EXAM CAMS FLASHCARDS - AUTHENTIC CAMS EXAM HUB

Exam CAMS Flashcards - Authentic CAMS Exam Hub

Exam CAMS Flashcards - Authentic CAMS Exam Hub

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q25-Q30):

NEW QUESTION # 25
A financial institution has expanded its scope of services so that it is attracting the business of politically exposed persons (PEPs) who had previously never been part of the customer base.
Which two courses of action should the compliance officer include in the institution's procedures for considering PEPs as customers? (Choose two.)

  • A. Take adequate measures to establish the source of wealth and source of funds which are involved in the business relationship or occasional transaction
  • B. Obtain appropriate senior management approval for establishing a business relationship with a PEP from a high risk country
  • C. Conduct enhanced ongoing monitoring of the business relationship
  • D. Expedite due diligence when a PEP is pre-approved by a member of senior management

Answer: C,D

Explanation:
Explanation/Reference:


NEW QUESTION # 26
In order to protect investigative materials from disclosure when conducting an internal Investigation of any employee of a financial institution, legal counsel of that financial should________?

  • A. Not mark files or documents with privileged and Confidential: Attorney-Client Privilege and/or Work- Product. Those marks will only encourage law enforcement
  • B. Refuse to provide any records or documents to law enforcement because the bank has client privilege with its bank customers
  • C. Let the bank hire any and all contract investigators to conduct the internal investigation. That way Legal is not a party to the action and may remain independent
  • D. Request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee

Answer: D

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, one of the best practices for conducting an internal investigation is to request formal company authorization to conduct the investigation. Such authorization should be granted, if possible, by the board of directors or audit committee, as this will help to establish the independence and legitimacy of the investigation, as well as the protection of the attorney-client privilege and the work product doctrine1. The other options are incorrect because:
* B. Refusing to provide any records or documents to law enforcement may be seen as obstructing justice or violating regulatory obligations, and may also result in the loss of the privilege or the imposition of sanctions or penalties23.
* C. Letting the bank hire any and all contract investigators may compromise the quality and integrity of the investigation, as well as the protection of the privilege or the work product doctrine, as the investigators may not be properly supervised or instructed by legal counsel, or may not be covered by the Kovel doctrine45.
* D. Not marking files or documents with privileged and confidential: attorney-client privilege and/or work-product may undermine the claim of the privilege or the work product doctrine, as it may indicate that the materials were not prepared for the purpose of seeking or providing legal advice or in anticipation of litigation, or that they were not intended to be kept confidential67.
1: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 150
2: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 151
3: Perkins Coie, Protecting Internal Investigation Materials From Disclosure, Updates, August 10, 2020
4: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 150
5: Eversheds Sutherland, Legal privilege of corporate internal investigations under US law - 2019 caselaw update, JDSupra, December 20, 2019
6: ACAMS, CAMS Certification Package - 6th Edition, Chapter 5, page 150
7: Norton Rose Fulbright, Internal investigations: when does privilege apply?, Global law firm, September 11,
2018


NEW QUESTION # 27
Combating the Financing of Terrorism (CFT)]
Which piece of information identified by customer screening would be the most likely reason to trigger consideration of exiting a business relationship with a customer because of financial crime concerns?

  • A. The customer is a politically exposed person (PEP).
  • B. The customer allegedly violated a construction permit limit.
  • C. The customer is linked to an organized crime group.
  • D. The customer is a shareholder of a corporation declared bankrupt.

Answer: C

Explanation:
Financial institutions must screen customers against adverse information and determine whether they pose a significant financial crime risk.
* Option B (Correct):A direct link to an organized crime group is a severe red flag. Organized crime networks engage in money laundering, corruption, and other illicit activities. UnderFATF Recommendations 10 and 12, financial institutions must implement enhanced due diligence (EDD) for high-risk customers and consider account closure if they pose undue risk.
* Option A (Incorrect):Bankruptcy does not necessarily indicate financial crime risk, though it may raise financial stability concerns.
* Option C (Incorrect):While PEPs pose a higher risk for corruption, financial institutions typically apply EDD rather than immediately terminating the relationship.
* Option D (Incorrect):Violating a construction permit is a regulatory issue, not directly linked to financial crime.
Reference:FATF Recommendation 10 (Customer Due Diligence); FATF Recommendation 12 (PEPs); Wolfsberg Principles on Risk-Based Due Diligence.


