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The CAMS certification program covers a broad range of topics related to AML, including regulations, risk assessment, customer due diligence, transaction monitoring, and investigations. The program is designed to provide professionals with a comprehensive understanding of the AML landscape and the tools and techniques used to prevent financial crimes. Certified Anti-Money Laundering Specialists certification program is available to individuals working in a variety of roles within the financial industry, including compliance officers, risk management professionals, law enforcement officials, and regulatory officials.

The CAMS exam covers a broad range of topics, including money laundering and terrorist financing methods, regulatory frameworks, risk assessment, due diligence, and sanctions compliance. CAMS Exam consists of 120 multiple-choice questions that must be completed within a 3.5-hour time limit. Candidates must achieve a passing score of 75% or higher to earn the CAMS certification. Certified Anti-Money Laundering Specialists certification must be renewed every three years by completing continuing education courses and demonstrating ongoing professional development in the AML field. Overall, the CAMS certification is an essential credential for professionals working in the financial industry who want to enhance their knowledge and expertise in the fight against money laundering and terrorist financing.

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About CAMS Designation

The CAMS certification is well-known around the globe for being the gold standard among Anti-Money Laundering validations which outlines the main aspects of money laundering and its prevention. What is more, such a certificate helps in encouraging a culture of compliance in organizations and demonstrating one's dedication to a structured risk-based approach. It also helps in meeting accepter anti-money laundering training requirements while rewarding and retaining top performers. Finally, the certification also aids in successfully safeguarding against financial damage.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q463-Q468):

NEW QUESTION # 463
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. 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.
B. 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.
C. 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.
D. 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).
E. 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.

Answer: C,D,E

Explanation:
The three statements from the procedure that are in line with Wolfsberg are:
B: 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. This is consistent with the Wolfsberg Principle 1.2.1, which states that the bank will establish the identity of its clients and beneficial owners prior to establishing business relationships with such persons1.
D: 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). This is consistent with the Wolfsberg Principle 1.2.3, which states that the bank will obtain the necessary documentation establishing the authority of the authorized signatory to act on behalf of the client or beneficial owner1.
E: 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. This is consistent with the Wolfsberg Principle 1.2.4, which states that the bank will understand and document the relationship between the authorized signatory, the client and, if different, the beneficial owner of the account1.
References:
1: Wolfsberg Anti-Money Laundering Principles for Private Banking (2012)

NEW QUESTION # 464
Which requirement is included in the Fourth European Union Directive on money laundering?

A. It requires obliged entities to consider politically exposed persons as high risk for life
B. It requires member states to enact economic sanctions against countries that do not cooperate with Financial Action Task Force recommendations
C. It requires obliged entities to conduct enhanced due diligence on all prepaid card holders
D. It requires member countries to maintain registries of the beneficial owners of legal entities

Answer: D

Explanation:
Reference: https://eur-lex.europa.eu/legal-content/EN/TXT/HTML/?uri=CELEX:32018L0843&from=EN

NEW QUESTION # 465
the Financing of Terrorism (CFT)]
Enhanced due diligence (EDD) may be bypassed for which situation?

A. On-boarding a branch or majority-owned subsidiary of an EU or US FI located in a high-risk third country that fully complies with group-wide policies and procedures.
B. On-boarding a subsidiary in a high-risk country with a complex ownership structure of a long-standing and reputable customer based in the EU or US.
C. On-boarding a reputable Politically Exposed Person (PEP) from the EU onto the wealth management arm of a US financial institution (FI).
D. On-boarding a casino headquartered in the EU or US that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures.

Answer: D

Explanation:
Enhanced due diligence (EDD) is a set of additional measures that must be applied by financial institutions (FIs) in higher-risk situations, such as when dealing with customers or transactions from high-risk third countries, customers who are politically exposed persons (PEPs), or customers who present a higher risk of money laundering or terrorist financing. EDD may include obtaining more information on the customer's identity, source of funds, source of wealth, business relationships, and purpose of the transaction, as well as conducting more frequent and intensive ongoing monitoring of the customer's activities.
However, EDD may be bypassed for certain situations where the risk of money laundering or terrorist financing is low, and where the customer is subject to adequate supervision and regulation in the EU or the US. According to the CAMS Study Guide - 6th Edition1, one such situation is when on-boarding a casino that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures. This is because such a casino is likely to have a low risk profile, as it is not the main source of income for the hotel chain, and it adheres to the same standards and controls as the rest of the group. Therefore, EDD may not be necessary for this situation, and the FI may apply simplified due diligence (SDD) instead.
The other situations listed in the question are not eligible for bypassing EDD, as they involve higher-risk factors, such as dealing with customers or entities from high-risk third countries, customers with complex ownership structures, or customers who are PEPs. These situations require FIs to apply EDD measures to mitigate the risk of money laundering or terrorist financing.
:
CAMS Study Guide - 6th Edition, Chapter 3, Section 3.4, page 84
White Paper on KYC - Enhanced Due-Diligence, page 2
Anti-money laundering - a guide to customer due diligence, page 3
Enhanced Due Diligence for High-risk Customers, page 1

NEW QUESTION # 466
Which safeguard is in place for Financial Intelligence Units (FIUs) to share information securely according to Egmont?

A. Investigators are allowed to request information from a foreign FIU directly.
B. A computer with access to the Egmont Secure Web is accessible to all members of the FIU.
C. Information sharing is conducted according to processes contained in Memoranda of Understanding.
D. Intelligence is shared via messaging applications.

Answer: B

Explanation:
Reference: https://www.elibrary.imf.org/view/books/069/02365-9781589063495-en/ap01.xml

NEW QUESTION # 467
Which statement best describes a key aspect of the AML Directive of the EU regarding business relationships and transactions with high-risk third countries?

A. Obliged entities should implement additional mitigating measures complementary to the enhanced customer due diligence procedures, in accordance with a risk based approach.
B. Obliged entities, in accordance with the member state regulations, should determine at a national level the measures that can be used for enhanced due diligence.
C. Obliged entities should not take into account specific circumstances when performing enhanced due diligence measures.
D. Obliged entities should voluntarily consider the implementation of increased external audit requirements for branches and subsidiaries located in high-risk countries.

Answer: A

NEW QUESTION # 468
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About CAMS Designation

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q463-Q468):

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