Practice Examples and Dumps & Tips for 2021 Latest CAMS Valid Tests Dumps
Latest [Nov 25, 2021] 100% Passing Guarantee - Brilliant CAMS Exam Questions PDF
NEW QUESTION 186
Based on studies executed by the Organization for Economic Cooperation and Development (OECD), which occupations are particularly vulnerable to the use of false identities and identity theft?
- A. Sea port officers
- B. Government officers
- C. Laborers
- D. Lawyers
Answer: B
NEW QUESTION 187
The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account.
Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)
- A. A list of all the customers of the correspondent bank
- B. The identity of 10% owners of the correspondent bank, unless it is publicly traded
- C. Information relating to the foreign bank's anti-money laundering program
- D. A list of the types of businesses served by the correspondent bank
Answer: B,C
Explanation:
Explanation/Reference:
NEW QUESTION 188
In which three situations is correspondent banking most vulnerable to money laundering? Choose 3 answers
- A. When allowing the correspondent bank account to be used by other banks
- B. When allowing the correspondent bank account to be used as a payable through account (PTA)
- C. When allowing financial institutions, without proper due diligence, to access correspondentnetwork for routing their financial transactions
- D. When allowing foreign banks to use the correspondent account to conduct large financialtransactions on behalf of their customers
Answer: A,B,D
NEW QUESTION 189
What should a compliance officer do during an ongoing investigation into a client's activities by a competent authority?
- A. Communicate with regulatory and law enforcement authorities in line with applicable local laws
- B. Only provide information that is specifically and directly requested
- C. Ensure communication with regulatory and law enforcement authorities is conducted only through the Board of Directors
- D. Communicate only in writing regulatory and law enforcement authorities in line with applicable local laws
Answer: C
Explanation:
Explanation/Reference:
NEW QUESTION 190
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 191
A U.K. real estate agent has three foreign clients interested in purchasing an apartment building, valued at E30 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 the 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 have the funds necessary to fund a E30 million purchase
- B. The clients are not willing to have their names provided to the bank
- C. The clients want the purchase to be made in the names of the private companies
- D. The clients are foreign
Answer: B
NEW QUESTION 192
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
Answer: A
NEW QUESTION 193
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?
- A. They assist member countries in penalizing entities that violate FATF standards and recommendations
- B. They work with members on areas of concern outside of anti-money laundering and terrorist financing
- C. They supervise member country financial institutions relating to anti-money laundering and terrorist financing
- D. They provide technical assistance to members in implementing FATF recommendations
Answer: C
NEW QUESTION 194
A client opens a bank account for a multi-level marketing company. The debits and credits of the account are numerous and very involved. Further, there are a lot of international transactions. Also, funds are being tunneled from the company to the client's personal account in another jurisdiction.
Which two steps should law enforcement take in investigating this matter? (Choose two.)
- A. Determine who are the signatories on the account
- B. Examine possible Suspicious Activity Report information received from the local Financial Intelligence Units
- C. Ask the bank for the history of this multi-level marketing company
- D. Examine the flow of money from the company to the individual in an effort to determine if it is legitimate
Answer: A,D
NEW QUESTION 195
What can a compliance officer do in the absence of automated software to conduct U.S. Department of the Treasury Office of Foreign Assets Control (OFAC) sanction screens?
- A. Rely on a credit report from OFAC
- B. Use the consolidated Sanctions List Search screen on the OFAC website
- C. Conduct a key-word search on the Internet
- D. Obtain up-to-date copies of the OFAC's Specially Designated Nationals list
Answer: D
Explanation:
Explanation
As part of its enforcement efforts, OFAC publishes a list of individuals and companies owned or controlled by, or acting for or on behalf of, targeted countries. It also lists individuals, groups, and entities, such as terrorists and narcotics traffickers designated under programs that are not country-specific. Collectively, such individuals and companies are called "Specially Designated Nationals" or "SDNs." Their assets are blocked and U.S. persons are generally prohibited from dealing with them. So it's covering all
NEW QUESTION 196
A large cash deposit most likely reflects money laundering when it is:
- A. by a customer who operates a cash-based business.
- B. transacted in segments smaller than the reporting thresholds at various times during the day.
- C. followed by an immediate wire transfer to an offshore secrecy haven.
- D. from a customer who has never conducted a transaction in cash before.
Answer: B,C,D
NEW QUESTION 197
What facilitates law enforcement agent obtaining evidence from authorities in a foreign country relating to criminal activity?
- A. Mutual Legal Assistance Treaties (MLAT)
- B. The World Wide Network of Information Sharing
- C. MLAT Executive Agreement
- D. Patriot Act Communications System
Answer: A
NEW QUESTION 198
What correspondent banking risk factor increases the risk for a Correspondent Bank?
- A. Limited product offering to customers in high-risk jurisdictions
- B. Offers international funds transfer to customers
- C. Major service provider to money service businesses
- D. Multi-national financial institution with global operations
Answer: C
NEW QUESTION 199
A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is delivered to all employees on an annual basis.
Is the bank's existing anti-money laundering training adequate to be delivered to employee of the newly acquired credit card business?
- A. No, anti-money laundering training needs to be delivered face-to-face for credit card businesses.
- B. No, anti-money laundering training needs to be tailored and focused on the risks specific to the business.
- C. Yes, the existing training covers the bank's policies, procedures, and processes.
- D. Yes, the existing training covers the anti-money laundering regulations that the bank is required to follow.
