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The CAMS Certification Exam covers a wide range of topics related to anti-money laundering, including money laundering schemes, banking regulations, risk assessments, and compliance strategies. CAMS exam is designed to test the candidate's knowledge of both the theoretical and practical aspects of anti-money laundering, and requires a thorough understanding of the latest industry trends and best practices.

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q44-Q49):

NEW QUESTION # 44
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of counterfeit money orders. What should the bank do?

A. While the explanation appears plausible, the institution should, for a period of time, monitor the account for cash transactions and suspicious activity
B. The institution should close the account before another issues arise
C. The bank has received a plausible explanation, so it should do nothing
D. While the explanation may be plausible, the institute should nonetheless file a Suspicious Transaction Report to protect itself

Answer: A

Explanation:
A large cash deposit is a potential indicator of money laundering, especially if it is inconsistent with the customer's profile or behavior. Therefore, the bank should ask the customer about the source and purpose of the funds, and verify the information if possible. In this case, the customer claims to have sold a used car and received cash, which may be a reasonable explanation. However, the bank should not rely solely on the customer's statement, but should also monitor the account for any further cash transactions or suspicious activity that may indicate money laundering. For example, the bank should check if the customer withdraws the cash soon after the deposit, transfers the funds to other accounts or jurisdictions, or engages in structuring or smurfing to avoid reporting thresholds.
The bank should not do nothing, as this may expose the bank to regulatory or reputational risks, or facilitate money laundering. The bank should also not file a Suspicious Transaction Report (STR) unless there are other grounds to suspect money laundering, as this may be premature or unnecessary. The bank should not close the account before another issues arise, as this may be disproportionate or discriminatory, and may also alert the customer to the bank's suspicion.
Reference:
[ACAMS Study Guide for the CAMS Certification Examination, 6th Edition], Chapter 4: Conducting or Supporting the Investigation Process, pp. 103-104, 107-108.
Customer Identification Program - Overview, Federal Financial Institutions Examination Council, April 2018, pp. 1-2, 4-5.
Suspicious Activity Reporting - Overview, Federal Financial Institutions Examination Council, April 2018, pp. 1-2, 4-5.
18 AML Analyst Interview Questions (With Example Answers), ResumeCat, accessed on February 9, 2024.

NEW QUESTION # 45
Which is a red flag for funds transfers?

A. Funds transfers are repetitive and within expected patterns.
B. Funds transfers are repeatedly sent to the same beneficiary out of line with the business purpose.
C. Funds transfers are to a higher-risk geographic location with a known supplier within the same industry as the originator.
D. Funds transfers are received in numerous small quantities from entities that are in related industries.

Answer: B

Explanation:
Funds transfers are electronic payments that move money from one account to another, either within the same financial institution or across different institutions, countries, or currencies1. Funds transfers are commonly used for legitimate purposes, such as remittances, trade, or investment, but they can also be abused by money launderers, terrorists, or fraudsters to move illicit funds or conceal their origin or destination2. Therefore, financial institutions and other entities that offer funds transfer services are required to apply anti-money laundering and counter-terrorism financing (AML/CFT) measures, such as customer due diligence, transaction monitoring, record-keeping, and reporting of suspicious activities2.
One of the red flags for funds transfers that may indicate money laundering or other criminal activity is when funds transfers are repeatedly sent to the same beneficiary out of line with the business purpose3. This could suggest that the originator and the beneficiary are colluding to layer or integrate illicit funds, or to evade reporting or sanctions requirements. For example, a business may send multiple funds transfers to the same supplier, but the amounts or frequencies do not match the invoices or contracts, or the supplier is located in a high-risk jurisdiction or is subject to sanctions. Alternatively, an individual may send frequent funds transfers to the same person, but the relationship or the reason for the transfers is unclear or inconsistent, or the person is associated with a criminal or terrorist organization. In such cases, the financial institution or the funds transfer service provider should conduct enhanced due diligence, verify the source and purpose of the funds, and report any suspicious activity to the relevant authorities.
References:
1: Wire Transfer Definition - Investopedia
2: International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation - The FATF Recommendations | FATF
3: Wire Transfer Red Flags: Money Laundering & Fraud Risks - Alessa1
Reference: https://www.fmu.gov.pk/docs/Red-flags-for-banks.pdf

NEW QUESTION # 46
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)

A. Those who generally have ultimate control through ownership or other means over the funds in the account
B. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
C. Those who have legal title to a controlling share interest in the customer
D. Those two are authorized signers on the account

Answer: A,B

Explanation:
According to the Wolfsberg Anti-Money Laundering Principles for Private Banking, the beneficial owners of a private banking account are those who generally have ultimate control over the funds in the account and those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence1. These two criteria are meant to ensure that the bank knows who is ultimately behind the account and where the funds come from, in order to prevent the use of the bank for money laundering or other criminal purposes. Authorized signers on the account or those who have legal title to a controlling share interest in the customer are not necessarily the beneficial owners, as they may act on behalf of others or have limited influence over the account.: 1: Wolfsberg Anti-Money Laundering Principles for Private Banking (2012), Section 1.3.1 and 1.3.2, 1 Reference:https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf(2)

NEW QUESTION # 47
A businessman requests a European private bank to open a numbered or alternate name account. According to the Basel Committee on Banking Supervision principles, which of the following is the most important question the banker should ask?

A. Who will inherit the proceeds in the event of the businessman's death?
B. Who will control the account?
C. What account-opening date should I record'!'
D. How much money will be deposited into the account?

Answer: B

NEW QUESTION # 48
In reviewing recent transaction activity, a compliance officer for a money transmitter notices that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?

A. Instruct the tellers not to process remittances for these customers in the future
B. Immediately contact the customers and ask them why they are remitting money more often
C. File a suspicious transaction report
D. Conduct further investigation to determine whether this is truly suspicious activity

Answer: C

NEW QUESTION # 49
......

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Hugh Kelly Hugh Kelly

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