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Certification Path
The CAMS Certified Anti-Money Laundering Specialist certification path includes only one CAMS certification exam.
NEW QUESTION 208
What type of records do the recordkeeping requirements of section 319 of the Patriot Act require U.S. banks to collect and maintain records of in the U.S. for each non-U.S. bank with which it maintains a correspondent relationship?
- A. Beneficial ownership and any Politically Exposed Person (PEPs) in the management chain
- B. Ownership and agent for service of legal process
- C. Name of attorney and name of all shell bank clients
- D. Copy of AML policies and annual reports
Answer: B
NEW QUESTION 209
To deter money laundering through new accounts, a financial institution should:
1. document the identity of the party opening the account.
2. determine the beneficial owner(s) of the account.
3. query owners' names against Financial Action Task Force databases.
4. seek to determine the source of deposited funds.
- A. 2, 3, and 4 only
- B. 1, 3, and 4 only
- C. 1, 2, and 3 only
- D. 1, 2, and 4 only
Answer: D
NEW QUESTION 210
An anti-money laundering specialist has been asked to create internal anti-money laundering policies, procedures and controls for a recently chartered offshore financial institution. Which of the following should be included?
- A. A training program for senior management and staff.
- B. An anti-money laundering compliance program, internal audit program, and procedure manual.
- C. Compliance requirements of host and chartering countries.
- D. Basel Committee on Banking Supervision's capital adequacy requirements for the host country.
Answer: A,B,C
NEW QUESTION 211
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 customers 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. Continue to follow the current written anti-money laundering program.
- B. Revise the procedures to better assess ongoing customer activity.
- C. Focus on high-risk customer acceptance procedures.
- D. Reduce the risk rating on the mutual customers.
Answer: B
NEW QUESTION 212
An anti-money laundering officer for a financial institution has been conducting a monthly self assessment.
The officer reviews the accounts increase in compliance with a long standing know your Customer policy. The self- assessment for the latest month shows a significant increase in compliance deficiencies for the first time in more than a year. What is the nest course of action for the anti-money laundering officer to take?
- A. Determine if there is a readily identifiable cause for the deficiencies
- B. Revise the policy to simplify Know Your Customer compliance before the report is issued
- C. Inform the Board of Directors promptly of the Know Your Customer policy trend over the last six months.
- D. Implement a revision to the account-opening training program
Answer: D
NEW QUESTION 213
Which of the following represents the first Financial Action Task Force initiative?
- A. The Special Recommendations on Terrorist Financing
- B. The Report on Money Laundering Typologies
- C. The 40 Recommendations on Money Laundering
- D. The Report on Non-Cooperative Countries and Territories
Answer: C
NEW QUESTION 214
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking.
Which red flag should prompt additional transactional review?
- A. Cash deposits that occur in cities where the customer does not reside or conduct business
- B. Cash deposits that occur in cities where the customer does not reside or conduct business followed by same-day withdrawals
- C. Cash deposits that occur in cities where the customer resides and conducts business
- D. Wire transfer activity from countries with significant migrant populations
Answer: A
NEW QUESTION 215
A compliance officer at a small local bank reads in the newspaper that a high ranking local public official, who is a long-standing account holder, is being investigated by the competent authorities for accepting bribes. The compliance officer immediately checks the official's account and new account the official opened at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's long- standing account had no unusual activity and that the recently opened had no activity since it was opened.
What should the compliance officer do next?
- A. Meet with staff who opened the account to understand its nature and purpose
- B. Call the competent authorities to assess the need to file a suspicious transaction report
- C. Wait until the new account receives funds and confirms their source
- D. Call the office to confirm the need for multiple accounts
Answer: A
NEW QUESTION 216
Which method most likely indicates the placement stage of laundering dirty money in a land based casino?
