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The Certified Anti-Money Laundering Specialists (CAMS) certification is recognized as the gold standard in AML certifications. AML professionals who earn the CAMS certification demonstrate their expertise in anti-money laundering detection, prevention, and enforcement. The CAMS Certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to fighting financial crime.

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a certification program designed for professionals working in the anti-money laundering (AML) field. CAMS exam is developed and administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a non-profit organization dedicated to enhancing the knowledge and skills of AML professionals worldwide.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q15-Q20):

NEW QUESTION # 15
An anti-money laundering officer is conducting employee reviews.
Which employee action warrants enhanced due diligence?

A. The bank chief executive officer lives in a lavish home and has requested the board to approve a membership payment at an exclusive country club.
B. The branch manager reviews the daily hold report and releases holds on non-cash items once the bank receives credit from the paying bank.
C. The teller reviews customer profiles and makes notations of personal information to reportedly become familiar with bank customers.
D. The private banker has recently taken long vacations which caused staff members to fall behind in their work to help cover bank duties.

Answer: A

NEW QUESTION # 16
A bank maintains a number of United States (U.S.) dollar correspondent accounts for foreign financial institutions. Upon a routine review of a U.S. dollar correspondent account owned by Foreign Bank A, a number of transactions appear to have been originated by Foreign Bank B outside the expected activity for this account. These transactions appear suspicious and a suspicious transaction report was filed by the compliance officer.
Which step should the compliance officer take?

A. Notify other U.S. financial institutions who maintain U.S. dollar correspondent accounts for Foreign Bank A and Foreign Bank B in an effort to shut down the activity
B. Notify senior management of the money laundering risks by allowing Foreign Bank A to maintain its
C. File a report with the appropriate tax authorities in the jurisdictions of Foreign Bank A and Foreign Bank B
D. S. dollar correspondent account
E. Notify Foreign Bank A of the discovery and seek documentation supporting Foreign Bank A was collusive and a willing partner with Foreign Bank B in the activity

Answer: E

NEW QUESTION # 17
A junior account manager within an international private bank in Country A was asked by one of his valued customers, who has held an account for several years in the institution, about depositing a large sum of cash into her account. The junior account manager informed his customer that his bank does not accept cash. The junior account manager later reviewed a customer activity report and noticed a number of smaller dollar wires from banks in neighboring Country B, which has lax currency controls, that totaled about as much as the customer intended to deposit.
What should the junior account manager do?

A. Close the account
B. Offer the customer a more secure method of depositing in the hope of learning something more during the conversation
C. File a suspicious transaction report with the Financial Intelligence Unit
D. Notify the anti-money laundering specialist of his bank, but do not call the customer

Answer: C

Explanation:
The junior account manager should file a suspicious transaction report (STR) with the Financial Intelligence Unit (FIU) of Country A, as he has reasonable grounds to suspect that the customer is involved in money laundering or terrorist financing. The customer's attempt to deposit a large sum of cash, followed by a series of smaller wire transfers from a high-risk jurisdiction, indicates a possible case of structuring or smurfing, which are techniques used by criminals to avoid detection and reporting thresholds. The junior account manager should not close the account, as this could alert the customer and disrupt the investigation by the FIU or law enforcement. The junior account manager should also not notify the anti-money laundering specialist of his bank, as this could create a conflict of interest or breach of confidentiality, unless the bank's policy requires such notification. The junior account manager should also not offer the customer a more secure method of depositing, as this could be seen as facilitating or condoning the customer's illicit activities, or exposing the bank to legal or reputational risks.
:
CAMS Study Guide, pages 97-98, 103-104, 107-108.
CAMS Exam Questions and Free Practice Test, Question 272.

NEW QUESTION # 18
An anti-money laundering consultant audits a bank's current anti-money laundering policies, procedures and controls. The bank serves high-income, high net-worth clients who include non-residents and offshore businesses. During a review of the custom list, the anti-money laundering consultant determines that he and the bank have mutual clients. The bank's written anti-money laundering program includes a process for the bank to establish the identity of the person with whom they conduct business, but does not address monitoring of customer account activity.
The consultant should recommend the bank:

A. Reduce the risk rating on the mutual customers.
B. Revise the procedures to better assess ongoing customer activity.
C. Focus on high-risk customer acceptance procedures.
D. Continue to follow the current written anti-money laundering program.

Answer: B

Explanation:
According to the ACAMS Study Guide, an effective AML program should include four key elements: internal controls, independent testing, designated compliance officer, and training1. Internal controls are policies, procedures, and processes that help prevent, detect, and report money laundering and terrorist financing activities. One of the essential components of internal controls is customer due diligence (CDD), which involves identifying and verifying the customer, understanding the nature and purpose of the customer relationship, and conducting ongoing monitoring of customer transactions and risk profiles2. Ongoing monitoring is crucial for detecting and reporting suspicious activities, updating customer information, and reassessing customer risk ratings3.
In this case, the bank's written AML program does not address monitoring of customer account activity, which is a significant gap in its internal controls. The bank serves high-income, high net-worth clients who include non-residents and offshore businesses, which are considered high-risk customers for AML purposes4. The bank should have enhanced due diligence (EDD) measures for these customers, such as obtaining additional information, conducting more frequent reviews, and applying stricter transaction limits5. The fact that the consultant and the bank have mutual clients does not affect the risk rating or the due diligence requirements of those customers. Therefore, the consultant should recommend the bank to revise its procedures to better assess ongoing customer activity and comply with the AML standards.
Reference:
1: ACAMS Study Guide, Chapter 2: Developing an Effective Anti-Money Laundering Program
2: ACAMS Study Guide, Chapter 3: Conducting Customer Due Diligence
3: ACAMS Study Guide, Chapter 4: Ongoing Monitoring and Suspicious Activity Reporting
4: ACAMS Study Guide, Chapter 5: Identifying High-Risk Customers
5: ACAMS Study Guide, Chapter 6: Applying Enhanced Due Diligence Measures

NEW QUESTION # 19
Which two methods have terrorist groups used to diversify their revenue stream and to fund their operations?
(Choose two.)

A. Engaging in civil conflict
B. Human trafficking
C. Smuggling cultural artifacts
D. Engaging in wire transfer activity

Answer: B,C

Explanation:
Explanation
Art and Antiquities: Conduits for Money Laundering and Terrorist Financing Why Fight the Antiquities Trade?
More recently, groups like Daesh (Islamic State [IS]), al-Qaida, the Taliban and their affiliates have been engaged in ****cultural racketeering and terrorism in Iraq, Syria, Yemen, Afghanistan and elsewhere, converting patrimony into cash for weapons and troops****.
https://www.un.org/press/en/2015/sgsm17427.doc.htm
As Terrorists Diversify Fundraising Tactics, Greater Efforts Needed to Shut Down Illicit Channels, Secretary-General Tells Finance Ministers' Meeting Terrorists continue to adapt their tactics and diversify their funding sources. Today, Da'esh runs a multi-million-dollar economy in territories under its control. Da'esh terrorists raise money through the oil trade, extortion, undetected cash couriers, kidnapping for ransom, trafficking of humans and arms and racketeering. They loot and sell precious cultural property, shamelessly profiting from the destruction of humanity's common heritage.

NEW QUESTION # 20
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