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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized certification for professionals in the financial crime prevention industry. It is designed to equip individuals with the knowledge and skills needed to effectively prevent and detect money laundering activities. Certified Anti-Money Laundering Specialists certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading organization in the field of financial crime prevention.

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Determine the risks to individuals or institutions for violation of AML laws.
Provided a scenario, Determine when and how to implement necessary program changes, the process to access the money laundering and internal factors that should be escalated to management
Determine the economic and social consequences of money laundering
Determine the key aspects of the FATF, BASEL Committee Customer Due Diligence Principles, EU Directives on money and Wolfsberg Groups AML Principles as they relate to private/correspondent banking, USA PATRIOT Act and OFAC sanctions that have extraterritorial reach
Determine methods to finance terrorism and to launder money used in banks, insurance companies, broker-dealers, investment advisors, capital markets, gaming, dealers of precious metal/high-value items, real estate, bureau de change, the business of money services, lawyers, notaries, accountants, and auditors.

ACAMS CAMS Exam is considered the gold standard in AML certifications and is highly sought after by financial institutions, regulatory agencies, and law enforcement agencies worldwide. Certified Anti-Money Laundering Specialists certification not only enhances the candidate's career prospects but also contributes to the overall success of their organization by ensuring compliance with AML regulations and preventing financial crimes.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q218-Q223):

NEW QUESTION # 218
Historically, a tour guide has made monthly cash deposits averaging $10,000. Over the past three months, the monthly deposits have averaged $100,000. When the financial institution questions the increased deposits, the tour guide explains that there have been numerous conventions in town so business has increased substantially.
Which further action(s) should the financial institution take?

A. Perform further investigation, if appropriate report the activity to the authorities and place a limit on future transactions
B. Immediately terminate the relationship
C. Schedule a periodic review of activity
D. Perform further investigation, it appropriate report the activity to the authorities and consider terminating the relationship

Answer: D

NEW QUESTION # 219
What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?

A. Gatekeepers
B. Legal persons and arrangements
C. Correspondent banking
D. Payable through accounts

Answer: B

Explanation:
Explanation/Reference: https://www.fatf-gafi.org/documents/news/transparency-and-beneficial-ownership.html

NEW QUESTION # 220
A bank compliance officer has implemented enhanced monitoring rules that have identified some unusual activity that may be indicative of human trafficking.
Which red flag should prompt additional transactional review?

A. Cash deposits that occur in cities where the customer does not reside or conduct business
B. Cash deposits that occur in cities where the customer resides and conducts business
C. Wire transfer activity from countries with significant migrant populations
D. Cash deposits that occur in cities where the customer does not reside or conduct business followed by same-day withdrawals

Answer: A

NEW QUESTION # 221
Which of the following are risk factors a financial institution should examine when onboarding a new corporate customer? (Select Three.)

A. The identity of senior managing officials and all individuals authorized to operate the account.
B. The employment profiles of all employees of the new customer.
C. The type of business the corporate customer is engaged in.
D. All the financial institutions where the new customer currently banks or has banked previously.
E. The country or location where the customer is from or conducts business.

Answer: A,C,E

Explanation:
When onboarding a corporate customer, financial institutions must conduct due diligence to assess potential AML risks.
Option A (Correct): Understanding the nature of the business helps identify higher-risk industries (e.g., casinos, cryptocurrency exchanges, cash-intensive businesses).
Option D (Correct): Identifying senior managing officials and account signatories helps verify the true control and ownership of the company.
Option E (Correct): Jurisdictional risk assessment is key, especially if the company is from a FATF-listed high-risk country.
Why Other Options Are Incorrect:
Option B (Incorrect): The employment profiles of all employees are not relevant unless they have a direct role in financial transactions.
Option C (Incorrect): A company's banking history is not always relevant, unless there are red flags of prior financial crime involvement.
Best Practices for Corporate Customer Onboarding:
Verify beneficial ownership structures to detect potential shell companies.
Conduct enhanced due diligence (EDD) for high-risk industries and jurisdictions.
Ensure ongoing monitoring of corporate customers.
Reference:
FATF Recommendation 10 (Customer Due Diligence)
6th EU AML Directive (6AMLD) on Corporate Due Diligence
Wolfsberg Group Guidance on Corporate Customer AML Risk Management

NEW QUESTION # 222
In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?

A. Proving to the Board of Directors that the FIU is doing its job
B. Highlighting the skills of the system analysts
C. Meeting mandatory regulatory requirements for system implementation
D. Identifying how customers are using products

Answer: C

Explanation:
"Transaction Monitoring Systems and Ongoing Monitoring: Since the transactional monitoring system is key to mitigating ML risk within the bank, the Committee recognizes that AML risks require more than just appropriate policies and procedures; banks must have adequate and appropriate monitoring systems. For most banks, this will involve an IT monitoring system. If the bank does not believe it needs an IT monitoring system, it should document the rationale for why it does not need one.

NEW QUESTION # 223
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