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The CAMS certification exam is highly regarded by employers and regulatory agencies worldwide, as it demonstrates the candidate’s commitment to the highest standards of AML and financial crime prevention. CAMS exam covers four key areas of AML and financial crime prevention: risk assessment, customer due diligence, transaction monitoring, and investigations. Candidates must pass a 120-question multiple-choice exam within a four-hour time limit, and they must score at least 75% to pass. The CAMS certification is valid for three years, and continuing education is required to maintain the certification.

The CAMS Certification is owned and administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization dedicated to enhancing the knowledge and skills of AML professionals. The ACAMS CAMS certification exam is recognized globally as the gold standard for AML certifications and is highly respected by regulators, law enforcement agencies, and financial institutions.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q195-Q200):

NEW QUESTION # 195
What poses the greatest money laundering risk for a financial institution offering on-line services to customers?

A. There is a greater difficulty in matching the customer with the provided identification documentation
B. Institutions offering on-line services have no possibility to properly verify the identity of their customers
C. There is a lack of human review of the customer's transactions
D. Customers have direct access to their accounts without being detected

Answer: A

Explanation:
One of the key components of an effective anti-money laundering (AML) program is customer due diligence (CDD), which involves verifying the identity of the customer, understanding the nature and purpose of the customer's relationship with the financial institution (FI), and assessing the risk of money laundering or terrorist financing that the customer poses. CDD is essential for preventing and detecting the misuse of the FI's services by criminals, and for complying with the relevant laws and regulations.
However, CDD can be challenging for FIs that offer online services to customers, as there is a greater difficulty in matching the customer with the provided identification documentation. Unlike face-to-face interactions, online services rely on electronic or remote methods of identification and verification, such as scanned copies of documents, biometric data, digital signatures, or third-party verification services. These methods may not be as reliable or secure as physical verification, and may expose the FI to the risk of identity fraud, document forgery, or impersonation. Moreover, online services may attract customers from different jurisdictions, which may have different standards and requirements for identification and verification, and may pose different levels of risk.
Therefore, FIs that offer online services to customers should implement enhanced due diligence (EDD) measures to mitigate the risk of money laundering, such as obtaining additional information or documentation from the customer, applying more stringent verification procedures, conducting more frequent and intensive monitoring of the customer's transactions and behavior, and restricting or limiting the types or amounts of transactions that the customer can perform online.
References:
CAMS Study Guide - 6th Edition, Chapter 3, Section 3.4, page 82
Anti-Money Laundering in a Nutshell, Chapter 4, Section 4.2, page 63
Guidance on Digital Identity, Section 2, page 8
Anti-Money Laundering, The Basics: Installment 1, Section 3.2, page 5

NEW QUESTION # 196
Which statement is true regarding the Financial Action Task Force standards for suspicious activity reports (SARs) information sharing within a financial group?

A. Financial institutions must require approval from regulators to share SARs information and supporting documentation.
B. Financial institutions should establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.
C. Financial institutions cannot share customer information at all since it is confidential.
D. Financial institutions must retain copies of SARs and supporting documentation for five years from the date of filing the SARs.

Answer: B

Explanation:
According to the Financial Action Task Force (FATF) standards for suspicious activity reports (SARs) information sharing within a financial group, "Financial institutions should establish adequate procedures to ensure that confidentiality of information is maintained and that information is only used for purposes permitted under national law. Where the parent institution is located in a country that does not permit such sharing, financial institutions should take measures to address this limitation" (CAMS Manual, 6th Edition, page 476). Therefore, financial institutions must establish sufficient safeguards concerning the confidentiality of information shared for AML purposes.

NEW QUESTION # 197
A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there.
During on-boarding, the client's wealth was estimated at $7 million. Shortly thereafter, the client's father became president of Country B. During a routine client review two years later, it was identified that client's wealth had grown to $510 million.
What are two red flags that indicate money laundering or financial terrorism? (Choose two.)

A. The client is from a country known for corruption.
B. The client is a family member of a PEP from a country known for corruption.
C. The substantial growth in wealth during a short period of time.
D. The holding company is in Country A with a bank account in one of the international banks.

Answer: B,C

NEW QUESTION # 198
What is an aspect of the USA PATRIOT Act that has extraterritorial reach?

A. To mandate stricter money laundering controls across the continent.
B. To strengthen US measures to prevent, detect and prosecute international money laundering and financing of terrorism.
C. To implement economic and trade sanctions based on US foreign policy.
D. To require scrutiny of foreign financial institutions (FIs) and classes of international transactions that are susceptible to criminal abuse.

Answer: B

NEW QUESTION # 199
Which two statements are true regarding the European Union Money Laundering Directives? (Choose two.)

A. They set forth non-binding best practices for financial institutions within the member states
B. They have extraterritorial impact and apply to states that have diplomatic relations with member states
C. They require member states to enact laws and/or regulations to comply with the directives
D. They apply to member states of the European Union

Answer: C,D

Explanation:
The European Union Money Laundering Directives (AMLDs) are issued periodically by the European Parliament to prevent money laundering and terrorist financing and establish a consistent regulatory environment across the EU1. They apply to all member states of the European Union and require them to enact laws and/or regulations to comply with the directives2. The directives are legally binding and set forth minimum standards and obligations for financial institutions and other entities within the member states3. The directives do not set forth non-binding best practices, but rather harmonize the AML/CFT rules and procedures across the EU4. The directives do not have extraterritorial impact and do not apply to states that have diplomatic relations with member states, unless they are part of the European Economic Area (EEA) or have equivalent AML/CFT regimes5.
1: Guide to EU Anti Money Laundering Directives (AMLD) - ComplyAdvantage 2: Directive - 2015/849 - EN - Fourth Anti-Money Laundering Directive - EUR-Lex 3: EU context of anti-money laundering and countering the financing of terrorism - European Commission 4: EU Anti-Money Laundering Directives (AMLD) | LSEG - Refinitiv 5: Anti-money laundering and countering the financing of terrorism legislative package - European Commission Reference:https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32015L0849&from=FR

NEW QUESTION # 200
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