ACAMS ACAMS Certifications CAMS Questions & Answers

• Question 581:

  Which precaution will a money launderer take to avoid detection when sending electronic transfers?

  A. Using cover payments for all electronic transfers

  B. Varying the amounts of transactions and using reputable organizations

  C. Using round dollar amounts, so funds appear to be gifts or loans

  D. Misspelling names to foil watch-list filtering systems

  Correct Answer: D

• Question 582:

  When the minimum CDD standards of the home and host countries differ, the offices in the host countries should follow which requirements?

  A. Local rules and regulations

  B. The minimum required

  C. Thehigher standard of the two

  D. The CDD standards required by the home country

  Correct Answer: C

• Question 583:

  Which action should an FIU consider taking when it has information that might be useful to another FIU?

  A. In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form

  B. Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified

  C. Take no action until contacted by the other FIU

  D. Request approval from the Egmont Group prior to sharing the information with the other FIU

  Correct Answer: B

• Question 584:

  Which statement is true about banking regulatory agencies having the authority to obtain information from regulated institutions?

  A. The regulatory agencies may only obtain information from the regulated institution's books and records by virtue of a search warrant

  B. A search warrant may be substituted by a court subpoena compelling the institution to produce the information to the regulatory agency

  C. The agencies authority to conduct examinations negates the need for a warrant or subpoena

  D. If a regulatory agency intends to prosecute a regulated institution, a warrant or subpoena must first be granted before the information can be obtained

  Correct Answer: C

• Question 585:

  When and how should an institution appraise the AML risk of a newly developed product? Choose 3 answers

  A. The institution should request the Compliance Officer to review and evaluate the AML risk prior to the product going live

  B. The institution should roll the product out on a preliminary basis to determine what risks develop with regard to the product

  C. The institution should review previous administrative actions to determine if the product has created problems for other institutions

  D. The institution should evaluated where, how and to what extent the product is going to be used

  Correct Answer: ABD

• Question 586:

  To guard against acquisition or control of a financial institution by money launderers or their associates, what should supervisory agencies require?

  A. Adequate surety bonds, cash deposits, or equivalencies

  B. Comprehensive compliance programs

  C. Prospective owners have prior experience in the area of finance

  D. Thorough due diligence on prospective owners

  Correct Answer: D

• Question 587:

  What is one of the indicia of a Black Market Peso Exchange?

  A. A wire transfer from a third party not connected with a transaction

  B. A large deposit of pesos converted into U.S. dollars

  C. Atransfer of U.S. dollars to Central or South America to be converted into pesos

  D. An illegal entity that exchanges pesos for U.S. dollars for illegal immigrants

  Correct Answer: A

• Question 588:

  What are some useful tools or methods in conducting an internal AML investigation? Choose 3 answers

  A. Reviewing documents, particularly of relevant accounts

  B. Interviewing knowledgeable employees of the institution

  C. Subpoenaing the owners of the relevant accounts

  D. Exploring leads through internet searches

  Correct Answer: ABD

• Question 589:

  What should an effective anti-money laundering training program include?

  A. Computer-based modules titles differently for each job description in the bank

  B. Random testing of employees to ensure proper understanding ofpolicies

  C. Real-life money laundering examples

  D. Lists of anti-money laundering regulations

  Correct Answer: C

• Question 590:

  Which action should be taken regarding a particular account once suspicious activity is reported by the institution?

  A. Notify the client that the transaction has been reported

  B. Freeze the funds pending notification from the competent authority

  C. Secure all supporting documentation

  D. Immediately close the account

  Correct Answer: C