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Reliable ACAMS CAMS Braindumps Ppt - CAMS Valid Mock Exam

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The CAMS certification exam covers a wide range of topics related to AML, including money laundering techniques, AML regulations, risk management, and compliance. CAMS exam is designed to test both theoretical knowledge and practical skills, and it requires candidates to demonstrate their ability to apply AML concepts to real-world scenarios. CAMS exam consists of 120 multiple-choice questions, and candidates have four hours to complete it. To be eligible to take the CAMS Certification Exam, candidates must have at least 40 hours of AML training or equivalent experience, and they must also pass a background check. Obtaining the CAMS certification can help professionals advance their careers in the AML field and demonstrate their commitment to the highest standards of AML compliance.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q524-Q529):

NEW QUESTION # 524
Which two aspects of precious metals pose the highest risk of money laundering? (Choose two.)

A. Precious metals can be readily used in many high-tech commercial applications, making them all the more valuable
B. Some precious metals can be formed into other objects, making easier to transport
C. Precious metals have high intrinsic value in a relatively compact form and are easy to convert into currency
D. The value of precious metals can be inflated easily, making it easy to increase the amount of money laundered

Answer: B,C

Explanation:
Precious metals, such as gold and silver, pose a high risk of money laundering because they have some features that make them attractive to criminals. According to the FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones1, these features include:
Some precious metals can be formed into other objects, making easier to transport. For example, gold can be melted and shaped into jewellery, coins, bars, or other items that can be easily concealed and moved across borders. This makes it difficult for law enforcement and customs authorities to detect and seize the illicit proceeds of crime.
Precious metals have high intrinsic value in a relatively compact form and are easy to convert into currency. For example, gold has a stable and universal value that can be exchanged for cash or other assets in any market. This makes it easy for criminals to store, transfer, and launder their illicit funds without leaving a trace in the formal financial system.
The other two options, C and D, are not as relevant to the risk of money laundering. The value of precious metals is determined by the market forces of supply and demand, and it is not easy to inflate or manipulate it. Precious metals can be used in many high-tech commercial applications, but this does not necessarily make them more valuable or more prone to money laundering.
Reference:
1: FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones, 2008, https://www.fatf-gafi.org/en/publications/Fatfrecommendations/Fatfguidanceontherisk-basedapproachfordealersinpreciousmetalsandstones.html
2: Money laundering and terrorist financing risks and vulnerabilities associated with gold, 2015, https://www.fatf-gafi.org/en/publications/Methodsandtrends/Ml-tf-risks-and-vulnerabilities-gold.html
3: The anti-money laundering framework for precious stones and metals dealers in Singapore, 2021, https://www.emerald.com/insight/content/doi/10.1108/JMLC-07-2021-0074/full/html
4: Gold and Money Laundering, 2019, https://www.moneylaunderingnews.com/2019/04/gold-and-money-laundering/

NEW QUESTION # 525
A precious metals dealer opens a new account with a bank. Which requires a referral to AML investigations for further review?

A. International outgoing wires to diamond dealers that are part of the diamond pipeline
B. Payments on the account reference unknown companies from high-risk jurisdictions
C. Multiple daily point of sale transactions from third parties that appear to be individuals
D. International incoming payments from foreign companies in which the precious metals dealer has an established relationship

Answer: B

Explanation:
According to the ACAMS Study Guide for the CAMS Certification Exam (6th edition), page 211, dealers in precious metals and stones (DPMS) are vulnerable to money laundering and terrorist financing risks due to the high value, portability, and fungibility of their products. Therefore, DPMS should apply a risk-based approach to their AML/CFT compliance program and monitor their customers and transactions for any red flags or suspicious activities. One of the red flags for DPMS is receiving payments from or sending payments to unknown or unverified third parties, especially if they are located in high-risk jurisdictions that have weak AML/CFT controls, are subject to sanctions, or are known to be sources or destinations of illicit funds. Such payments may indicate that the DPMS is being used as a conduit or a front for money laundering, terrorist financing, tax evasion, or other criminal activities. Therefore, if a precious metals dealer opens a new account with a bank and receives or makes payments that reference unknown companies from high-risk jurisdictions, the bank should refer the account to AML investigations for further review and verification of the source and purpose of the funds, the identity and legitimacy of the third parties, and the nature and rationale of the business relationship.
References:
ACAMS Study Guide for the CAMS Certification Exam (6th edition), page 2111 FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones2 Risk-Based Approach for Dealers in Precious Metals and Stones (DPMS)3

NEW QUESTION # 526
Which statement is true regarding the FATF standards for SARs/STRs information sharing within a financial group?

A. FIs must retain copies of SARs/STRs and supporting documentation for five years from the date of filing the STRs
B. FIs must require approval from regulators to share SARs/STRs information and supporting documentation.
C. Financial institutions (FIs) should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
D. FIs cannot share customer information at all since it is confidential.

Answer: C

Explanation:
According to the FATF Guidance on Private Sector Information Sharing, FIs should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes, both within the same financial group and between FIs not belonging to the same group. These safeguards include ensuring that the information is shared only with authorized personnel who have a need to know, that the information is used only for the intended AML purpose, and that the information is protected from unauthorized access, disclosure, or misuse. FIs should also comply with the applicable legal and regulatory requirements on data protection and privacy, and respect the rights and interests of the customers whose information is shared1.
References:
1: FATF Guidance on Private Sector Information Sharing1

NEW QUESTION # 527
What are two requirements of United States financial institutions when conducting business with an international institution as a result of the USA PATRIOT Act? (Choose two.)

A. Performing due diligence on correspondent accounts
B. Performing enhanced due diligence on shell banks
C. Complying with Special Measures issued under the USA PATRIOT Act
D. Visiting the head office of the international financial institution

Answer: A,B

Explanation:
The USA PATRIOT Act imposes several requirements on U.S. financial institutions when dealing with foreign financial institutions, especially those that pose a high risk of money laundering or terrorist financing.
Two of these requirements are:
Performing enhanced due diligence on shell banks: A shell bank is a bank that has no physical presence in any country and is not affiliated with a regulated financial group. The USA PATRIOT Act prohibits
U.S. financial institutions from opening or maintaining correspondent accounts for shell banks, and requires them to take reasonable steps to ensure that their correspondent accounts are not being used by shell banks indirectly12.
Performing due diligence on correspondent accounts: A correspondent account is an account established by a financial institution to receive deposits from, make payments on behalf of, or handle other financial transactions for a foreign financial institution. The USA PATRIOT Act requires U.S. financial institutions to collect and verify certain information about the foreign financial institution, such as its ownership, licensing, and anti-money laundering policies, and to assess the risk of money laundering or terrorist financing associated with the correspondent account13.
References:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), pages 82-84 CAMS Certifications: How to Get CAMS Certified | ACAMS, Candidate Handbook, page 14 ACAMS CAMS Certification Video Training Course - Exam-Labs, Video 3.4: Correspondent Banking and Money Laundering Risks

NEW QUESTION # 528
the Financing of Terrorism (CFT)]
Which three areas do FATF's 40 recommendations cover? Choose 3 answers

A. International Cooperation
B. Prescriptive sentences for predicate offenses
C. Financial systems and their regulation
D. The criminal justice system

Answer: A,C,D

Explanation:
The 40 Recommendations provide a complete set of countermeasures against money laundering and terrorist financing, covering
* the identification of risks and development of appropriate policies;
* the criminal justice system and law enforcement;
* the financial system and its regulation;
* the transparency of legal persons and arrangements; and
* international cooperation.

NEW QUESTION # 529
......

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