ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 341:

  Based on the USA PATRIOT Act, what action might the US take to demonstrate extraterritorial reach?

  A. Send requests for information to a non-US based financial institution (FI)

  B. Hand over potential penalties from the US to another government

  C. Freeze U. S. accounts that contain funds from the non-US FI D. Initiate a lawsuit in the home country of the non-US FI

  Correct Answer: C

  Reference: https://www.congress.gov/107/plaws/publ56/PLAW-107publ56.htm

• Question 342:

  How can gatekeepers like lawyers, notaries, and company service providers play a key role in the fight against money laundering?

  A. Identifying challenges in keeping current and accurate beneficial ownership information depending upon the nature and activities of their client

  B. Facilitating tax optimization schemes by establishing trust and company structures in offshore locations

  C. Providing a public fiduciary function by performing the role of trusted third parties

  D. Implementing an internal AML program, which includes the detection and reporting of suspicious transactions

  Correct Answer: A

  Reference: https://www3.weforum.org/docs/WEF_Gatekeepers_A_Unifying_Framework_2021.pdf

• Question 343:

  What is an aspect of the USA PATRIOT Act that has extraterritorial reach?

  A. To strengthen US measures to prevent, detect and prosecute international money laundering and financing of terrorism.

  B. To implement economic and trade sanctions based on US foreign policy.

  C. To mandate stricter money laundering controls across the continent.

  D. To require scrutiny of foreign financial institutions (FIs) and classes of international transactions that are susceptible to criminal abuse.

  Correct Answer: D

• Question 344:

  A compliance officer of a financial institution (FI) is reviewing an international wire transfer flagged by the system for incomplete beneficiary information. According to the Wolfsberg Group and Clearing House Associations' transparency standards, which should the compliance officer do first?

  A. Confirm the beneficiary and account number

  B. Request to obtain further information

  C. Escalate to management

  D. Verify the source of the funds involved

  Correct Answer: B

  Reference: https://ro.uow.edu.au/cgi/viewcontent.cgi?referer=andhttpsredir=1andarticle=4643andcontext=theses (93)

• Question 345:

  An analyst for a broker-dealer finds a client has been systematically purchasing securities at a high price but selling the same securities only when the price falls. Which type of activity is this trading pattern indicative of?

  A. The account is being used as a depository account.

  B. The client is potentially transferring value from one party to another.

  C. The account is being used for cuckoo smurfing.

  D. The client has potential insider knowledge.

  Correct Answer: B

• Question 346:

  According to recommendations from the FATF, what role does a country's Financial Intelligence Unit (FIU) play in safeguarding against money laundering?

  A. Analyzes data on suspicious activity reports

  B. Assists the pursuit of criminal activity by producing suspicious transaction reports

  C. Generates currency transaction reports to send to the central bank

  D. Monitors monthly public statistics on the economy

  Correct Answer: A

  Reference: https://www.fatf-gafi.org/media/fatf/documents/recommendations/Guidance-PEP-Rec12-22.pdf (23)

• Question 347:

  A benefit of using bearer shares in corporate formations is that bearer shares are:

  A. widely accepted in the financial world.

  B. entered in the register of owners.

  C. associated with lower costs in setting up a company.

  D. easily transferred so the holder claims ownership.

  Correct Answer: D

• Question 348:

  OFAC-issued regulations apply to which entities? (Choose two.)

  A. Intermediaries transacting with US banks

  B. Foreign banks with US customers

  C. Foreign subsidiaries of US banks

  D. US branches of a foreign bank

  E. Foreign import-export companies

  Correct Answer: CD

• Question 349:

  A compliance officer for a casino may suspect money laundering if an individual:

  A. invokes reporting requirements through a lump sum payment.

  B. refers to casino associates by their first name.

  C. purchases a low volume of chips with cash and turns them in for a casino check.

  D. requests to have winnings transferred to a bank account of a third party.

  Correct Answer: C

  Reference: https://www.americangaming.org/wp-content/uploads/2018/12/Best-Practice-2017.pdf

• Question 350:

  Which response represents a high-level principle for FATF-Style Regional Bodies (FSRB)?

  A. Membership, mission, financial procedures, and budget

  B. Dependent with different experiences to strengthen the overall effort

  C. Access to documents and assistance with meetings

  D. Reciprocity for effective participation and recognition of work

  Correct Answer: D

  Reference:https://www.fatf-gafi.org/media/fatf/documents/High-Level%20Principles%20and%20Objectives%20for%20FATF%20and%20FSRBs.pdf (4)