Our Acams CAMS dumps are key to get success. More than 80000+ success stories.
Clients Passed Acams CAMS Exam Today
Passing score in Real Acams CAMS Exam
Questions were from our given CAMS dumps
How do drug traffickers and other criminals use the fine art industry to disguise illicit proceeds?
A. They use forged or fraudulent invoicing of priceless works of art by auction houses
B. They commingle legitimate and illicit proceeds by principals for payment of fine art
C. They immediately resell priceless works of art after purchase from a foreign auction house
D. They use anonymous agents to buy the art and have the payment wired from offshore havens
How can a financial institution verify the nature and purpose of a business and its legitimacy? Choosethe three correct answers.
A. By reviewing a copy of the corporation’s latest audited reports and accounts
B. By undertaking a company search or other commercial inquires to see that the institution has not been, or is not in the process of being dissolved of terminated
C. By reviewing the company’s website
D. By using an independent information verification process, such as by accessing public and private databases
An anti-money laundering specialist at a large institution is responsible for information senior management about the status of the anti-money laundering program across the organization. Which report is the most useful?
A. The total credit exposure for non-cooperative countries and territories
B. Results of related audits and examinations
C. Details on inquires received from law enforcement
D. Notification of management changes in the different major divisions
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during this meeting. Which of the following should an anti-money laundering specialist recommend?
A. Discuss all the points being investigated by law enforcement to ensure the correspondent bank iswell prepared when approached.
B. Let the account manager’s manager know what conversations have taken place with the customerand document the account file accordingly.
C. Limit discussions about the investigation with the customer and be satisfied that he has providedproper notice to the customer.
D. Cancelled as he has already behaved inappropriately by alerting the customer to the investigation.
What is most valuable when using the internet as an investigative source?
A. A team of AML investigators
B. A reference list of websites known to yield credible information
C. A combination of independent thinking and technical skills
D. A powerful search engine
Which of the following facilitates law enforcement agents obtaining evidence from authorities in aforeign country relating to criminal activity?
A. Mutual Legal Assistance Treaties (MLAT)
B. PATRIOT Act Communications System
C. The World Wide Network of Information Sharing
D. MLAT Executive Agreement
What should senior management do in order to promote a culture of anti-money laundering compliance?
A. They should include compliance with AML procedures as condition of employment
B. They should attend all training sessions with front-line employment
C. They should have close ties with the independent auditors of the AML program
D. They should base employee compensation on the amount of suspicious activity they detect
What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?
A. The IMF has raised the profile of gatekeepers, requiring that countries regulate them
B. Lawyers who represent money launderers can more easily be prosecuted
C. Accountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts
D. The FATF recommendations cover lawyers performing financial transactions
A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?
A. Investigate the unusual transactions further
B. Contact the local FIU for advice
C. File an STR with the competent authorities
D. Document reasons for not filing a STR
Which three are principles found in the document “Principles of information Exchange between Financial Intelligence Units (FIUs)”?
A. 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
B. Differences in the definition of offenses that fall under the competence of FIUs should be before free exchange of information takes place
C. The Egmont principle of free exchange of information at the FIU level should be possible on the basis of reciprocity, including spontaneous exchange
D. It should be possible for communication between FIUs to take place directly and without intermediaries
Which of the following customer transactions with a securities dealer would indicate the highest suspicion of money laundering?
A. Frequent trades in unlisted securities throughout the day on a regular basis.
B. Recurring transfers of money into a brokerage account subsequently invested in short-termsecurities.
C. An high level of account activity with very low levels of securities transactions
D. Investment in securities with a significantly lower risk than the customer's expressed risk tolerance.
What are three risk factors a financial institution should examine with regard to a proposed new product?
A. The complexity of the product
B. The need to verify the identification of the customer
C. Whether the product is easily transferable
D. Whether other financial institutions are marketing the product
After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by:
B. foreign exchange dealers.
C. retail account holders.
D. precious metal dealers.
An anti-money laundering specialist has been asked to establish a compliance program to detect and prevent money laundering and terrorist financing. Which of the following should the anti-money laundering specialist consider in developing the program?
A. Funds for money laundering and terrorist financing are derived from illegal sources.
B. Related practices are used to conceal the nature of the funds.
C. The source and disposition of funds are similar.
D. Similar techniques are used to move funds.
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. Reasonable belief
B. Probable cause
C. A preponderance of the evidence
D. Clear and convincing proof
Which of the following provides anti-money laundering specialists information related to money laundering trends?
A. Egmont Group's 100 Cases
B. Financial Action Task Force Typologies
C. FinCEN's SAR Activity Review
D. The Wolfsberg Principles