Answer: B
NEW QUESTION 200
One area of responsibility for the Board of Directors when implementing a successful AML program is to:
- A. hire a third-party firm to be responsible for the AML compliance.
- B. manage the day-to-day processes of the compliance program.
- C. ensure the appointment of a qualified chief AML officer.
- D. create a culture of compliance based on the profit expectation.
Answer: C
NEW QUESTION 201
A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established account-opening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?
- A. The bank's exposure to politically exposed persons.
- B. The possibility of lawsuits that adversely affect the operations of a bank.
- C. Not having appropriate information to share with Financial Intelligence Units.
- D. Failure to conduct proper due diligence.
Answer: C
NEW QUESTION 202
Which two methods have terrorist groups used to diversify their revenue stream and to fund their operations?
(Choose two.)
- A. Engaging in wire transfer activity
- B. Engaging in civil conflict
- C. Smuggling cultural artifacts
- D. Human trafficking
Answer: C,D
Explanation:
Explanation
Art and Antiquities: Conduits for Money Laundering and Terrorist Financing Why Fight the Antiquities Trade?
More recently, groups like Daesh (Islamic State [IS]), al-Qaida, the Taliban and their affiliates have been engaged in ****cultural racketeering and terrorism in Iraq, Syria, Yemen, Afghanistan and elsewhere, converting patrimony into cash for weapons and troops****.
https://www.un.org/press/en/2015/sgsm17427.doc.htm
As Terrorists Diversify Fundraising Tactics, Greater Efforts Needed to Shut Down Illicit Channels, Secretary-General Tells Finance Ministers' Meeting Terrorists continue to adapt their tactics and diversify their funding sources. Today, Da'esh runs a multi-million-dollar economy in territories under its control. Da'esh terrorists raise money through the oil trade, extortion, undetected cash couriers, kidnapping for ransom, trafficking of humans and arms and racketeering. They loot and sell precious cultural property, shamelessly profiting from the destruction of humanity's common heritage.
NEW QUESTION 203
What was the topic the Wolfsberg Group's first guidance addressed?
- A. AML training for financial institution staff
- B. Merchant acquiring activities
- C. Enhanced due diligence for high risk customers
- D. Private banking
Answer: D
NEW QUESTION 204
Which key aspect of the Office of Foreign Assets Control's extraterritorial reach specifically relates to prohibited transactions?
- A. Prohibit or reject unlicensed trade and financial transactions with specified countries, entities, and individuals
- B. Prohibit or reject unlicensed foreign trade and financial transactions with specified countries, entities, and individuals.
- C. Prohibit or reject licensed trade and financial transactions with specified countries, entities and U.S. individuals
- D. Prohibit or reject licensed trade and financial transactions with specified countries, entities and non- U.S. individuals
Answer: B
NEW QUESTION 205
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You have an app named App1 that uses the Face API.
App1 contains several PersonGroup objects.
You discover that a PersonGroup object for an individual named Ben Smith cannot accept additional entries.
The PersonGroup object for Ben Smith contains 10,000 entries.
You need to ensure that additional entries can be added to the PersonGroup object for Ben Smith. The solution must ensure that Ben Smith can be identified by all the entries.
Solution: You create a second PersonGroup object for Ben Smith.
Does this meet the goal?
- A. Yes
- B. No
Answer: B
Explanation:
Instead, use a LargePersonGroup. LargePersonGroup and LargeFaceList are collectively referred to as large- scale operations. LargePersonGroup can contain up to 1 million persons, each with a maximum of 248 faces.
LargeFaceList can contain up to 1 million faces. The large-scale operations are similar to the conventional PersonGroup and FaceList but have some differences because of the new architecture.
References:
https://docs.microsoft.com/en-us/azure/cognitive-services/face/face-api-how-to-topics/how-to-use-large-scale
NEW QUESTION 206
A prospective AML officer comes highly recommended by a bank's up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?
- A. Hire the individual, relying on the recommendation of its correspondent
- B. Do a thorough background check
- C. Confer with its regulatory agency to determine whether it is appropriate to hire the person
- D. Hire the individual on a probationary basis so that the institution can determine if the individualis sufficiently experienced and capable
Answer: B
NEW QUESTION 207
The marketing department presents to an anti-money laundering specialist a business plan targeting individuals holding important public positions. In addition to obtaining the proper identification and basic information from these customers, what else should the anti-money laundering specialist recommend a financial institution do to check the background and conduct enhanced due diligence based on public information?
1. Determine if a client appears on the Basel Committee on Banking Supervision's list of public officials.
2. Investigate the source of funds.
3. Identify people and companies that are clearly related.
4. Identify a person fully, including their political history.
- A. 2, 3, and 4 only
- B. 1, 3, and 4 only
- C. 1, 2, and 4 only
- D. 1, 2, and 3 only
Answer: A
Explanation:
Explanation
TO BE RECHECKED
NEW QUESTION 208
When should new business products to evaluated for AML concerns?
- A. After they have been implemented so there is empirical data to review
- B. On an annual basis
- C. At the time of the next enterprise risk assessment
- D. Before they are launched into the market
Answer: D
NEW QUESTION 209
......
CAMS are Available for Instant Access: https://www.prepawaypdf.com/ACAMS/CAMS-practice-exam-dumps.html
CAMS Certification – Valid Exam Dumps Questions Study Guide: https://drive.google.com/open?id=1h0agLgOC3t0uWOef8-7qX1fPVe2ToRb_