CAMS EXAM DETAILS - CAMS MINIMUM PASS SCORE

CAMS Exam Details - CAMS Minimum Pass Score

CAMS Exam Details - CAMS Minimum Pass Score

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To become a CAMS certified professional, candidates must pass a rigorous exam that tests their knowledge of AML regulations, best practices, and emerging trends. CAMS exam consists of 120 multiple-choice questions and must be completed in four hours. CAMS exam covers four main areas: AML programs and controls, customer due diligence, transaction monitoring, and sanctions screening. To pass the CAMS exam, candidates must achieve a score of 75% or higher.

The CAMS Certification is an essential credential for professionals working in the AML industry. It provides individuals with the knowledge and skills they need to effectively combat money laundering and terrorist financing. Additionally, the certification is recognized worldwide and is highly valued by employers in the financial services industry.

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CAMS Practice Materials - CAMS Training Torrent - CAMS Test Prep

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ACAMS CAMS Exam is recognized as the gold standard in AML certification. It is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a professional organization that is dedicated to advancing the AML profession through education, certification, and networking. ACAMS has over 70,000 members in more than 175 countries, making it the largest international membership organization dedicated to AML.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q176-Q181):

NEW QUESTION # 176
One key aspect of promoting an enterprise-wide compliance culture within a financial institution (FI) is that the:

  • A. revenue generating business sectors should have precedence over compliance.
  • B. first line of defense should establish its own policies independently.
  • C. cost of compliance should increase proportionately to revenues.
  • D. relevant information should be shared throughout the organization.

Answer: D

Explanation:
An enterprise-wide compliance culture is a centralized, coordinated approach to ethics and compliance program design and assessment that cuts across multiple business units within an organization1. One key aspect of promoting such a culture is that the relevant information should be shared throughout the organization, so that all employees are aware of the compliance risks, policies, procedures, and expectations, and can act accordingly2. Sharing information also facilitates collaboration, communication, and feedback among different functions and levels of the organization, and helps identify and address any gaps or issues in the compliance program3. By contrast, the other options are not conducive to an enterprise-wide compliance culture, as they either create silos, conflicts, or inefficiencies in the compliance function.
Reference:
1: Enterprise Compliance Risk Management Services | Deloitte US
2: Enterprise Risk Management and Risk Culture - McKinsey & Company
3: FRB: Speech, Bies-Enterprise-wide Compliance Programs-February 4, 2004


NEW QUESTION # 177
Combating the Financing of Terrorism (CFT)]
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking.
Which red flag should prompt additional transactional review?

  • A. Cash deposits that occur in cities where the customer does not reside or conduct business
  • B. Wire transfer activity from countries with significant migrant populations
  • C. Cash deposits that occur in cities where the customer does not reside or conduct business followed by same-day withdrawals
  • D. Cash deposits that occur in cities where the customer resides and conducts business

Answer: C

Explanation:
A customer's account appears to function as a funnel account whereby cash deposits occur in cities/states where the customer does not reside or conduct business. Frequently, in the case of funnel accounts, the funds are quickly withdrawn (same day) after the deposits are made


NEW QUESTION # 178
Which statements describe risks that are associated with international business corporations? (Select Two.)

  • A. They facilitate asset protection.
  • B. They are created in a tax haven.
  • C. They are established as an off-shore company.
  • D. They are inexpensive to acquire.
  • E. They are established with nominee directors.

Answer: B,E

Explanation:
International business corporations (IBCs) are entities that are created in jurisdictions that offer low or no taxes, high confidentiality, and minimal regulation. They are often used by individuals and businesses to avoid or evade taxes, conceal assets, and launder money. Some of the risks associated with IBCs are:
They are created in a tax haven. Tax havens are countries or territories that have low or no taxes, lax financial regulation, and high secrecy. They attract IBCs that seek to reduce their tax liabilities, hide their beneficial owners, and evade scrutiny from authorities. Tax havens pose a risk to the global financial system, as they facilitate tax evasion, money laundering, corruption, and illicit financial flows12.
They are established with nominee directors. Nominee directors are individuals who act as the legal representatives of an IBC, but have no actual control or authority over its activities. They are often used to shield the true beneficial owners of the IBC from detection and accountability. Nominee directors pose a risk to the transparency and integrity of the IBC, as they can enable fraud, tax evasion, money laundering, and other criminal activities34.
References:
1, ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 2, page 38
2, ACAMS CAMS Certification Video Training Course, Module 2, Lesson 2.3, Offshore Financial Centers
3, ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 2, page 39
4, ACAMS CAMS Certification Video Training Course, Module 2, Lesson 2.4, Money Laundering Using New Payment Methods


