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ACAMS CAMS Latest Exam Pattern | Test CAMS Dumps Pdf

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q110-Q115):

NEW QUESTION # 110
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 office to confirm the need for multiple accounts
C. Call the competent authorities to assess the need to file a suspicious transaction report
D. Wait until the new account receives funds and confirm their source

Answer: C

NEW QUESTION # 111
The line of business is responsible for creating, implementing and maintaining policies and procedures, as well as communicating these to all personnel. It must also establish processes for screening employees to ensure high ethical and professional standards and deliver appropriate training on AML policies and procedures based on roles and functions performed so employees aware of their responsibilities. To facilitate this, employees should be trained as soon as possible after being hired, with refresher training as appropriate.
To guard against acquisition or control of a financial institution by money launderers or their associates, what should supervisory agencies require?

A. Prospective owners have prior experience in the area of finance
B. Comprehensive compliance programs
C. Adequate surety bonds, cash deposits, or equivalencies
D. Thorough due diligence on prospective owners

Answer: D

NEW QUESTION # 112
Which three criteria does a shell bank meet according to the Wolfsberg Principles on Correspondent Banking? Choose 3 answers.

A. It is not subject to inspection by the banking authority that licensed it to conduct banking activities
B. It is not subject to AML laws that require it to implement an AML program
C. It does not employ one or more individuals at its fixed address where it is authorized to conduct business or maintain operating records at that address
D. It does not conduct business at a fixed address in a jurisdiction in which it is authorized to conduct business.

Answer: A,C,D

Explanation:
According to the Wolfsberg Financial Crime Principles for Correspondent Banking1, a shell bank is defined as a bank that has no physical presence in the jurisdiction in which it is incorporated and licensed, and which is unaffiliated with a regulated financial group that is subject to effective consolidated supervision. Physical presence means meaningful mind and management located within a country. The existence simply of a local agent or low level staff does not constitute physical presence. Therefore, a shell bank meets the criteria A, B, and D, as it does not conduct business at a fixed address, does not employ one or more individuals or maintain operating records at that address, and is not subject to inspection by the banking authority that licensed it. Criterion C is not specific to shell banks, as any bank, whether shell or not, may or may not be subject to AML laws that require it to implement an AML program, depending on the jurisdiction.
Reference:
Wolfsberg Financial Crime Principles for Correspondent Banking1, Section: Definitions, pp. 3-4.

NEW QUESTION # 113
You have an AI application that uses keys in Azure Key Vault.
Recently, a key used by the application was deleted accidentally and was unrecoverable.
You need to ensure that if a key is deleted, it is retained in the key vault for 90 days.
Which two features should you configure? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

A. Auditors
B. Purge protection
C. The activation date on the keys
D. The expiration date on the keys
E. Soft delete

Answer: B,E

Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/architecture/best-practices/data-partitioning

NEW QUESTION # 114
The compliance officer for a bank is reviewing on-boarding documents for a new business account for a domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company.
Only
information on the nominee owners was provided, and none of the listed addresses are local. The purpose of the business and future expected activity were disclosed to include cash letters, money orders and international remittance transfers.
Which red flag identifies a heightened money laundering risk?

A. The nature and purpose of the business include international remittance transfers
B. Account signer's government issued identification lists addresses outside of where the branch account was opened
C. The names provided at account opening are identified as the corporation's representative nominees
D. Expected activity was advised to include cash letter and money orders

Answer: C

Explanation:
According to the ACAMS Study Guide 6th Edition, Chapter 2, page 37, one of the red flags of money laundering or terrorist financing is the use of nominees, trusts, or third parties to hide the identity, ownership, or control of the funds or assets involved in the transaction. Nominees are individuals or entities that act on behalf of the actual or beneficial owners of a company, trust, or account, and may be used to conceal the source, destination, or purpose of the funds or assets. Nominees may also be used to evade taxes, sanctions, or regulatory requirements.
In this case, the compliance officer is unable to verify the identity of the beneficial owners of the company, and only information on the nominee owners was provided. This raises the suspicion that the company may be involved in money laundering or terrorist financing activities, and that the nominee owners may be acting as fronts or intermediaries for the actual or beneficial owners. The compliance officer should conduct further due diligence on the company, the nominee owners, and the beneficial owners, and report any suspicious or unusual activity to the relevant authorities.
:
ACAMS Study Guide 6th Edition, Chapter 2, page 37
Beneficial Ownership Meaning and Regulation - Investopedia
What is a nominee shareholder? | LawBite

NEW QUESTION # 115
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