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To be eligible for the CAMS certification exam, candidates must have relevant work experience in the field of anti-money laundering or financial crime prevention. Certified Anti-Money Laundering Specialists certification is ideal for individuals who want to advance their careers in financial services or compliance. CAMS exam consists of multiple-choice questions and is delivered online, making it easily accessible for candidates around the world. Passing the CAMS exam demonstrates a candidate's expertise in anti-money laundering and financial crime prevention, and can lead to higher salaries, greater job opportunities, and increased professional credibility.

The CAMS Certification Exam is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to advancing the AML profession through education, certification, and networking. CAMS exam covers topics such as AML regulations, compliance programs, risk management, customer due diligence, and suspicious activity reporting, among others.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q547-Q552):

NEW QUESTION # 547
Under which two circumstances may law enforcement be given access to a financial institution customer's financial records? (Choose two.)

A. If law enforcement serves a legal summons or subpoena
B. If the investigation of a customer is made public in the media
C. If the person is named in a suspicious transaction report
D. If law enforcement has circumstantial evidence to suspect money laundering

Answer: A,D

Explanation:
Q Law enforcement may be given access to a financial institution customer's financial records if they serve a legal summons or subpoena, or if they have circumstantial evidence to suspect money laundering. These are two of the exceptions to the general rule that financial institutions must protect the privacy of their customers' financial information under the Right to Financial Privacy Act (RFPA) of 19781. The RFPA also allows access to customer records in other situations, such as with the customer's consent, in response to judicial orders, or for certain intelligence or counterintelligence purposes1.
Option A is incorrect because a suspicious transaction report (STR) does not automatically grant law enforcement access to the customer's financial records. The STR is a confidential document that is filed by the financial institution to the Financial Intelligence Unit (FIU) of the country, and the FIU may decide to share the information with law enforcement if it deems appropriate2. However, law enforcement still needs to follow the RFPA procedures to obtain the customer's records from the financial institution.
Option C is incorrect because the investigation of a customer being made public in the media does not give law enforcement the right to access the customer's financial records. The media exposure may raise the public interest or the urgency of the investigation, but it does not override the RFPA requirements.
Law enforcement still needs to obtain a legal summons, subpoena, or other valid authorization to access the customer's records from the financial institution.
References:
1: Right to Financial Privacy Act of 1978, 12 U.S.C. §§ 3401-3422 2: ACAMS Study Guide for the CAMS Certification Examination, 6th Edition, Chapter 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), p.47

NEW QUESTION # 548
Pursuant to the Third European Union Money Laundering Directive, how long after being out of prominent office should a person NOT be considered to be a Politically Exposed Person (PEP)?

A. 2 years
B. 4 years
C. 1 year
D. 3 years

Answer: A

Explanation:
According to the Third European Union Money Laundering Directive (3rd AMLD), a politically exposed person (PEP) is an individual who is or has been entrusted with prominent public functions, such as heads of state, government ministers, judges, senior military officers, or members of parliament1. The 3rd AMLD requires institutions and persons covered by the Directive to apply enhanced customer due diligence measures when dealing with PEPs residing in another Member State or in a third country, in order to prevent money laundering and terrorist financing risks1. The 3rd AMLD also specifies that a person who is no longerentrusted with a prominent public function shall not be considered a PEP after a period of at least one year has elapsed since that person left office, unless the institution or person covered by the Directive has knowledge or reason to believe that the person is still exposed to specific risks2. However, the Commission Directive 2006/70/EC, which lays down implementing measures for the 3rd AMLD, extends this period to at least two years, and allows Member States to extend it further, depending on the level of risk and the type of prominent public function involved3.
1: Directive 2005/60/EC of the European Parliament and of the Council of 26 October 2005 on the prevention of the use of the financial system for the purpose of money laundering and terrorist financing
2: Article 3(8) of Directive 2005/60/EC
3: Article 2 of Commission Directive 2006/70/EC of 1 August 2006 laying down implementing measures for Directive 2005/60/EC of the European Parliament and of the Council as regards the definition of 'politically exposed person' and the technical criteria for simplified customer due diligence procedures and for exemption on grounds of a financial activity conducted on an occasional or very limited basis

NEW QUESTION # 549
the Financing of Terrorism (CFT)]
Which red flag should a compliance officer prioritize first for investigation?

A. A loan is paid off in full with cash after the sale of the vehicle that was used as collateral for the loan.
B. A convenience store cashes government checks for its customers in amounts less than $1,000 USD per day.
C. Several cross-border transfers are received and immediately wired to another beneficiary.
D. A customer has 20 monthly transactions that are repetitive but less than $500 USD per transaction.

Answer: C

Explanation:
This is a common red flag of money laundering that involves layering, which is the process of moving funds through multiple accounts or entities to conceal their origin and ownership. Layering often involves cross- border transfers, especially to high-risk jurisdictions, and rapid movement of funds to avoid detection or tracing. A compliance officer should prioritize this red flag for investigation, as it may indicate a complex money laundering scheme or the financing of terrorism or proliferation.
:
AML Red Flags - What are the Top 10 Indicators? - ComplyAdvantage, section "Red flags related to transaction patterns" AML 101: The 10 Most Common Red Flags - KYC-Chain, section "Red flag indicators related to geographical risks" Anti-money laundering red flags, page 2, bullet point 5

NEW QUESTION # 550
Why should a financial institution (Fl) require an update of its AML risk assessment?

A. To ensure an accurate reflection of the Fl's money laundering and other illicit financial activity risks
B. To ensure the Fl's alignment with the board-approved strategic plan
C. To identify risk considerations for sharing information based on Fl changes
D. To satisfy law enforcement when reporting suspicious activity

Answer: A

Explanation:
A financial institution should regularly update its AML risk assessment in order to ensure that the results of the assessment are accurate and reflect the current money laundering and other illicit financial activity risks that the institution may face. This helps to ensure the institution has a comprehensive understanding of the risks associated with its activities and can implement adequate controls and procedures as necessary.

NEW QUESTION # 551
What are two requirements for monitoring and reporting suspicious activity for correspondent banking according to the Wolfsberg Principles? (Choose two.)

A. Utilize downstream correspondents to investigate and report suspicious activity
B. Incorporate suspicious activity monitoring into periodic reviews
C. Incorporate due diligence results such as customer risk ratings
D. Investigate and report suspicious activity only for the correspondent bank's clients

Answer: A,C

NEW QUESTION # 552
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Steve Davis Steve Davis

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