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To take the ACAMS CAMS Exam, candidates must have at least two years of experience in AML compliance or a related field. They must also complete a minimum of 40 hours of AML training within the past three years. CAMS exam is computer-based and consists of 120 multiple-choice questions. Candidates have three and a half hours to complete the exam, and a passing score is 75% or higher.

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.

Topics Covered

All in all, the CAMS exam is based on four domains. The first of which is Risks and Methods of Money Laundering & Terrorism Financing. This topic accounts for 26% of the exam items and consists of several subdomains. Thus, the following is a brief portion of the list of those subdomains: recognize ways of money laundering used by banks and similar institutions, by insurance companies, by broker-dealers, capital markets, or investment advisors. What's more, you need to also be aware of recognizing methods of money laundering utilized by organizations such as casinos or other game-related industries, by companies dealing with precious metals or other high-value goods, real estate, etc. In addition, here, you need to know more about the red flags, commercial transactions, human trafficking, and the like.

The second objective is Compliance Standards for Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) which stands for 25% of all test content. In particular, this domain consists of 11 areas. So, to master this topic in full, you need to learn to recognize the main aspects of the EU Directives on money laundering, the USA PATRIOT Act, and the OFAC sanctions. On top of that, you need to touch on how to identify the FATF 40 Recommendations and how to deal with the aspects of the BASEL Committee Customer Due Diligence Principles including the coverage of Egmont Group objectives.

The third section the real exam tests individuals on are AML, CFT, and Sanctions Compliance Programs that covers 28% of the exam and consists of 31 subdomains. In all, under this category, you have to recognize the main items of an anti-money laundering training program and the part that senior management and director boards play in how an organization deals with anti-money laundering oversight. Then, you need to also be proficient in handling AML tools, governance, audits, and situation.

The last part covered is Conducting and Supporting the Investigation Process detailing 21% of the exam questions. All in all, such a portion focuses on recognizing suitable methods of conducting interviews for potential parties involved in an anti-money laundering event, dealing with public source information or other sources of information that may be available for use in an investigation given a specific scenario, accepting ways in which law enforcement organizations may request data from an institution with regards to money laundering, etc.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q175-Q180):

NEW QUESTION # 175
A Trust and Company Service Provider (TCSP) providing services should have policies and procedures in place to identify critical information of the:

A. general manager.
B. registered address.
C. signatory.
D. controller.

Answer: C

Explanation:
A TCSP providing services should have policies and procedures in place to identify critical information of the signatory, as this is one of the key elements of the customer due diligence (CDD) process. The signatory is the person who has the authority to sign documents or contracts on behalf of the customer, such as a company, a trust, or a partnership. The signatory may also be the beneficial owner, the controller, or a nominee of the customer. The TCSP should verify the identity and the capacity of the signatory, as well as the source and origin of the funds or assets involved in the transaction or business relationship. The TCSP should also monitor the activities of the signatory and report any suspicious or unusual transactions or changes in the signatory's behaviour or profile.
References:
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), Section 2.2: Customer Due Diligence (CDD), Subsection 2.2.1: CDD Process, pp. 51-52 RISK-BASED APPROACH GUIDANCE FOR TRUST AND COMPANY SERVICE PROVIDERS (TCSPs), Section III - Guidance for TCSPs, Subsection III.1: Risk Assessment, pp. 23-24 SRA | Trust and Company Service Provider guidance | Solicitors Regulation Authority, Section:
Definition, Paragraph 2
A Trust and Company Service Provider (TCSP) providing services should have policies and procedures in place to identify critical information of the:, Answer B

NEW QUESTION # 176
Under the Wolfsberg Correspondent Banking Principles, which action is considered an enhanced due diligence obligation to correspondent banking clients that present greater risks?

A. Ongoing monitoring of clients located in tax haven countries
B. Approval of a high-risk relationship by a senior management committee
C. Conducting reviews on all high-risk relationships
D. An evaluation done by the compliance officer in charge of the account

Answer: B

Explanation:
Under the Wolfsberg Correspondent Banking Principles, conducting enhanced due diligence (EDD) is an obligation for correspondent banking clients that present greater risks. This may include conducting additional research and analysis of the client's background, ownership structure, and transactions. EDD may also involve obtaining additional documentation, verifying the client's identity, and conducting periodic reviews to ensure ongoing compliance. The level of EDD required should be commensurate with the level of risk posed by the correspondent banking relationship. Therefore, option B and D are incorrect. Option A is not specific enough to address the question. Option C is the correct answer as it highlights the importance of senior management approval for high-risk relationships, which is a key component of EDD.
Reference: Certified Anti-Money Laundering Specialist (the 6th edition) Study Guide, Chapter 7, page 12.
Wolfsberg Correspondent Banking Principles (2014)

NEW QUESTION # 177
the Financing of Terrorism (CFT)]
A foreign politically exposed person (PEP) requests to add a beneficiary to a file insurance policy.
How should the request be processed to mitigate risk?

