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To be eligible to take the CAMS Certification Exam, candidates must meet certain requirements. They must have at least 40 hours of AML training or experience, as well as a high school diploma or equivalent. Alternatively, candidates may have a bachelor's degree or higher from an accredited institution. In addition, candidates must agree to abide by the ACAMS Code of Professional Conduct.
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ACAMS CAMS (Certified Anti-Money Laundering Specialists) certification exam is designed for professionals who work in the field of money laundering prevention and financial crime detection. CAMS exam covers a wide range of topics such as money laundering techniques, risk assessment, compliance regulations, and investigation methods. Certified Anti-Money Laundering Specialists (the 6th edition) certification is recognized globally and is a highly respected credential in the financial services industry.
ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q448-Q453):
NEW QUESTION # 448
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?
Answer: B
NEW QUESTION # 449
A bank received a subpoena regarding one of its clients. The financial intelligence unit of the bank should review the subpoena and:
Answer: B
Explanation:
A subpoena is a legal order that requires a person or an entity to produce documents, information, or testimony related to a legal matter. A financial intelligence unit (FIU) is a specialized unit within a financial institution that is responsible for detecting, analyzing, and reporting suspicious activities and transactions.
When a bank receives a subpoena regarding one of its clients, the FIU should review the subpoena and perform a transaction review to determine if there is any evidence of money laundering, terrorist financing, fraud, or other criminal activity involving the client. The FIU should also respond fully to the subpoena by providing the requested information and documents, unless there is a valid reason to object or seek a protective order. The FIU should not adjust the client's risk score, file a SAR, or close the client's account based solely on the receipt of the subpoena, as these actions may be premature, inappropriate, or illegal.
Adjusting the client's risk score may require further investigation and due diligence. Filing a SAR may be unnecessary or misleading if the subpoena does not indicate any suspicious activity. Closing the client's account may violate the bank's contractual obligations, customer service standards, or anti-discrimination laws. Moreover, these actions may alert the client or the subject of the investigation to the existence of the subpoena, which may interfere with the legal process or jeopardize the safety of the bank or its employees.
References:
Subpoena Responses for Financial Institutions
Requests by Law Enforcement for Financial Institutions to Maintain Accounts SUBPOENA COMPLIANCE UPDATE
[ACAMS Study Guide, 6th Edition, Chapter 5, p. 140]
NEW QUESTION # 450
The Financial Action Task Force (FATF) routinely publishes a catalog of jurisdictions requiring enhanced monitoring, which is commonly called the:
Answer: D
Explanation:
The FATF Grey List consists of countries with AML/CFT deficiencies that have committed to reforms.
Option C (Correct): Grey-listed jurisdictions are under increased monitoring and must address identified deficiencies within a set timeframe.
Option A (Incorrect): Yellow notices are used by INTERPOL, not FATF.
Option B (Incorrect): Red notices refer to INTERPOL arrest warrants, not FATF monitoring lists.
Option D (Incorrect): FATF does not maintain a "white list" of compliant jurisdictions.
NEW QUESTION # 451
A local law enforcement officer notifies the bank compliance officer that he is working on an insurance fraud scheme that appears to be running transactions using the account of a bank employee. The law enforcement officer refers to a kiting suspicious transaction report filed by the compliance officer and requests further information.
What action should the compliance officer take?
Answer: D
Explanation:
the compliance officer should cooperate with the law enforcement investigation, but only after receiving a formal written request that specifies the scope and purpose of the information sought. This is to ensure that the compliance officer complies with the legal and regulatory obligations of the bank, such as confidentiality, privacy, and data protection. The compliance officer should also document the request and the information provided, and report the incident to the senior management and the board of directors as appropriate.
References:
* FFIEC BSA/AML Assessing the BSA/AML Compliance Program - BSA Compliance Officer, section
"BSA Compliance Officer", paragraph 3: "The BSA compliance officer is responsible for ensuring that the bank's BSA/AML compliance program is implemented effectively, including timely updates in response to changes in regulations or business activities, and for managing all aspects of the BSA/AML compliance program. The BSA compliance officer is also responsible for ensuring that the bank's BSA/AML compliance program is communicated to all personnel and that adequate training is provided to appropriate personnel."
* Guidelines on the role of AML/CFT compliance officers, section "Guidelines on the role of AML/CFT compliance officers", paragraph 36: "The AML/CFT compliance officer should ensure that the institution cooperates with the competent authorities, including by providing them with all the information they require in a timely manner, in accordance with the applicable legal and regulatory framework."
* Anti-Money Laundering Compliance Officer Job Description, section "Responsibilities of an AML Compliance Officer", bullet point 6: "Cooperate with law enforcement and regulatory bodies as required."
NEW QUESTION # 452
A division anti-money laundering officer for a financial institution has been conducting a monthly self-assessment.
The officer reviews the accounts opened for 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.
Which of the following is the next course of action for the anti-money laundering officer to take?
Answer: A
Explanation:
The next course of action for the anti-money laundering officer to take is to determine if there is a readily identifiable cause for the increase in compliance deficiencies. This could involve analyzing the data, interviewing the staff, reviewing the procedures, or conducting a root cause analysis. The anti-money laundering officer should try to find out if the deficiencies are due to human error, system failure, policy ambiguity, training gap, external factors, or any other reason. By identifying the cause, the anti-money laundering officer can then take appropriate corrective or preventive measures to address the issue and improve the compliance performance.
References:
* CAMS Study Guide - 6th Edition, Chapter 6, pages 171-172
* CAMS Certification Exam Outline, Domain 3, Task 3.1, Skill 3.1.2
* Anti-Money Laundering & Know Your Customer eBook, Chapter 5, pages 63-64
* Summary of the Global Anti-Money Laundering Know Your Customer Policy, page 3
NEW QUESTION # 453
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