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Recertification
Individuals must get recertified every three years if they wish to maintain their CAMS certification. To get recertified, individuals must have maintained their ACAMS membership, provide proof of having continued their professional education, and submit an online application along with a recertification fee.
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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q490-Q495):
NEW QUESTION # 490
A money remittance business will most likely attract money launderers because it:
1. deals primarily in cash transactions.
2. engages in international transactions.
3. conducts transactions for walk-in customers.
4. does not have to comply with transaction reporting.
- A. 2, 3, and 4 only
- B. 1, 2, and 3 only
- C. 1, 3, and 4 only
- D. 1, 2, and 4 only
Answer: B
NEW QUESTION # 491
Which is an extraterritorial function of Office of Foreign Assets Control sanctions?
- A. Interrupting the Ell's economic and financial relations with third countries
- B. Prohibiting transactions and requiring the blocking of assets of designated persons and organizations
- C. Implementing targeted measures such as arms embargoes, travel bans, and financial or commodity restrictions
- D. Requiring all appropriate elements of the financial services industry to report potential money laundering
Answer: B
Explanation:
Explanation
The Office of Foreign Assets Control (OFAC) sanctions are extraterritorial in nature, meaning that they apply beyond the national borders of the United States. OFAC sanctions are intended to restrict transactions and the movement of assets between the U.S. and designated persons and organizations. These sanctions are imposed to disrupt the economic and financial relations between foreign countries and designated persons, organizations, or countries. These sanctions include prohibiting transactions, requiring the blocking of assets, and implementing targeted measures such as arms embargoes, travel bans, and financial or commodity restrictions.
NEW QUESTION # 492
As a result of an audit, a policy exception was identified that had been approved by the compliance officer.
The auditor determined that the policy exception is a violation of a regulatory requirement.
What should the auditor do?
- A. Advise the compliance officer on how to appropriately respond to policy exceptions.
- B. Consult with legal counsel to determine if the approval of the policy exception was acceptable.
- C. Include the regulatory violation in the audit report and recommend the compliance officer be subject to disciplinary action by the board of directors.
- D. Include the regulatory violation in the audit report and report it to the board of directors.
Answer: D
NEW QUESTION # 493
Separating illicit proceeds from their source by a series of complex financial Transactions designed to disguise the audit trail and provide anonymity is an example of what?
- A. layering
- B. structuring
- C. placement
- D. integration
Answer: A
NEW QUESTION # 494
An institution has made the decision to exit a client relationship due to anti-money laundering concerns. Prior to starting the close out process, the institution receives a written request from a law enforcement agency to keep the account open. The client is the subject of an ongoing investigation and law enforcement wants the institution to continue to monitor the account and report any suspicious activity.
What is primary consideration the institution should keep in mind when deciding whether to agree to this request?
- A. The anticipated cost of complying with the law enforcement request
- B. The number of suspicious transaction reports previously filed on the client
- C. The fact that the institution has a solid record in complying with law enforcement requests
- D. Whether the institution can continue to meet its regulatory obligations with the accounts open
Answer: D
NEW QUESTION # 495
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