A. Determine the source of wealth and source of funds
B. Decline the request if the beneficiary is a foreign PEP
C. Decline the request to add a beneficiary due to increased risk
D. Perform due diligence on the beneficiary

Answer: D

Explanation:
According to the FATF Recommendation 12, financial institutions should take reasonable measures to determine whether the beneficiaries of a life insurance policy and/or, where required, the beneficial owner of the beneficiary are politically exposed persons. This should occur at the latest at the time of the payout1. The purpose of this requirement is to prevent the abuse of life insurance products for money laundering or terrorist financing by PEPs or their associates. Therefore, the best way to mitigate the risk of adding a beneficiary to a life insurance policy for a foreign PEP is to perform due diligence on the beneficiary, such as verifying their identity, relationship with the PEP, and source of funds2.
The other options are not correct because they either do not comply with the FATF standards, or do not adequately address the risk of adding a beneficiary to a life insurance policy for a foreign PEP. Determining the source of wealth and source of funds is a measure that should be applied to the PEP as the customer, not the beneficiary, as partof the enhanced due diligence process2. Declining the request if the beneficiary is a foreign PEP may not be feasible or proportional, as not all foreign PEPs are involved in money laundering or terrorist financing, and some may have legitimate reasons to add a beneficiary to their life insurance policy.
Declining the request to add a beneficiary due to increased risk may also not be feasible or proportional, as it may violate the contractual rights of the PEP as the customer, and may not be necessary if the due diligence on the beneficiary does not reveal any red flags or suspicions.: https://complyadvantage.com/insights/peps-life-insurance/
https://www.cfatf-gafic.org/index.php/documents/fatf-40r/378-fatf-recommendation-12-politically-exposed- persons

NEW QUESTION # 178
the Financing of Terrorism (CFT)]
Which method to launder money through deposit-taking institutions is closely associated with international trade?

A. Structuring cash deposits withdrawals
B. Using Black Market Peso Exchange
C. Forming a shell company
D. Investing in legitimate business with illicit funds

Answer: B

Explanation:
The Black Market Peso Exchange (BMPE) is a trade-based money laundering technique commonly used by narcotics traffickers in Colombia and Mexico. The central feature uses a money trader to ensure that US drug sales revenue doesn't cross any borders. Instead, those dollars are used to purchase any number of legitimate commodities from unsuspecting businesses on behalf of legitimate South American businesspersons, whose legitimate imports are used to obtain pesos for the drug cartels. This method is closely associated with international trade because it involves the exchange of goods and currencies across different countries, and it exploits the discrepancies between the official and unofficial exchange rates.
:
CAMS Certification Package - 6th Edition | ACAMS, Chapter 2: Money Laundering Risks and Methods, page
35
Black Market Peso Exchange in Money Laundering - Financial Crime Academy What is BMPE ? - Sanction Scanner Overview - FinCEN.gov Reference:http://fraudaid.com/Dictionary-of-Financial-Scam-Terms/black_market_peso_exchange.htm

NEW QUESTION # 179
A suspicious transaction report filed on a car dealer structuring deposits initiates a criminal investigation. The dealer changes branches and begins placing transactions with a frontline employee to whom the dealer has given numerous gifts.
This employee handles all of the dealer's structured deposits and does not report the suspicious activity internally.
The competent authority has advised the anti-money laundering specialist to avoid tipping off the employee until the investigation is finalized.
What action should the specialist take next?

A. Consult with senior management and the legal advisor.
B. Advise that the dealer's accounts should be closed.
C. Recommend the immediate termination of the employee.
D. Inform the institution's regulatory agency of the situation.

Answer: D

NEW QUESTION # 180
......

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Valid CAMS Test Cost & Test CAMS Testking

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q175-Q180):

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