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The CAMS certification is highly valued by employers in the financial services industry, as it demonstrates a commitment to compliance and risk management. In addition, many regulatory agencies and law enforcement organizations recognize the CAMS certification as a mark of expertise in the AML field. Professionals who hold the CAMS certification may have access to more job opportunities, higher salaries, and greater career advancement prospects.

Exam Details

The CAMS is a 3.5-hour test consisting of 120 multiple-choice and multiple-select questions. To pass and obtain the CAMS Certification, test-takers must achieve a score of 75 or more. ACAMS recommends that candidates arrive/log in 30 minutes before the scheduled time for the official exam as latecomers may not be allowed to take the test and this allows ample time for check-in. Test-takers are also required to bring along with them the two forms of current and valid government-issued identification. Please note that the identification must include a photograph and signature. Also, please ensure that the name used when registering for the real exam is one and the same as it appears on the identification.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q63-Q68):

NEW QUESTION # 63
AML training programs should extend beyond basic concepts to deliver targeted training by:

A. offering internal policies training, such as customer identification and verification procedures and policies.
B. offering periodic refresher training on AML bases (usually annually) for existing employees.
C. offering general background and history training pertaining to money laundering controls.
D. offering appropriate training tailored to the individual's specific roles, such as alerts for investigators and suspicious activity report writers.

Answer: A

Explanation:
A . Offering internal policies training: This is crucial. Employees need to understand the specific procedures and policies related to customer identification and verification. These internal policies ensure consistency and compliance.
B . Offering general background and history training: While historical context is valuable, it's not the primary focus. AML training should prioritize practical knowledge and current best practices.
C . Offering periodic refresher training: Absolutely! Regular refresher training keeps employees up-to-date with evolving AML regulations and reinforces their understanding.
D . Offering tailored training for specific roles: This is essential. Different roles require different expertise. For example, investigators need to recognize red flags, while report writers must understand how to create effective suspicious activity reports.
Comprehensive Detailed
Internal Policies Training: AML training should cover internal policies thoroughly. This includes customer identification and verification procedures, as well as other relevant policies specific to the organization. Employees need to understand how these policies translate into day-to-day practices.
General Background and History: While historical context can be interesting, it's not the primary focus of AML training. Instead, the emphasis should be on practical knowledge, current best practices, and real-world scenarios.
Periodic Refresher Training: Regular refresher training is essential. AML regulations evolve, and employees need to stay informed. Annual or periodic refreshers reinforce knowledge and ensure compliance.
Tailored Training for Specific Roles: Different roles within an organization have distinct responsibilities related to AML. Tailored training ensures that employees understand their specific duties. For example, investigators need to recognize suspicious patterns, while report writers must know how to create effective reports.
Reference:
Anti-Money Laundering Specialist (the 6th edition) resources.
ACAMS Certification Candidate Handbook
ACFCS AML 360 Certificate Program

NEW QUESTION # 64
What three attributes do havens for money laundering and terrorist financing typically have? Choose 3 answers

A. Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering
B. A large number of predicate crimes for money laundering
C. Absence of an effective FIU
D. Limited types of institutions and persons covered by money laundering laws and regulations

Answer: A,C,D

Explanation:
Havens for money laundering and terrorist financing are jurisdictions that offer a high degree of anonymity, secrecy, and protection to criminals who seek to conceal or move their illicit funds. These havens typically have the following three attributes12:
* Limited types of institutions and persons covered by money laundering laws and regulations. This means that only a narrow range of financial activities or entities are subject to anti-money laundering (AML) and combatting the financing of terrorism (CFT) obligations, such as customer due diligence, record-keeping, reporting, and supervision. For example, some havens may exclude lawyers, accountants, trust and company service providers, or non-bank financial institutions from AML/CFT requirements.
* Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering. This means that the authorities in these havens lack the political will, resources, or capacity to effectively implement and enforce the AML/CFT laws and regulations.
They may also impose low sanctions or fines for non-compliance, or create legal barriers or obstacles for the confiscation or freezing of assets that are the proceeds of, or used in, or intended or allocated for use in, money laundering, terrorist financing, or other crimes.
* Absence of an effective FIU. This means that these havens do not have a central agency that is responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering, terrorist financing, and other crimes. An effective FIU is essential for facilitating domestic and international cooperation and information exchange, as well as for supporting investigations and prosecutions of money laundering and terrorist financing cases.
References:
1: The IMF and the Fight Against Money Laundering and Terrorism Financing, 1 2: IX Special Recommendations, 2

NEW QUESTION # 65
Bank A is located in Country A. A wire transfer from Bank B located in Country B is processes by Bank A,where the funds are being moved to a customer at Bank C located in Country C. The wire transfer isdeemed suspicious by Bank A.