NEW QUESTION # 28
According to the European Union Money Laundering Directives, "knowledge, intent or purpose"' required as an element for money laundering may be inferred from

  • A. Objective factual circumstances.
  • B. Subjective non-factual circumstances.
  • C. Objective non-factual circumstances.
  • D. Subjective factual circumstances.

Answer: A

Explanation:
According to Article 1(3) of Directive (EU) 2015/849 (4th Anti-Money Laundering Directive, 4AMLD),
"knowledge, intent or purpose" required as an element for money laundering may be inferred from objective factual circumstances. This means that the prosecution does not need to prove the actual state of mind of the offender, but can rely on the evidence of the surrounding facts and circumstances that indicate the offender's awareness or intention to launder money. This is consistent with the approach of the Financial Action Task Force (FATF), which defines money laundering as the intentional act of concealing or disguising the origin of criminal proceeds.
:
Directive - 2015/849 - EN - Fourth Anti-Money Laundering Directive - EUR-Lex, Article 1(3).
Preventing abuse of the financial system for money laundering and terrorist financing, Summary.
New Directive on Criminalisation of Money Laundering - eucrim, Introduction.


NEW QUESTION # 29
Which activities could be considered a potential spear phishing scam? (Select Three.)

  • A. Members of a religious organization receive a donation request by email claiming to be from their leader.
  • B. A business sends its employees an email warning that email passwords must be changed to prevent cyber-fraud.
  • C. An employee receives a phone call requesting that money be sent to assist someone in trouble.
  • D. An employee receives an email that asks to download an attachment, but the attachment is a malware.
  • E. Payroll receives an external email from an employee looking to update their bank account information.
  • F. A courier delivers a duplicate invoice to a business that contains updated payment details of an existing supplier.

Answer: D,E,F

Explanation:
The activities that could be considered a potential spear phishing scam are:
A courier delivers a duplicate invoice to a business that contains updated payment details of an existing supplier. This could be a way of diverting funds to a fraudulent account by impersonating a legitimate vendor and exploiting the trust relationship between the business and the supplier1.
Payroll receives an external email from an employee looking to update their bank account information. This could be a way of stealing money from the employee or the employer by pretending to be the employee and requesting a change in the payment method or destination2.
An employee receives an email that asks to download an attachment, but the attachment is a malware. This could be a way of infecting the employee's computer or network with malicious software that could compromise sensitive data, disrupt operations, or demand ransom3.
The other options are not necessarily spear phishing scams, although they may be other types of fraud or deception. For example:
An employee receives a phone call requesting that money be sent to assist someone in trouble. This could be a vishing scam, which is a form of voice phishing that uses phone calls to solicit personal or financial information or to request money transfers4.
A business sends its employees an email warning that email passwords must be changed to prevent cyber-fraud. This could be a legitimate security measure, or it could be a phishing scam, which is a form of email phishing that targets a broad audience and tries to trick them into revealing their credentials or clicking on malicious links.
Members of a religious organization receive a donation request by email claiming to be from their leader. This could be a genuine appeal, or it could be a social engineering scam, which is a form of manipulation that exploits the human factor and relies on the victim's emotions, trust, or sympathy.
Reference:
ACAMS CAMS Certification Video Training Course - Exam-Labs3
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)4 ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 3, page 53: https://www.acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-3.pdf ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 3, page 54: https://www.acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-3.pdf ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 3, page 55: https://www.acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-3.pdf ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 3, page 56: https://www.acams.org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-3.pdf


NEW QUESTION # 30
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The ACAMS CAMS Certification is one of the most valuable certificates in the modern ACAMS world. This Certified Anti-Money Laundering Specialists (CAMS) certification exam is designed to validate a candidate's skills and knowledge level. With this CAMS exam everyone whether he is a beginner or seasoned professional can not only validate their expertise but also get solid proof of their skills and knowledge. By doing this you can gain several personal and professional benefits.

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