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How to Get Certified
To obtain the ACAMS CAMS certificate individuals must take and successfully pass the affiliated namesake CAMS exam, which requires individuals to go through a three-step process. This has been outlined below:
- Submit an application
After gaining membership at ACAMS, individuals are required to submit an application form along with payment. To be eligible to send an application, individuals must meet the following requirements: hold an active ACAMS membership, have 40 ACAMS credits, possess an education (10 credits for associates, 20 credits for bachelors, 30 credits for masters, and 40 credits for JD, or PhD), possess work experience (10 credits for each year of work experience), and have training (1 credit for an hour of training in the field of financial crime).
- Take the actual CAMS exam
After an individual is found to be eligible and their application has been approved, they may go on to schedule their CAMS evaluation.
- Be a member of ACAMS
Individuals may gain membership of ACAMS as individuals, as part of an enterprise, as public sector workers, or as part of a chapter. Members are required to make a standard membership payment.
Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Provide three professional references.
- Submit supporting documents.
NEW QUESTION 81
In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?
- A. At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy
- B. At or before the policy is issued to the beneficiary by the insurance company
- C. At or before a premium payment has been accepted for the policy purchased
- D. At or before 30 days of the relationship being established under the policy
Answer: A
NEW QUESTION 82
Which primary international authoritative body designates sanctions?
- A. Financial Action Task Force (FATF)
- B. United Nations (UN)
- C. Organizationof Economic Co-operation and Development (OECD)
- D. International Monetary Fund (IMF)
Answer: B
NEW QUESTION 83
A bank compliance officer discovers cash deposit activity inconsistent with the expected and historical cash activity within the personal accounts of the chairman of the board. The cash activity appears structured to avoid the local legal filing requirements for large cash transactions, and a suspicious transaction report (STR) was filed.
How should the compliance officer report the filing of the STR to the board of directors without revealing the existence of the filing to the subject?
- A. Inform the legal counsel of the bank
- B. The compliance officer and the chief executive officer should jointly interview the chairman
- C. Follow the financial institution's established STR reporting policy
- D. Notify the financial institution's regulator to disclose the activity
Answer: A
NEW QUESTION 84
Which requirement is included in the Fourth European Union Directive on money laundering?
- A. It requires member states to enact economic sanctions against countries that do not cooperate with Financial Action Task Force recommendations
- B. It requires obliged entities to consider politically exposed persons as high risk for life
- C. It requires obliged entities to conduct enhanced due diligence on all prepaid card holders
- D. It requires member countries to maintain registries of the beneficial owners of legal entities
Answer: D
NEW QUESTION 85
Who has the ultimate responsibility within a bank for ensuring that the bank has a comprehensive and effective Bank Secrecy Act / anti-money laundering (BSA/AML) program and oversight framework that is reasonably designed to ensure compliance with applicable regulations?
- A. Business line managers
- B. Board of directors
- C. BSA/AML compliance officer
- D. Senior management
Answer: B
NEW QUESTION 86
An anti-money laundering specialist has been asked to establish a compliance program to detect and prevent money laundering and terrorist financing. Which of the following should the anti-money laundering specialist consider in developing the program?
1. Funds for money laundering and terrorist financing are derived from illegal sources.
2. Related practices are used to conceal the nature of the funds.
3. The source and disposition of funds are similar.
4. Similar techniques are used to move funds.
- A. 3 and 4 only
- B. 1 and 2 only
- C. 1 and 3 only
- D. 2 and 4 only
Answer: A
NEW QUESTION 87
The most effective tool used to detect structured transactions is
- A. Verification of the source of funds.
- B. An employee training program to detect suspicious transactions.
- C. A comprehensive account-opening procedure.
- D. A software program that can link apparently unrelated transactions.
Answer: A
NEW QUESTION 88
You need to design an application that will analyze real-time data from financial feeds.
The data will be ingested into Azure IoT Hub. The data must be processed as quickly as possible in the order in which it is ingested.
Which service should you include in the design?
- A. Azure Notification Hubs
- B. Azure Stream Analytics
- C. Azure Data Factory
- D. Apache Kafka
- E. Azure Queue storage
- F. Azure Event Hubs
Answer: B
Explanation:
Stream processing can be handled by Azure Stream Analytics. Azure Stream Analytics can run perpetual queries against an unbounded stream of data. These queries consume streams of data from storage or message brokers, filter and aggregate the data based on temporal windows, and write the results to sinks such as storage, databases, or directly to reports in Power BI. Stream Analytics uses a SQL-based query language that supports temporal and geospatial constructs, and can be extended using JavaScript.
