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To be eligible for the ACAMS CAMS Exam, candidates must meet certain criteria, including a minimum of 40 hours of AML training, two years of relevant work experience, and a clean criminal record. After passing the exam, candidates must complete continuing education requirements to maintain their certification and stay up-to-date with the latest AML regulations and compliance procedures.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q325-Q330):

NEW QUESTION # 325
Combating the Financing of Terrorism (CFT)]
Which is true about Financial Action Task Force (FATF)-Style Regional Bodies (FSRBs)?

A. To be a member of an FSRB, a country must have enacted AML and Anti-Terrorist Financing laws.
B. FSRBs set standards for their member countries that supplement FATF's standards.
C. AFATF-member country cannot also be a member of an FSRB.
D. Tools used by FRSBs include training measures and mutual evaluations of its members.

Answer: D

Explanation:
FSRBs are regional bodies that work with FATF to promote the implementation of AML and CFT standards.
FSRBs are made up of member countries that have agreed to work together to combat money laundering and the financing of terrorism [1]. The tools used by FSRBs to promote the implementation of AML and CFT standards include training measures, mutual evaluations of its members, technical assistance, and the sharing of information. FSRBs may also adopt recommendations and best practices based on the FATF's 40 Recommendations.

NEW QUESTION # 326
Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?

A. They conduct global research on money laundering and terrorist financing trends and report their findings in their own typologies report
B. They require member countries to develop statistical metrics over money laundering and terrorist financing crimes
C. They require participating financial institutions of their members to file suspicious transaction reports to the regional body
D. They conduct regional-level research and analysis of the money laundering and terrorist financing methods and trends using standards and templates used for FATF typologies reports

Answer: C

NEW QUESTION # 327
What does designing a country as being of "prime money laundering concern" allow the U.S. government to do?

A. Obtain transactional information from U.S.-owned subsidiary banks located outside the U.S.
B. Close some or all correspondent or payable-through accounts
C. Ensure the inclusion of that country onto FATF's Non-Cooperative Country and Territory list
D. Ensure the inclusion of that country into the office of Foreign Asset Control country sanctions programs

Answer: C

NEW QUESTION # 328
The local manager of a remote mortgage origination department of a financial institution has just discovered that sanctions screening of new customers is not being performed.
Which action should the local manager take in this situation?

A. Do nothing because the department only handles a very small number of mortgages
B. Immediately inform the regulators
C. Immediately inform senior management
D. Start screening new customers

Answer: C

Explanation:
This action is the most appropriate because it demonstrates the local manager's responsibility and accountability for the sanctions compliance program. Sanctions screening is an important part of the Know Your Customer (KYC) and Anti-Money Laundering (AML) processes, as it helps to identify and prevent transactions with sanctioned individuals or entities, which could expose the financial institution to legal, regulatory, and reputational risks. Failing to perform sanctions screening could result in violations of sanctions laws and regulations, which could lead to fines, penalties, sanctions, or even criminal prosecution. Therefore, the local manager should immediately inform senior management of the issue, so that they can take corrective actions, such as implementing screening procedures, conducting a risk assessment, reviewing existing customers, reporting any potential violations, and providing training and guidance to the staff.
The other actions are not appropriate because they either do not address the root cause of the problem, or they could worsen the situation. Starting screening new customers without informing senior management could create a false sense of compliance, and it could also miss the existing customers who may be sanctioned. Immediately informing the regulators without informing senior management could undermine the trust and communication within the organization, and it could also trigger an investigation or enforcement action before the issue is resolved internally. Doing nothing because the department only handles a very small number of mortgages could be a sign of negligence or indifference, and it could also expose the financial institution to significant risks, as even one transaction with a sanctioned party could have serious consequences.
Reference:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 4: Developing and Implementing an AML Training Program, pp. 97-98 CAMS Certifications: How to Get CAMS Certified | ACAMS, CAMS Study Guide, pp. 76-77 What is Sanctions Screening and How Does It Work? | Jumio, Introduction and Benefits of Sanctions Screening Sanctions Screening: Challenges and Control Considerations, Background and Regulatory Expectations for Sanctions Screening Sanction Screening: A Complete Guide | KYC AML Guide, What is Sanction Screening and Why is it Important?

NEW QUESTION # 329
The AML investigator is reviewing the transaction monitoring alerts and the customer's historical profile for the past two years. A review of the negative news search from a blog indicates that the customer was previously part of a terrorist group. Which activities warrant further escalation? (Select Two.)

A. The account received a large cash deposit followed by systematic automated teller machine (ATM) withdrawals until the balance was nominal.
B. The customer remitted monies in several transactions to the account of a recognized charity non-profit organization.
C. The customer conducts multiple cash transactions on a regular basis which do not match the customer's occupation.
D. The credit transactions in the account relate mostly to salary and rental income from property.
E. The customer has bought and sold several real estate properties over the last year.

Answer: A,C

Explanation:
1. D. The account received a large cash deposit followed by systematic automated teller machine (ATM) withdrawals until the balance was nominal.
This pattern of behavior, known as "structuring" or "smurfing," is often associated with money laundering.
The large cash deposit followed by smaller withdrawals in a systematic manner raises red flags and requires further investigation.
2. E. The customer conducts multiple cash transactions on a regular basis which do not match the customer's occupation.
Conducting frequent cash transactions that do not align with the customer's stated occupation or income source is suspicious. It suggests potential attempts to hide the true origin of funds or evade reporting requirements1.
D; Large Cash Deposit Followed by ATM Withdrawals:
The large cash deposit followed by systematic ATM withdrawals is indicative of structuring, a common money laundering technique. Structuring involves breaking down large sums of money into smaller transactions to avoid detection. In this case, the customer's behavior warrants further scrutiny to determine the purpose behind these transactions.
E: Inconsistent Cash Transactions:
When a customer conducts multiple cash transactions that do not align with their stated occupation or income source, it raises suspicions. Such behavior may indicate an attempt to obscure the true origin of funds or evade reporting requirements. Investigating the reasons behind these inconsistent cash transactions is essential to assess potential money laundering risks1.
References: 1: Anti-Money Laundering Specialist (6th edition), ACAMS, Chapter 3: "Money Laundering and Terrorist Financing Methods," Section 3.1.2: "Structuring," and Section 3.1.3: "Inconsistent Cash Transactions."

NEW QUESTION # 330
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