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The benefit in Obtaining the CAMS Exam Certification

Meeting mandated AML training needs through preparation and study
Increasing their skilled worth through a higher understanding of financial crime detection and hindrance techniques
Proving their AML experience to examiners and regulators
ACAMS conducted a survey recently and the findings were pretty interesting on average, professionals who had their ACAMS made $25,000 more than their colleagues who did not have the CAMS certification!
Protecting their company from money laundering threats and minimize money crime risks

The Certified Anti-Money Laundering Specialist (CAMS) exam is a globally recognized certification program designed to equip individuals with the necessary knowledge and skills to prevent and detect money laundering and terrorist financing. The CAMS Certification is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to the fight against financial crime.

To be eligible for the ACAMS CAMS certification exam, candidates must have a minimum of 40 qualifying credits, which can be earned through education, work experience, or professional development activities. Candidates must also agree to abide by the ACAMS Code of Professional Conduct and Ethics. CAMS exam itself consists of 120 multiple-choice questions and must be completed within three and a half hours.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q225-Q230):

NEW QUESTION # 225
Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities.
Which action should the firm take?

A. Update all job descriptions to include anti-money laundering responsibilities
B. Reply that a description of anti-money laundering responsibilities is included in the annual training
C. Respond that only compliance personnel have anti-money laundering responsibilities
D. Send an email to all staff stating that personnel must observe the anti-money laundering policy

Answer: B

NEW QUESTION # 226
What kind of person should perform the independent testing of an institution's anti-money laundering program?

A. A former anti-money laundering officer from a similar institution
B. A person who reports directly to the Board of Directors or a Board Committee
C. A retired government regulator or federal law enforcement officer
D. A certified specialist in the anti-money laundering field

Answer: B

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) by ACAMS, the independent testing of an institution's anti-money laundering program should be conducted by a person who reports directly to the Board of Directors or a Board Committee. This ensures that the person conducting the testing has the necessary authority, independence, and objectivity to evaluate the program's adequacy and effectiveness, and to report any findings or recommendations to the senior management1. The person conducting the testing should also have the appropriate knowledge, skills, and experience in the anti-money laundering field, and should be familiar with the institution's products, services, customers, and risks2.
The other options are not necessarily suitable or qualified to perform the independent testing of an institution's anti-money laundering program. For example:
A certified specialist in the anti-money laundering field may have the relevant expertise and credentials, but may not have the required independence or reporting line to conduct the testing. For instance, if the certified specialist is an employee of the institution who is involved in the implementation or operation of the anti-money laundering program, then there may be a conflict of interest or a lack of objectivity in the testing process1.
A former anti-money laundering officer from a similar institution may have the relevant experience and background, but may not have the current knowledge or familiarity with the institution's anti-money laundering program, policies, procedures, or systems. Moreover, the former anti-money laundering officer may have a personal or professional relationship with the institution or its staff, which may compromise the independence or integrity of the testing process1.
A retired government regulator or federal law enforcement officer may have the relevant authority and credibility, but may not have the specific skills or qualifications to conduct the testing. For instance, the retired regulator or law enforcement officer may not be well-versed in the latest anti-money laundering standards, regulations, or best practices, or may not be able to apply them to the institution's unique risk profile, products, services, or customers1.
References:
Anti-Money Laundering Specialist (the 6th edition) by ACAMS
What Is An AML Compliance Program? | ComplyAdvantage

NEW QUESTION # 227
The most effective tool used to detect structured transactions is

A. A software program that can link apparently unrelated transactions.
B. A comprehensive account-opening procedure.
C. An employee training program to detect suspicious transactions.
D. Verification of the source of funds.

Answer: A

Explanation:
Structured transactions are a common method of money laundering, where large amounts of cash are broken down into smaller deposits or withdrawals to avoid reporting thresholds or detection. The most effective tool to detect such transactions is a software program that can link apparently unrelated transactions by using various criteria, such as customer name, address, account number, identification number, transaction amount, date, time, location, etc. Such a program can help identify patterns, trends, and anomalies that may indicate money laundering activity.
References:
* ACAMS CAMS Certification Study Guide1, Chapter 2: Money Laundering Risks and Methods, Section
2.2: Common Money Laundering Methods, pp. 51-52
* ACAMS CAMS Certification Video Training Course2, Module 2: Money Laundering Risks and Methods, Lesson 2.2: Common Money Laundering Methods
* ACAMS CAMS Certification Exam Outline3, Domain 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), Task 2.2: Implement risk-based CDD, EDD and ongoing due diligence policies, procedures and processes, p. 13

NEW QUESTION # 228
The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking.
Which three statements from the procedure are in line with Wolfsberg? (Choose three.)

A. The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity.
B. Where the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of funds and wealth of the Authorized Signatory should be undertaken.
C. The responsible private banker must obtain the necessary documentation establishing the authorized signer's authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney).
D. If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account.
E. Where due diligence has been satisfactorily completed on all authorized signers, the responsible private banker may reduce the due diligence performed on the account holder and/or beneficial owner.

Answer: C,D,E

Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/20.%20Wolfsberg-FAQs-on- Intermediaries-May-2012.pdf

NEW QUESTION # 229
The compliance officer for a bank is reviewing on-boarding documents for a new business account for a domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company. Only information on the nominee owners was provided, and none of the listed addresses are local. The purpose of the business and future expected activity were disclosed to include cash letters, money orders and international remittance transfers.
Which red flag identifies a heightened money laundering risk?

A. Account signer's government issued identification lists addresses outside of where the branch account was
B. The nature and purpose of the business include international remittance transfers
C. The names provided at account opening are identified as the corporation's representative nominees
D. Expected activity was advised to include cash letter and money orders

Answer: C

Explanation:
opened
Explanation:
According to the ACAMS Study Guide 6th Edition, Chapter 2, page 37, one of the red flags of money laundering or terrorist financing is the use of nominees, trusts, or third parties to hide the identity, ownership, or control of the funds or assets involved in the transaction. Nominees are individuals or entities that act on behalf of the actual or beneficial owners of a company, trust, or account, and may be used to conceal the source, destination, or purpose of the funds or assets. Nominees may also be used to evade taxes, sanctions, or regulatory requirements.
In this case, the compliance officer is unable to verify the identity of the beneficial owners of the company, and only information on the nominee owners was provided. This raises the suspicion that the company may be involved in money laundering or terrorist financing activities, and that the nominee owners may be acting as fronts or intermediaries for the actual or beneficial owners. The compliance officer should conduct further due diligence on the company, the nominee owners, and the beneficial owners, and report any suspicious or unusual activity to the relevant authorities.
Reference:
ACAMS Study Guide 6th Edition, Chapter 2, page 37
Beneficial Ownership Meaning and Regulation - Investopedia
What is a nominee shareholder? | LawBite

NEW QUESTION # 230
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