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The benefit in Obtaining the CAMS Exam Certification
- Protecting their company from money laundering threats and minimize money crime risks
- ACAMS conducted a survey recently and the findings were pretty interesting on average, professionals who had their ACAMS made $25,000 more than their colleagues who did not have the CAMS certification!
- Proving their AML experience to examiners and regulators
- Increasing their skilled worth through a higher understanding of financial crime detection and hindrance techniques
- Meeting mandated AML training needs through preparation and study
Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Submit supporting documents.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Provide three professional references.
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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q206-Q211):
NEW QUESTION # 206
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. 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.
- B. 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.
- 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. When an intermediary introduces clients to the bank, it is not necessary for the bank to perform due diligence on the intermediary's clients.
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/20.%20Wolfsberg-FAQs-on- Intermediaries-May-2012.pdf (2)
NEW QUESTION # 207
The owner of a real estate investment company deposits multiple cashier's checks that were bought using cash over a three-month period, from the sale of two apartments. This account also receives several electronic transfers from other financial institutions for 10.000 USD each. What activity is considered suspicious of money laundering?
- A. Using cashier's checks in the transactions with the real estate investment company's account
- B. Receiving electronic transfers for 10.000 USD amounts from other financial institutions
- C. Performing operations with real estate investment companies
- D. Using cash to buy multiple cashier's checks over a period of time
Using cash to buy multiple cashier's checks over a period of time is considered suspicious activity of money laundering. This method is commonly known as structuring, where individuals or entities use cash to buy multiple monetary instruments such as cashier's checks in small amounts, to avoid reporting requirements.
This behavior could be an attempt to evade transaction monitoring and reporting requirements by a financial institution. Additionally, the fact that the account also receives multiple electronic transfers for the same amount could be a red flag for money laundering as it is a common technique used to layer or disguise the origin of illicit funds.
Reference: Certified Anti-Money Laundering Specialist (the 6th edition) Study Guide, page 100-101.
NEW QUESTION # 208
What are three elements of a sound Customer Due Diligence Program?
- A. Obtaining date of birth and address of a prospective customer
- B. Training as to how and to what extent to identify prospective customers
- C. Determination of what type of customer the financial institution will accept
- D. Determination of who in the institution should be assigned to the prospective customer as a liaison
NEW QUESTION # 209
Which should be provided to the board of directors or designated specialized committee when reporting SARs/STRs?
- A. Statistical data regarding SARs/STRs filed during the reported period.
- B. Names of all customers subject to SARs/STRs filed during the reported period.
- C. All possible details of SARs/STRs filed during the reported period.
- D. Copies of all SARs/STRs filed during the reported period.
NEW QUESTION # 210
The branch manager calls the compliance officer and informs her that a law enforcement officer has just left the branch and was asking a lot of question and left a business card.
What should the compliance officer do?
- A. Verify that the reported officer was an actual authorized representative
- B. Require the branch manager to write a detailed memo about the request
- C. File a suspicious transaction report
- D. Follow up to verify that the officer received all necessary information
NEW QUESTION # 211
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