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ACAMS CAMS Certification is an essential credential for professionals working in the field of AML/CFT. CAMS exam assesses the candidate's understanding of the latest international AML/CFT principles, standards, and practices and provides professionals with several benefits, including enhanced credibility, marketability, and earning potential. Certified Anti-Money Laundering Specialists certification also provides professionals with access to a network of peers and resources, making it an invaluable investment in one's career.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q370-Q375):

NEW QUESTION # 370
According to the Financial Action Task Force (FATF) report on terrorism financing, charities and nonprofit organizations are often vulnerable to terrorist financing because they: (Select Two.)

A. Enjoy the public trust and have access to considerable sources of funds, and their activities are often cash-intensive.
B. Are usually legitimate establishments and will not use the funds collected through donations for the profit of individuals or entities.
C. Have a global presence that provides a framework for national and international operations and financial transactions that are often in or near areas most exposed to terrorist activity.
D. Collect donations from various sources, and their primary objective is philanthropy and social well-being.

Answer: A,C

Explanation:
Nonprofit organizations (NPOs) and charities are at risk of being exploited for terrorist financing due to their access to large sums of money and their operational reach into high-risk areas. FATF's Recommendation 8 specifically recognizes that terrorist organizations may misuse NPOs to raise and move funds, provide logistical support, or conceal the diversion of funds for illicit purposes.
Option A (Correct): Many charities operate internationally, especially in areas with humanitarian crises. These regions often overlap with locations where terrorist organizations are active, making them vulnerable to abuse.
Option D (Correct): Charities handle large volumes of cash and enjoy public trust, which makes it easier for illicit actors to integrate illicit funds without raising immediate suspicion.
Option B (Incorrect): While charities are generally legitimate, the concern is that they can be exploited, not that they necessarily intend to misuse funds.
Option C (Incorrect): Although collecting donations is a legitimate practice, it does not directly contribute to their vulnerability to terrorist financing.

NEW QUESTION # 371
Which is the first valid step in the Mutual Legal Assistance Treaties (MLAT) international cooperation process?

A. The central authority of the requesting country sends a commission letter of request to the central authority of the other country.
B. The central authority that receives the request sends it to a local judicial officer to find out if the information is available.
C. The investigator may remove the evidence collected without asking permission to do so.
D. An investigator from the requesting country visits the country where the information is sought and takes statements from the identified witnesses or suspects.

Answer: A

Explanation:
Mutual Legal Assistance (MLA) is a form of cooperation between different countries for the purpose of collecting and exchanging information and evidence in criminal matters. MLA is usually governed by bilateral or multilateral treaties that establish the procedures and requirements for requesting and providing assistance. The first valid step in the MLA process is to send a formal request from the central authority of the requesting country to the central authority of the requested country. The central authority is the designated entity that is responsible for making, receiving, and facilitating the execution of MLA requests. The request should contain the necessary information and documents to enable the requested country to assess and execute the request, such as the nature and purpose of the request, the legal basis, the description of the assistance sought, the identity of the persons involved, the applicable legal provisions, and the deadline for the response.
The request may also be accompanied by a commission letter of request, which is a judicial document that authorizes a foreign authority to perform certain acts on behalf of the requesting authority, such as taking evidence or statements from witnesses or suspects.
References:
* Guidelines on Mutual Legal Assistance in Criminal Matters, Section 1.1, 1.2, 1.3, 2.1, 2.2, 2.3, 2.4, 2.5,
2.6, 2.7, 2.8, 2.9, 2.10, 2.11, 2.12, 2.13, 2.14, 2.15, 2.16, 2.17, 2.18, 2.19, 2.20, 2.21, 2.22, 2.23, 2.24,
2.25, 2.26, 2.27, 2.28, 2.29, 2.30, 2.31, 2.32, 2.33, 2.34, 2.35, 2.36, 2.37, 2.38, 2.39, 2.40, 2.41, 2.42,
2.43, 2.44, 2.45, 2.46, 2.47, 2.48, 2.49, 2.50, 2.51, 2.52, 2.53, 2.54, 2.55, 2.56, 2.57, 2.58, 2.59, 2.60,
2.61, 2.62, 2.63, 2.64, 2.65, 2.66, 2.67, 2.68, 2.69, 2.70, 2.71, 2.72, 2.73, 2.74, 2.75, 2.76, 2.77, 2.78,
2.79, 2.80, 2.81, 2.82, 2.83, 2.84, 2.85, 2.86, 2.87, 2.88, 2.89, 2.90, 2.91, 2.92, 2.
Reference: https://www.unodc.org/documents/organized-crime/Publications
/Mutual_Legal_Assistance_Ebook_E.pdf

NEW QUESTION # 372
Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?

