Valid Exam CAMS Braindumps, CAMS Exam Exercise

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The CAMS certification is highly respected in the industry and is recognized by employers, regulators, and law enforcement agencies worldwide. It is a comprehensive and rigorous exam that covers a broad range of topics related to anti-money laundering (AML), including risk assessment, customer due diligence, transaction monitoring, and regulatory compliance. CAMS exam is designed for professionals who work in various roles in the financial industry, including compliance officers, risk managers, auditors, and law enforcement professionals.

To be eligible for the CAMS certification exam, candidates must have relevant work experience in the field of anti-money laundering or financial crime prevention. Certified Anti-Money Laundering Specialists certification is ideal for individuals who want to advance their careers in financial services or compliance. CAMS Exam consists of multiple-choice questions and is delivered online, making it easily accessible for candidates around the world. Passing the CAMS exam demonstrates a candidate's expertise in anti-money laundering and financial crime prevention, and can lead to higher salaries, greater job opportunities, and increased professional credibility.

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The Certified Anti-Money Laundering Specialists certification program is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization dedicated to fighting financial crime. The organization has been a leader in the field of AML training and certification for over 20 years. ACAMS provides comprehensive training and support to individuals who are seeking to earn the CAMS Certification, including study materials, webinars, and practice exams.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q585-Q590):

NEW QUESTION # 585
When may Office of Foreign Assets Control (OFAC) sanctioned-related transactions be allowed that would otherwise be prohibited?

A. After going through a robust internal OFAC audit process that reviews sanction-related risks
B. When the bank's board of directors approves the OFAC risk appetite for sanction-related transactions
C. Through an OFAC licensing process to determine that the transaction does not undermine the US policy objectives
D. Only when the federal banking regulator provides OFAC approval before the transactions are processed

Answer: C

Explanation:
The Office of Foreign Assets Control (OFAC) administers and enforces economic sanctions programs [1][2], which are designed to protect US national security, foreign policy, and economic interests. Transactions that would otherwise be prohibited can be allowed through an OFAC licensing process, in which the OFAC evaluates the request to determine that the transaction does not undermine US policy objectives.

NEW QUESTION # 586
An analyst reviewing trade finance transactions notices an increase in price of 25% over 12 months for commodities with the same specification and quantity. Which action should the analyst take?

A. Produce an updated due diligence record for the client so that monitoring can be enhanced.
B. Produce an investigation report that considers client activity and factors that may have legitimately affected transaction cost.
C. Produce an investigation report that finds evidence to substantiate the analyst's suspicion and submit a SAR/STR.
D. Produce a SAR/STR that describes apparent trade-based money laundering and submit to the Financial Investigation Unit (FIU).

Answer: B

Explanation:
Trade finance transactions involve the financing of the movement of goods and services across borders. Trade finance products include letters of credit, guarantees, documentary collections, open account, and supply chain finance. Trade finance transactions are exposed to various risks, such as credit risk, operational risk, fraud risk, and money laundering risk. Money laundering risk refers to the possibility that trade finance transactions are used to conceal the origin, ownership, or destination of illicit funds, or to evade taxes, sanctions, or exchange controls. Trade-based money laundering (TBML) is a form of money laundering that involves the manipulation of trade transactions, such as mispricing, misinvoicing, over- or under-shipping, or falsifying documents, to transfer value or obscure the true nature of the funds12.
An analyst reviewing trade finance transactions should be alert to any red flags or indicators of potential TBML, such as significant discrepancies between the value or quantity of the goods and the invoice, payment, or contract; unusual or complex shipment routes or methods; involvement of high-risk jurisdictions, entities, or commodities; or lack of transparency or documentation of the trade transaction12. If the analyst notices an increase in price of 25% over 12 months for commodities with the same specification and quantity, this could be a sign of mispricing, which is a common technique of TBML. Mispricing involves inflating or deflating the price of the goods to transfer value or evade taxes or duties. For example, an exporter may overprice the goods to move funds out of a country with exchange controls, or an importer may underprice the goods to reduce the customs duty payable12.
However, an increase in price of 25% over 12 months for commodities with the same specification and quantity does not necessarily indicate TBML, as there could be other legitimate factors that may have affected the transaction cost, such as market fluctuations, supply and demand, quality, transportation, insurance, or other fees. Therefore, the analyst should not jump to the conclusion that TBML is occurring, but rather conduct a thorough investigation to verify the validity and rationale of the price change. The analyst should produce an investigation report that considers the client activity and factors that may have legitimately affected the transaction cost, such as:
The nature and purpose of the client's business and trade activities
The client's profile, risk rating, and transaction history
The source and destination of the funds and the goods
The market price and trends of the commodities involved
The contractual terms and conditions of the trade transaction
The supporting documents, such as invoices, bills of lading, certificates of origin, inspection reports, etc.
The due diligence and verification procedures performed by the bank or the third parties The compliance with the relevant laws, regulations, and standards of the jurisdictions involved The investigation report should document the findings, analysis, and conclusions of the analyst, and provide evidence and references to support the assessment. The investigation report should also include any recommendations or actions to be taken by the bank or the authorities, such as:
Requesting additional information or clarification from the client or the counterparties Conducting enhanced due diligence or monitoring of the client or the transaction Escalating the case to the senior management or the compliance department Reporting the case to the Financial Investigation Unit (FIU) or the relevant regulator Filing a Suspicious Activity Report (SAR) or a Suspicious Transaction Report (STR) if there are reasonable grounds to suspect TBML or other criminal activity Therefore, the best action for the analyst to take is to produce an investigation report that considers the client activity and factors that may have legitimately affected the transaction cost, as this would allow the analyst to determine whether the price increase is justified or indicative of TBML, and to take appropriate measures accordingly.
References:
Trade Finance and Trade-Based Money Laundering
Trade-Based Money Laundering: Red Flag Indicators

