GET USE ACAMS CAMS PDF QUESTIONS [2025]

Get Use ACAMS CAMS PDF Questions [2025]

Get Use ACAMS CAMS PDF Questions [2025]

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q690-Q695):

NEW QUESTION # 690
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. Details on inquires received from law enforcement
  • B. Notification of management changes in the different major divisions
  • C. The total credit exposure for non-cooperative countries and territories
  • D. Results of related audits and examinations

Answer: D


NEW QUESTION # 691
According to the Financial Action Task Force 40 Recommendations, to fulfill identification requirements concerning legal entities, financial institutions should take measures to verify

  • A. the financial status of the legal entity through documented proof of the entity's other banking relations.
  • B. a person purporting to act on behalf of the legal entity who is a resident in a country with strict secrecy laws.
  • C. funds or trusts maintained by terrorists.
  • D. the legal existence and ownership structure of the legal entity.

Answer: D

Explanation:
According to the Financial Action Task Force (FATF) 40 Recommendations, Recommendation 10 requires financial institutions to identify and verify the identity of their customers, including legal persons and arrangements, using reliable and independent sources. This includes verifying the legal existence and structure of the legal entity, such as by obtaining a certificate of incorporation, a partnership agreement, or a trust deed.
Additionally, financial institutions should identify and verify the identity of the beneficial owners of the legal entity, such as by obtaining information on the natural persons who ultimately own or control the entity, or who exercise effective control over the entity.
The other options are not consistent with the FATF 40 Recommendations. Verifying the financial status of the legal entity, or the entity's other banking relations, is not a requirement for identification purposes, although it may be relevant for risk assessment or due diligence purposes. Verifying a person purporting to act on behalf of the legal entity is also not sufficient, as the person may not be authorized or may not disclose the true identity or beneficial ownership of the entity. Verifying funds or trusts maintained by terrorists is not a specific identification requirement, but rather a general obligation to comply with targeted financial sanctions and freeze the assets of designated persons or entities.
References:
FATF 40 Recommendations, Recommendation 10, Interpretive Note to Recommendation 10, pages
14-18.
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 3, Section 3.2.1, page 77.


NEW QUESTION # 692
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. Clear and convincing proof
  • D. A preponderance of the evidence

Answer: A


NEW QUESTION # 693
To what extent should senior management and the Board of Directors be involved in the filing of any STR?

  • A. They should be the only designated individuals to communicate with law enforcement
  • B. They should be informed of all significant STRs and the numbers and trends of the filings
  • C. They should be given copies of all STRs filed by the institution
  • D. They should review and approve the filing of all STRs

Answer: B

Explanation:
According to the ACAMS CAMS Certification Study Guide (6th edition), senior management and the Board of Directors have the ultimate responsibility for the effectiveness of the AML program and the compliance with the relevant laws and regulations. Therefore, they should be informed of all significant STRs and the numbers and trends of the filings, as this would help them to assess the level of risk exposure and the adequacy of the controls and resources. The other options are either too restrictive or too burdensome for senior management and the Board of Directors, and may interfere with the timely and confidential filing of STRs.
References: ACAMS CAMS Certification Study Guide (6th edition), page 361; ACAMS CAMS Certification Video Training Course, Module 2, Lesson 12


NEW QUESTION # 694
What is the importance of a risk-based approach (RBA) and building controls commensurate with risks?

  • A. An RBA allows organizations to adopt a more flexible set of measures and to use resources more effectively to control specific risks.
  • B. An RBA more clearly dictates which resources are to be used to control an organization's overall residual risks.
  • C. An RBA makes it easier for organizations to implement controls faster to counter all applicable risks.
  • D. An RBA is internationally accepted by customers and stakeholders, making it a more appropriate risk control mechanism.

Answer: A

Explanation:
A Risk-Based Approach (RBA) allows financial institutions to allocate compliance resources effectively and prioritize higher-risk areas for enhanced due diligence (EDD).
Option A (Correct): An RBA enables institutions to tailor their AML controls based on risk exposure, ensuring better resource allocation.
Option B (Incorrect): While RBA improves efficiency, it does not guarantee faster implementation of controls.
Option C (Incorrect): RBA is a regulatory requirement, but it is not necessarily determined by customer acceptance.
Option D (Incorrect): RBA provides guidance on risk mitigation, but it does not dictate specific resource usage.
Benefits of a Risk-Based Approach (RBA):
Efficient use of compliance resources by focusing on high-risk transactions, customers, and geographies.
Regulatory compliance alignment with FATF, Basel Committee, and Wolfsberg Group AML principles.
Flexibility to adjust AML controls as new threats emerge.
Best Practices for Implementing RBA in AML Compliance:
Conduct enterprise-wide risk assessments (EWRAs).
Classify customers and transactions based on risk levels.
Apply enhanced due diligence (EDD) for high-risk clients.
Reference:
FATF Recommendation 1 (Risk-Based Approach to AML)
Basel Committee's Risk-Based AML Compliance Guidelines
Wolfsberg Group Principles on Risk-Based Compliance


NEW QUESTION # 695
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