Incorrect Answers:
E: Apache Kafka is used for ingestion, not for stream processing.
F: Azure Event Hubs is used for ingestion, not for stream processing.
Reference:
https://docs.microsoft.com/en-us/azure/architecture/data-guide/big-data/real-time-processing
NEW QUESTION 89
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of counterfeit money orders. What should the bank do?
- A. The institution should close the account before another issues arise
- B. The bank has received a plausible explanation, so it should do nothing
- C. While the explanation may be plausible, the institute should nonetheless file a Suspicious Transaction Report to protect itself
- D. While the explanation appears plausible, the institution should, for a period of time, monitor the account for cash transactions and suspicious activity
Answer: D
Explanation:
Explanation/Reference:
NEW QUESTION 90
When an institution receives a document request from law enforcement with regard to an STR that the institution has filed, what should institution do?
- A. It should request a written subpoena or court order before turning over any documents
- B. It should turn over the documents that were previously collected to support the STR
- C. It should politely decline to provide the requested documents until the law enforcement agency can explain the nature and purpose of its inquiry
- D. It should have its outside counsel review the request and the documents before doing anything
Answer: B
NEW QUESTION 91
When should the anti-money laundering risk assessment be updated?
- A. Every two years
- B. After a merger or acquisition
- C. When the board of directors changes
- D. When instructed to by the Financial Action Task Force
Answer: B
NEW QUESTION 92
What is the intentional evasion of a reporting or recordkeeping requirement?
- A. Structuring
- B. Placement
- C. Money laundering
- D. Layering
Answer: C
NEW QUESTION 93
What are two requirements of United States financial institutions when conducting business with an international financial institution as a result of the USA PATRIOT Act? (Choose two.)
- A. Performing due diligence on correspondent accounts
- B. Performing enhanced due diligence on shell banks
- C. Complying with Special Measures issued under the USA PATRIOT Act
- D. Visiting the head office of the international financial institution
Answer: A,C
NEW QUESTION 94
A bank has maintained an account for a European charity for several years. The charity provides clothing to persons in need in various countries with active terrorists' cells.
Which action by the charity indicates possible terrorist financing?
- A. The charity has branch locations located in various countries
- B. The charity maintains a bank account for non-business-related expenses
- C. The charity receives cash donations primarily from European countries
- D. The charity frequently withdraws cash from the bank
Answer: D
NEW QUESTION 95
Which element is generally required of all anti-money laundering programs?
- A. A qualified compliance officer to manage the program
- B. An enhanced due diligence program for all new customers
- C. A computer-based suspicious activity monitoring system
- D. Annual in-person AML training for all employees
Answer: A
NEW QUESTION 96
An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious.
Management accepts the audit finding and develops a remediation plan.
What is the role of the auditor during the correction phase?
- A. Providing training to the alert clearing department on the importance of effective alert clearing
- B. Directing the remediation of the deficiency in a timely manner
- C. Validating the successful remediation of the issue once management indicates the issue is resolved
- D. Developing procedures to provide sufficient risk-based documentation for clearing alerts
Answer: D
Explanation:
Explanation/Reference:
NEW QUESTION 97
What was cited by the Wolfsberg Group in its Statement on the Suppression of the Financing of Terrorism as being vulnerable to terrorist financing?
- A. Trade finance
- B. Alternative remittance
- C. Correspondent banking
- D. Private banking
Answer: B
NEW QUESTION 98
Which response represents a high-level principle for FATF-Style Regional Bodies (FSRB)?
- A. Reciprocity for effective participation and recognition of work
- B. Dependent with different experiences to strengthen the overall effort
- C. Membership, mission, financial procedures, and budget
- D. Access to documents and assistance with meetings
Answer: A
NEW QUESTION 99
How can violations of anti-money laundering laws be a risk to individuals?
- A. Violations can result in enforcement actions that damage the reputation of the individual's employer.
- B. Violations can result in additional legislation that the individuals have to comply with.
- C. Violations can result in civil and criminal fines and penalties against the individuals.
- D. Violations can result in additional and more stringent anti-money laundering training for individuals.
Answer: C
NEW QUESTION 100
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CAMS Exam Practice Questions prepared by ACAMS Professionals: https://examtests.passcollection.com/CAMS-valid-vce-dumps.html
