specialist
Number CAMS
File Name Certified Anti-Money Laundering Specialist.test-inside.CAMS.2019-12-04.1e.72q.vcex
Size 50 Kb
Posted December 04, 2019
Downloads 3

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Demo Questions

Question 1
A bank account is established for a new business customer. The business was established five years ago with an address in another state. The business website contains few details other than stating it is a real estate business. 
One principal has an international telephone number and appears to be living in another country. The other principal works out of a recreational vehicle. 
What warrants enhanced due diligence in this scenario?

  • A: Shell company
  • B: Human trafficker
  • C: Politically exposed person
  • D: Money laundering through real estate



Question 2
A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions. 
Which suspicious activity should be the focus of the suspicious transaction report?

  • A: The customer opened the account with four large checks
  • B: The customer goes to a different branch to make this transaction
  • C: The customer transfers almost all of the funds out of the account
  • D: The customer asks to transfer funds to accounts in three different foreign jurisdictions



Question 3
A government has instituted a new anti-money laundering laws which require all financial institutions to obtain certain information from its customers. 
Which step should an institution located in this jurisdiction take to ensure compliance?

  • A: Change procedures to require that the necessary information is obtained
  • B: Change procedures and systems as necessary and provide employee training
  • C: Send a notice to customers asking them to provide the necessary information
  • D: Change systems to ensure the required information is automatically obtained from all customers



Question 4
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious. Management accepts the audit finding and develops a remediation plan. 
What is the role of the auditor during the correction phase?

  • A: Directing the remediation of the deficiency in a timely manner
  • B: Developing procedures to provide sufficient risk-based documentation for clearing alerts
  • C: Providing training to the alert clearing department on the importance of effective alert clearing
  • D: Validating the successful remediation of the issue once management indicates the issue is resolved



Question 5
Which method to launder money through deposit-taking institutions is closely associated with international trade?

  • A: Forming a shell company
  • B: Using Black Market Peso Exchange
  • C: Structuring cash deposits withdrawals
  • D: Investing in legitimate business with illicit funds



Question 6
A customer opens a corporate account with a broker-dealer on behalf of several beneficial owners, with a stated long-term investment goal. The customer deposits $25.5 million into the account and three days later transfers $5 million to an overseas bank. Shortly thereafter, the customer begins making numerous purchases of pesos. The compliance officer receives a query regarding the movement of funds. Within a month of account opening, the customer depletes the account. 
Which two red flags should prompt the firm’s compliance officer to take action? (Choose two.)

  • A: The new account deposit is $25.5 million
  • B: A corporate account is opened on behalf of several beneficial owners
  • C: The compliance officer receives the query regarding the movement of funds
  • D: The customer’s stated investment goal is not reflective of account activity



Question 7
What should countries do to help prevent non-profit organizations from being abused for the financing of terrorism according to the Financial Action Task Force 40 Recommendations?

  • A: Allow for freezing assets of non-profit organizations
  • B: Require all non-profit organizations to register with the country’s financial intelligence unit
  • C: Ensure non-profit organizations cannot be used to conceal or obscure the diversion of funds intended for legitimate purposes to terrorists’ organizations
  • D: Create laws that forbid non-profit organizations from completing cross-border transactions without first running them through known terrorist data bases



Question 8
An employee hears a colleague on the telephone with a customer giving advice on how to ensure that a suspicious transaction report will not be filed as a result of a future transaction. 
What action should the employee take?

  • A: Report the conversation to the local police
  • B: Report the conversation to the compliance officer
  • C: Tell the colleague that it is against policy to give such advice
  • D: Ignore the situation because the colleague is the relationship manager for that customer



Question 9
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account. 
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)

  • A: The name and address of all shell banks the bank maintains accounts for
  • B: The name and address of all beneficial owners who own 25% or more of the bank
  • C: Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
  • D: The name and address of a U.S. person who is authorized to receive service of legal process for the bank



Question 10
The compliance officer at a crowd funding website is in charge of monitoring new crowd funding projects. Recently, the number of crowd funding projects has significantly increased. 
Which red flag indicates the highest anti-money laundering risk?

  • A: Those with the largest number of donors
  • B: Projects that get funding within days of their start
  • C: Projects with the highest monetary success threshold
  • D: Projects that start and close and are fully funded within a very short period









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