NEW QUESTION # 179
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 transfers almost all of the funds out of the account
  • C. The customer asks to transfer funds to accounts in three different foreign jurisdictions
  • D. The customer goes to a different branch to make this transaction

Answer: C

Explanation:
According to the ACAMS CAMS Certification Video Training Course1, one of the red flags for money laundering is "transferring funds to or from foreign countries or jurisdictions that are known to have weak anti- money laundering standards or are considered high-risk for money laundering or terrorist financing" (Module
2, Lesson 3, Part 2). This is also consistent with the suspicious activity report (SAR) criteria, which require financial institutions to report transactions that "involve funds derived from illegal activity or are intended or conducted to hide or disguise funds or assets derived from illegal activity" or "involve the use of the financial institution to facilitate criminal activity" (31 CFR § 1020.320(a)(2)). Therefore, the customer's request to transfer funds to accounts in three different foreign jurisdictions should be the focus of the SAR, as it may indicate an attempt to launder money or finance terrorism.
:
ACAMS CAMS Certification Video Training Course
[31 CFR § 1020.320 - Reports by banks of suspicious transactions]


NEW QUESTION # 180
A customer runs an export business for agricultural products. There has been steady growth over the years from sales to the Caribbean region. A sudden increase is noted in this customer's account balances during the last month.
On what grounds should an anti-money laundering specialist prepare a suspicious transaction report?

  • A. The client changed his address without advising the institution.
  • B. The increased activity is due to money order deposits.
  • C. Wire transfers are coming from a Financial Action Task Force member country.
  • D. Travelers checks (cheques) were purchased for trips to a Non-Cooperative Countries and Territories.

Answer: D

Explanation:
The customer activity that should trigger a suspicious transaction report is purchasing travelers checks (cheques) for trips to a Non-Cooperative Countries and Territories (NCCTs). This could indicate an attempt to evade currency reporting requirements, avoid sanctions or embargoes, or facilitate money laundering or terrorist financing through high-risk jurisdictions12. NCCTs are countries or territories that have been identified by the Financial Action Task Force (FATF) as having serious deficiencies in their anti-money laundering and counter-terrorist financing regimes, and that pose a threat to the international financial system3.
The other options are not necessarily grounds for a suspicious transaction report, although they may require further due diligence or monitoring depending on the customer profile and the nature of the transaction. For example:
* The increased activity is due to money order deposits. This could be a legitimate source of income for the customer's export business, or it could be a way of disguising the origin or destination of the funds. The anti-money laundering specialist should verify the identity and background of the customer and the issuers of the money orders, and check for any red flags or suspicious indicators4.
* Wire transfers are coming from a Financial Action Task Force member country. This could be a normal business practice, or it could be a sign of involvement in trade-based money laundering or other illicit activities. The anti-money laundering specialist should assess the customer's source of funds, business rationale, and market conditions, and monitor for any changes or inconsistencies.
* The client changed his address without advising the institution. This could be a simple oversight, or it could be a way of concealing the customer's true location or identity. The anti-money laundering specialist should update the customer's information, verify the new address, and check for any adverse media or sanctions.
References:
* ACAMS CAMS Certification Video Training Course - Exam-Labs3
* Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)4
* ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 1, page 11: https://www.
acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-1.pdf
* ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 2, page 29: https://www.
acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-2.pdf
* ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 4, page 77: https://www.
acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-4.pdf
* ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 5, page 97: https://www.
acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-5.pdf


NEW QUESTION # 181
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