- A. Transfering substantial amounts of money from a client's credit card to a client's casino's VIPaccount
- B. Buying casino chips against a bank draft
- C. Using cash to buy casino winnings from legitimate winners at apremium
- D. Redeeming smaller denomination casino chips forlargestdenomination chips
Answer: C
NEW QUESTION 217
What three attributes do havens for money laundering and terrorist financing typically have? Choose 3 answers
- A. Limited types of institutions and persons covered by money laundering laws and regulations
- B. Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering
- C. Absence of an effective FIU
- D. A large number of predicate crimes for money laundering
Answer: A,B,D
NEW QUESTION 218
An anti-money laundering specialist is employed by a large multi-national bank. The bank is planning to open an international department that will be responsible for expanding services to various countries. The head of the new international department has asked specialist to assess risks associated with the bank's expansion plans. What three set of materials should be included as a reference? Choose 3 answers
- A. Customer Due Diligence for Banks issued by Basel committee on Banking Supervisions
- B. U.S. Patriot Act
- C. FATF 40 Recommendations
- D. The Egmont Group Statement Purpose
Answer: A,B,C
NEW QUESTION 219
While all employees need AML awareness training, which three groups within the institution should receive targeted AML training? Choose 3 answers
- A. Employees who have contact with customers or transactions
- B. The Board of Directors and Senior Management
- C. Senior Management and the human resources staff
- D. The AML officer and the compliance staff
Answer: A,C,D
NEW QUESTION 220
On-line financial technologies are susceptible to money laundering risk because
- A. The risk of identity theft is greatly increased.
- B. The identity of the people who conduct transactions may be unknown.
- C. Viruses significantly damage communications and commerce.
- D. Baring staff are familiar with how this technology can be abused.
Answer: B
Explanation:
Explanation
Correct but to be recheck with B
NEW QUESTION 221
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. What account-opening date should I record'!'
- B. How much money will be deposited into the account?
- C. Who will inherit the proceeds in the event of the businessman's death?
- D. Who will control the account?
Answer: D
NEW QUESTION 222
What is the result of an increased awareness of the potential for gatekeepers to assist in money laundering in recent years?
- A. The FATF recommendations cover lawyers performing financial transactions
- B. Lawyers who represent money launderers can more easily be prosecuted
- C. The IMF has raised the profile of gatekeepers, requiring that countries regulate them
- D. Accountants are no longer considered gatekeepers, since they are not permitted to set up companies or trusts
Answer: B
NEW QUESTION 223
When providing reporting of STRs to the board, which of the following should be provided?
- A. A numerical summary of all the STRs
- B. All the STRs filed with the national FIU
- C. A numerical summary of all the STRs and a summary of key STRs, including PEPs, keyemployees
- D. A summary of all key STRs, including PEPs and key employees
Answer: D
NEW QUESTION 224
Which of the following facilitates law enforcement agents obtaining evidence from authorities in a foreign country relating to criminal activity?
- A. The World Wide Network of Information Sharing
- B. The International Agreement for Mutual Assistance
- C. USA PATRIOT Act Communications System
- D. Mutual Legal Assistance Treaties
Answer: D
NEW QUESTION 225
To ensure compliance with economic sanctions established by governmental authorities in the jurisdictions where it operates, a financial institution requires that all new and existing customers be screened at onboarding and quarterly thereafter.
Is this step sufficient to ensure compliance?
- A. Yes, this is recommended by the international guidance
- B. No, it is necessary to screen and perform enhanced due diligence on new relationships
- C. No, screening should occur promptly after list updates
- D. Yes, screening all existing customer relationships ensures the institutions is not dealing with a sanctioned individual or entity
Answer: A
NEW QUESTION 226
A compliance officer is developing an anti-money laundering program for a financial institution located in a Financial Action Task Force member country. The institution conducts business with customers located in countries/jurisdictions that are not members of Financia Action Task Force. Which of the following issues should be addressed in the program?
- A. The obligation to freeze funds involved in suspicious transactions.
- B. The requirement for customer identification for the opening of new accounts.
- C. The financial institution's obligation to report suspicious transactions.
- D. The requirement to identify the beneficial owners of accounts.
Answer: B,C,D
NEW QUESTION 227
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You are developing an application that uses an Azure Kubernetes Service (AKS) cluster.
You are troubleshooting a node issue.
You need to connect to an AKS node by using SSH.
Solution: You change the permissions of the AKS resource group, and then you create an SSH connection.
Does this meet the goal?
- A. No
- B. Yes
Answer: A
Explanation:
Instead add an SSH key to the node, and then you create an SSH connection.
References:
https://docs.microsoft.com/en-us/azure/aks/ssh
NEW QUESTION 228
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