NEW QUESTION # 587
Which three procedures should a compliance officer looking to revise an institution's CTF efforts include in accordance with the Wolfsburg Group's Statement on the Suppression of the Financing of Terrorism?

A. Reviewing only original identification documents when verifying customers
B. Maintaining customer information to facilitate timely retrieval of such information
C. Consulting applicable lists and taking appropriate actions to determine if customers appear on such lists
D. Reporting matches from lists of known or suspected terrorists to relevant authorities

Answer: B,C,D

NEW QUESTION # 588
The compliance officer for a private bank has been tasked with writing a policy on how the bank will deal with intermediaries.
Which two aspects should be included in the policy in respect of intermediaries to align it with the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)

A. When an intermediary introduces clients to the bank, it is not necessary for the bank to perform due diligence on the intermediary's clients.
B. Where an intermediary manages assets on behalf of a number of clients and is the account holder with the bank, but that intermediary does not conduct the same level of due diligence as the bank, it is necessary for the bank to undertake due diligence on the intermediary's clients.
C. Where an intermediary introduces clients to the bank, the bank must obtain the same type of information with respect to an introduced client that would otherwise be obtained by the bank, absent the involvement of the intermediary.
D. Where an intermediary manages assets on behalf of a number of clients and arranges for the opening of accounts for its clients with the bank, and that intermediary is a financial institution subject to similar regulations, it is necessary for the bank to perform due diligence on the intermediary's clients.

Answer: C,D

Explanation:
Reference:
https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/20.%20Wolfsberg-FAQs-on- Intermediaries-May-2012.pdf (2)

NEW QUESTION # 589
A typical red flag regarding potential money laundering in connection with an art purchase occurs when a customer:

A. buys a painting as an anonymous bidder and provides the source of wealth.
B. asks to pay in installments and pays from two differently named accounts.
C. pays more at an auction for a painting than the estimated maximum price.
D. asks to pay a large amount in cash without a comprehensible reason.

Answer: D

Explanation:
Paying a large amount in cash for an art purchase is a typical red flag of potential money laundering, as it may indicate an attempt to avoid traceability and reporting requirements. Cash transactions are often used by criminals to launder illicit funds, as they are difficult to track and verify. According to the FATF guidance on money laundering and terrorist financing risks in the art trade, cash payments above a certain threshold should be subject to enhanced due diligence and reporting obligations by art market participants (AMPs). AMPs should also be wary of customers who provide insufficient or inconsistent information about the source of funds, the purpose of the transaction, or the identity of the beneficial owner.
Reference:
Money Laundering and Terrorist Financing Risks and Vulnerabilities Associated with Gold, FATF, July 2023, p. 22-23.
Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals, FATF, June 2023, p. 38-39.
Red Flags Money laundering and terrorist financing risks, Responsible Art Market, 2017, p. 2.

NEW QUESTION # 590
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