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How to Get Certified
To obtain the ACAMS CAMS certificate individuals must take and successfully pass the affiliated namesake CAMS exam, which requires individuals to go through a three-step process. This has been outlined below:
- Be a member of ACAMS
Individuals may gain membership of ACAMS as individuals, as part of an enterprise, as public sector workers, or as part of a chapter. Members are required to make a standard membership payment.
- Take the actual CAMS exam
After an individual is found to be eligible and their application has been approved, they may go on to schedule their CAMS evaluation.
- Submit an application
After gaining membership at ACAMS, individuals are required to submit an application form along with payment. To be eligible to send an application, individuals must meet the following requirements: hold an active ACAMS membership, have 40 ACAMS credits, possess an education (10 credits for associates, 20 credits for bachelors, 30 credits for masters, and 40 credits for JD, or PhD), possess work experience (10 credits for each year of work experience), and have training (1 credit for an hour of training in the field of financial crime).
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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q235-Q240):
NEW QUESTION # 235
A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?
- A. Provide the suspicious transaction report information to the credit department
- B. Seek approval from the board of directors to disclose the suspicious transaction report information
- C. Decline to provide the suspicious transaction report information to the credit department
- D. Contact the credit department manager to determine how the suspicious transaction report information can be provided
Answer: B
NEW QUESTION # 236
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer is deemed suspicious by Bank A.
Who should Bank A file a suspicious transaction report on?
- A. Bank C in Country C
- B. The transaction in Country B
- C. Bank B in Country A
- D. The transaction in Country A
Answer: D
NEW QUESTION # 237
Which factor should a financial institution (FI) consider prior to sharing customer records within the same jurisdiction?
- A. The locally applicable restrictions regarding the disclosure of client information
- B. The potential different time zones within the same jurisdiction
- C. The availability of the institution's information sharing practices
- D. The degree to which the collected client data is complete
Answer: C
NEW QUESTION # 238
Which is a characteristic of the Financial Action Task Force (FATF) 40 recommendations?
- A. They provide a list of mandatory requirements for an effective AML regulatory framework.
- B. They comprise global standards for countering money laundering, recognized by government bodies across the world.
- C. They are automatically transposed into local law across the EU member states and the US.
- D. They enable FATF's active engagement in law enforcement matters, investigations, or prosecutions.
Answer: B
Explanation:
Explanation
The characteristic of the Financial Action Task Force (FATF) 40 recommendations is that they comprise global standards for countering money laundering, recognized by government bodies across the world. The FATF 40 recommendations provide a comprehensive framework of measures that countries should implement to combat money laundering and terrorist financing. The recommendations are not mandatory, but are widely recognized and followed by countries across the globe. The recommendations cover a range of areas, including customer due diligence, record-keeping, suspicious activity reporting, and international cooperation.
NEW QUESTION # 239
A compliance analyst is reviewing the account activity of a customer that they suspect may be indicative of money laundering activity. Which is difficult to determine solely from the customer's account activity and KYC file?
- A. If the activity is materially different from related businesses
- B. If the account has multiple transfers to the same, related businesses
- C. If there is negative media associated with counterparties
- D. If the account is mostly dormant or has little activity
Answer: C
Explanation:
Explanation
According to the Certified Anti-Money Laundering Specialist (CAMS) study guide, 6th edition, page 105, the correct answer is C. It can be difficult to determine if there is negative media associated with counterparties solely from the customer's account activity and KYC file.
The study guide explains that negative media can include news articles, government sanctions lists, and other sources of public information that may indicate that a counterparty is involved in illicit activities. However, this information may not be readily available in a customer's account activity or KYC file, and may require additional research or investigation.
NEW QUESTION # 240
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