Acams CAMS - Certified Anti MoneyLaundering Specialists http://www.certs4you.com/Acams/cams-dumps.html
What is AMLcertification? The Certified Anti-Money Laundering Specialist (CAMS) credential is the gold standard in AML certifications and recognizedinternationally by financial institutions, governments andregulators. What is the meaning of anti moneylaundering? Anti-money laundering (AML) is a term mainly used in the financial and legal industries to describe the legal controls that require financial institutions and other regulated entities to prevent, detect, and report money launderingactivities. What isAcams? ACAMS is the largest international membership organization dedicated to enhancing the knowledge and expertise of AML/CTF and financial crime detection and prevention professionals, from a wide range of industries, in both the public and privatesectors.
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Question No1: A bank in Italy holds a business account for an Italian company that sells gold throughout Europe and the Western Hemisphere. The bank knows the purposeof this account is to receive payment for sales. Areview of the account shows a pattern of wire transfers coming from payable-through accounts. There is also a pattern of purchases of gold bullion held in Swiss banks. The MOST important factor in assessing whether money laundering is a threat is thatthe: Customer sells gold in regions where it carries an important or religious significance that adds to the high intrinsic value. Payments come from third-partyaccounts. Payments received are in the form of wire transfers instead ofcash. Account holder maintains gold bullion rather than finished pieces ofjewelry. Answer:B Click Here ToDownload Latest Questions OfACAMS
Question No2: Which of the following should a national legislature consider when criminalizing money laundering in line with the CFATF 19 Recommendations (choosethree)? Do not limit the number of specific predicate offenses for moneylaundering. Criminalize conspiracy or association to engage in moneylaundering. Indicate whether it is relevant that a predicate offense may have been committed outside the localjurisdiction. Require money laundering offenses to prove that the offender has actual knowledge of a criminal connection to the funds. Answer: A, B,C Click Here ToDownload Latest Questions OfACAMS
Question No3: Which three statements are true about the 3rd EU Directive on Money Laundering of 2005?It: A.Was proposed in order to update European Community legislation in line with the Financial Action TaskForce (FATF) 40Recommendations. Largely replicates the definitions included in the Second Directive, including the definition of a politically exposed person. Repeats the main customer due diligence requirements of the first and second Directives, but adds more detail to the requirements by, for example, including a specific requirement to identify the beneficial owner if one exists and includes ongoing monitoringrequirements. Requires firms to apply the customer due diligence requirements to existing customers at appropriate times on a risk sensitivebasis. Answer: A, C,D Click Here ToDownload Latest Questions OfACAMS
Question No4: The FATF 40 Recommendations say that countriesshould: Not allow bearer shares and legal persons that are able to issue bearershares. Gather statistics on STRs; prosecutions and convictions; on property frozen, seized and confiscated; and on mutual legal assistance, but not necessarily on other international requests for co-operation. Consider the feasibility of a system where banks and other financial institutions and intermediaries would report currency transactions without indicating a minimum fixedamount. Not approve the establishment or accept the continued operation of shellbanks. Answer:D Click Here ToDownload Latest Questions OfACAMS
Question No5: Among the Principles for Information Exchange Between Financial Intelligence Units for Money Laundering Cases, issued by the Egmont Group on June 13, 2001, we find which of thefollowing? Information-sharing agreements must be drafted according to a model issued by the EgmontGroup. Information-sharing agreements should not allow room for case-by-case solutions to specific problems in case of NCCTcountries. Information exchanged between FIUs may be used only for the specific purpose for which the information was sought orprovided. The requesting FIU may make use of the information shared by a disclosing FIU for administrative purposes without the prior consent of the disclosingFIU. Answer:C Click Here ToDownload Latest Questions OfACAMS
Question No6: In most laws criminalizing money laundering, it is statedthat: Financial institutions are not responsible for money laundering or suspicious transactions taking place withintheir accounts until the government places the customer on a watchlist. Tipping off (telling customers that their accounts/ transactions are under investigation because of suspicion) is not punishable. The dirty money undergoing money laundering will not be confiscated because of privacylaws. Employees of financial institution who intentionally ignore clear signs of money laundering may be punished with imprisonment and/orfines. Answer:D Click Here ToDownload Latest Questions OfACAMS
Question No7: What could happen to compliance officers if they do not comply with the anti-money laundering laws and regulations? Their employers could face reputation damage, but the employee is immune frompenalty. Loss of job, prison penalties and fines, negative reputation to theiremployer. Nothing. Only the financial institution's legal counsel will be responsible for complying withlaws. Nothing. Only the staff directly handling transactions have toworry. Answer:B Click Here ToDownload Latest Questions OfACAMS
Question No8: Which of the following statements istrue? Credit cards are not likely to be used in the layering phase of money laundering because of restrictions incash payments. Credit cards are effective instruments for laundering money because the transactions do not create an audittrail. A launderer can launder money by prepaying his credit card using funds that are already in the banking system, creating a credit balance on his account, and requesting a creditrefund. A launderer can use illicit funds that are already in the banking system to pay his credit card bill for goods purchased, which is an example of placement. Answer:C Click Here ToDownload Latest Questions OfACAMS
Question No9: According to the FATF 40 Recommendations,"designated non-financial businesses and professions"include: Casinos, real estate agents and dealers in preciousstones. Money service businesses, gatekeepers, and issuers of electronicmoney. Dealers in precious metals, lawyers, commodity futurestraders. Life insurance companies, real estate agents andnotaries. Answer:A Click Here ToDownload Latest Questions OfACAMS
Question No10: Tom works as acompliance officer at ABC Bank. He is looking at the transactions of one of the bank's customers, Mr. Brown, the owner of a check cashing company. Over the last six months, Mr. Brown has not made withdrawals of cash against check deposits. He also deposited two checks for US$2,000 each that were issued by a casino. When checking the KYC file, Tom sees that, when opening the account, Mr. Brown had requested detailed information about fees and commission that are charged bythe bank. What should arouse Tom's suspicion the most? Mr.Brown: Deposited checks fromcasinos. Did not make withdrawals of cash against checkdeposits. Showed uncommon curiosity about commissions and feescharged. Does not have an escrowaccount. Answer:B Click Here ToDownload Latest Questions OfACAMS
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