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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.

  • Provide three professional references.
  • Submit supporting documents.
  • Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.

ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a globally recognized certification program for professionals working in the field of AML (Anti-Money Laundering) and financial crime prevention. Certified Anti-Money Laundering Specialists certification program is designed to assess the knowledge and skills of individuals working in the financial industry in identifying and preventing money laundering and terrorist financing activities. The CAMS certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization in the field of AML and financial crime prevention.

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We are conscious of the fact that most of the candidates have a tight schedule which makes it tough to prepare for the Certified Anti-Money Laundering Specialists exam preparation. RealValidExam provides you ACAMS CAMS Exam Questions in 3 different formats to open up your study options and suit your preparation tempo.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q273-Q278):

Which three elements should be considered in an institution's enhanced due diligence process to assure itself that it has secured sufficient understanding of its higher risk respondent bank customers according to the Wolfsberg Principles on Correspondent Banking?

  • A. The quality of the respondent's AML and client identification controls
  • B. The sources of wealth for all significant ownership interests
  • C. A risk-based determination as to whether or not the respondent is a shell bank
  • D. Whether a Politically Exposed Person (PEP) has an interest or management role in therespondent

Answer: A,B,C

A prospective AML officer comes highly recommended by a bank's up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?

  • A. Hire the individual, relying on the recommendation of its correspondent
  • B. Hire the individual on a probationary basis so that the institution can determine if the individualis sufficiently experienced and capable
  • C. Do a thorough background check
  • D. Confer with its regulatory agency to determine whether it is appropriate to hire the person

Answer: C

The most important concerns imposed on foreign financial institutions maintaining correspondent accounts with
U.S. banks under the USA PATRIOT Act are:

  • A. Cancellation of correspondent banking relationships.
  • B. U.S. residents maintaining private banking accounts.
  • C. Forfeiture of funds in a U.S. interbank account.
  • D. Prohibition of correspondent accounts for shell banks.

Answer: A,B,C

A client who owns a swimming pool company requests to open 19 accounts at a bank, each with a debit card for its swimming pool technicians. When asked about the purpose of each account, the client explains that each technician needs a separate checking account to purchase pool chemicals.
Which available source could be used in the bank's internal investigation on this client's activities?

  • A. Local law enforcement investigation report
  • B. Internet search showing how such business are typically operated
  • C. Interview swimming pool technicians and chemical suppliers
  • D. Client's credit bureau report

Answer: B

A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established account-opening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?

  • A. The bank's exposure to politically exposed persons.
  • B. Failure to conduct proper due diligence.
  • C. The possibility of lawsuits that adversely affect the operations of a bank.
  • D. Not having appropriate information to share with Financial Intelligence Units.

Answer: B


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