A. The transaction in Country B.
B. The transaction in Country A.
C. Bank B in Country A.
D. Bank C in Country C.

Answer: B

Explanation:
According to the BSA/AML Manual1, a financial institution is required to file a SAR for any transaction conducted or attempted by, at, or through the institution that involves or aggregates at least $5,000 in funds or other assets, and the institution knows, suspects, or has reason to suspect that the transaction (or a pattern of transactions of which the transaction is a part): (a) involves funds derived from illegal activity or is intended or conducted in order to hide or disguise funds or assets derived from illegal activity; (b) is designed to evade any requirements of the BSA or its implementing regulations; has no business or apparent lawful purpose or is not the sort in which the particular customer would normally be expected to engage, and the institution knows of no reasonable explanation for the transaction after examining the available facts, including the background and possible purpose of the transaction; or (d) involves use of the institution to facilitate criminal activity. In this case, Bank A is the institution that processes the wire transfer and deems it suspicious, based on its own assessment of the transaction and the customer. Therefore, Bank A is responsible for filing a SAR for the transaction in Country A, where it is located and where the transaction takes place. Bank A does not need to file a SAR for the transaction in Country B or Country C, as it does not have jurisdiction or authority over those countries or the other banks involved. However, Bank A may share information about the suspicious transaction with Bank B or Bank C, subject to certain conditions and limitations, as described in the BSA/AML Manual1.
References:
BSA/AML Manual1
Suspicious Activity Reporting - Overview2
Suspicious Activity Report (SAR) Basics3
From Microsoft Start Partners
Another simpler way of looking at the problem is by seeing this case as a Correspondent Banking relationship:
-A is the primary correspondent bank.
-B is the respondent bank.
-C is the receiving bank (of the wire transfer).
Since A is conducting the transaction on behalf of B's customer via the correspondent relationship deemed suspicious, it is the transaction in Country A by the correspondent bank that files the STR. Also, per the regular process, it is on the transaction, not the bank, that the STR is filed against.

NEW QUESTION # 66
In order for a terrorist organization to move funds from Cyprus to England through trade-based money laundering, which technique would be used?

A. An England-based exporter over-invoices a shipment to Cyprus.
B. An England-based exporter under-invoices a shipment to Cyprus.
C. A Cyprus-based exporter over-invoices a shipment to London.
D. A Cyprus-based exporter short-ships a shipment to London.

Answer: A

Explanation:
Trade-based money laundering (TBML) involves manipulating trade transactions to move illicit funds rather than goods. One common technique is over-invoicing, where an exporter intentionally inflates the invoice value of goods. In this scenario, an England-based exporter would over-invoice a shipment to Cyprus. By doing so, the exporter creates a surplus amount that can be transferred back to the terrorist organization in England, effectively disguising the movement of illicit funds12.
References:
Trade-Based Money Laundering Techniques to Know
Money Trails Of Deceit: Understanding Techniques Of Trade-Based Money Laundering Sanction Scanner: What is Trade-Based Money Laundering (TBML)?

NEW QUESTION # 67
Private investment companies are potentially vulnerable to money laundering because:

A. they transact shares that are not traded on a stock exchange.
B. It can be difficult to identify the people who are the ultimate beneficial owners.
C. they exist in offshore jurisdictions with tight secrecy laws to protect the privacy of their owner(s).
D. they are shell companies formed to maintain a client's confidentiality.

Answer: B

Explanation:
Private investment companies (PICs) are potentially vulnerable to money laundering due to the difficulty in identifying the ultimate beneficial owners. PICs are often used to hold and manage private wealth, making them attractive targets for money launderers. Since these entities are privately held and not publicly traded, it can be challenging to identify the individuals who ultimately control or benefit from them. This makes it easier for money launderers to use them to disguise the origins of illicit funds.

NEW QUESTION # 68
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