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To become CAMS certified, candidates must pass a rigorous examination that tests their knowledge and skills in the field of AML/CTF. The exam consists of 120 multiple-choice questions and is timed at four hours. Candidates must achieve a minimum score of 75% to pass the exam. Once certified, CAMS professionals are required to maintain their certification by earning 60 continuing education credits every three years to ensure that they stay up to date with the latest developments in the field.
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NEW QUESTION # 452
An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer's brother.
During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. Which of the following should the specialist do with respect to these internal memos?
Answer: D
NEW QUESTION # 453
According to the European Union Money Laundering Directives, "knowledge, intent or purpose"' required as an element for money laundering may be inferred from
Answer: C
NEW QUESTION # 454
In many jurisdictions, financial institutions are prohibited from hiring a person who has been convicted of what type of offense?
Answer: B
Explanation:
Reference:http://www.capitol.hawaii.gov/hrscurrent/vol07_ch0346-0398/HRS0378/HRS_03780003.htm(See 9th point)
NEW QUESTION # 455
A large financial institution (Fl) is considering expanding business to an area of the world with weak AML laws. The risk-based assessment indicates that the location will increase the Fl's risk appetite beyond the stated acceptable amount. Which risk factors should be used to identify the priority of the Fl?
Answer: D
Explanation:
Explanation
Geographic risks should be used to identify the priority of the Fl in this scenario. According to the CAMS Manual (6th Edition), "Geographic risk refers to the possibility that the location of a customer, transaction, or product may increase the likelihood of money laundering or terrorist financing because of weak or nonexistent AML/CFT controls" (p. 59). In this scenario, the expansion to an area of the world with weak AML laws would increase the Fl's geographic risk.
Reference: Certified Anti-Money Laundering Specialist (the 6th edition), Section 3.2.3 Geographic Risks, p.
59.
NEW QUESTION # 456
An auction house dealing in fine art and antiques sells a well-known painting at a price of $12 million to an agent bidding for a group of local investors. The same painting sold ten years prior at auction for $5 million. The auction house receives payment for the painting via wire transfer from an account maintained in an offshore jurisdiction by the investor group. No beneficial ownership information is available for the account.
What are the two money laundering red flags? (Choose two.)
Answer: D,E
NEW QUESTION # 457
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