A. They conduct regional-level research and analysis of the money laundering and terrorist financing methods and trends using standards and templates used for FATF typologies reports
B. They require member countries to develop statistical metrics over money laundering and terrorist financing crimes
C. They require participating financial institutions of their members to file suspicious transaction reports to the regional body
D. They conduct global research on money laundering and terrorist financing trends and report their findings in their own typologies report

Answer: A

Explanation:
One of the methods that FATF-style regional bodies (FSRBs) use to understand the inherent money laundering and terrorist financing risks in their regions is to conduct regional-level research and analysis of the methods and trends used by criminals and terrorists to exploit the vulnerabilities of the financial system.
This research and analysis is done using the standards and templates developed by the FATF for its typologies reports, which are documents that describe the common features, techniques, and patterns of money laundering and terrorist financing activities. By producing their own typologies reports, FSRBs can identify the specific risks and challenges faced by their member countries and jurisdictions, and provide guidance and recommendations on how to mitigate them.
:
What are the 9 FATF-Style Regional Bodies (FSRBs)? - Sygna, What are FATF and FSRB typologies?
FATF-Style Regional Bodies (FSRBs) - Asia/Pacific Group on Money Laundering, What are the main duties of FSRBs?
Financial Action Task Force - Wikipedia, Typologies.
Reference:https://www.fatf-gafi.org/media/fatf/documents/recommendations/Private-Sector-Information- Sharing.pdf(18)

NEW QUESTION # 373
Which factor should a financial institution (FI) consider prior to sharing customer records within the same jurisdiction?

A. The degree to which the collected client data is complete
B. The potential different time zones within the same jurisdiction
C. The availability of the institution's information sharing practices
D. The locally applicable restrictions regarding the disclosure of client information

Answer: D

Explanation:
Before sharing customer records within the same jurisdiction, an FI should consider the legal and regulatory framework that governs the protection of personal data and the disclosure of client information. Different jurisdictions may have different laws and rules regarding the privacy and confidentiality of customer data, the consent and notification requirements for data sharing, the purposes and scope of data sharing, and the safeguards and accountability measures for data protection. An FI should ensure that it complies with the applicable restrictions and obligations when sharing customer records within the same jurisdiction, and that it does not violate the rights and expectations of its customers.
References:
* CAMS Study Guide - 6th Edition, Chapter 3, Section 3.4, page 83
* CAMS Dumps Certified Anti-Money Laundering Specialist (the 6th edition), Question 352, page 8
* CAMS Dumps Certified Anti-Money Laundering Specialist (the 6th edition), Question 352, page 8

NEW QUESTION # 374
A Money Laundering Reporting Officer's (MLRO) lack of action led to deficiencies in the bank's AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action taken against the MLRO?

A. MLROs can be held to an individual accountability standard and face potential penalties for contributing to AML program deficiencies.
B. The MLRO agreed to the civil penalty so that the bank would not be found liable for the AML program deficiencies.
C. Action was brought against the MLRO because banks cannot be found liable for AML program deficiencies.
D. The MLRO is the only individual that can be held responsible for AML program deficiencies.

Answer: A

Explanation:
MLROs are responsible for implementing and enforcing an appropriate risk-based approach for their firm, ensuring compliance with the relevant laws and regulations, and reporting any suspicious activities to the authorities. If they fail to discharge their duties, they may face personal liability and civil or criminal sanctions. MLROs are not the only individuals that can be held responsible for AML program deficiencies, as other seniormanagers, directors, or partners may also be liable depending on their role and involvement.
However, MLROs are often the primary focus of enforcement actions due to their specific responsibilities and obligations. MLROs cannot avoid liability by agreeing to a civil penalty, as this does not absolve them from their legal duties or potential criminal prosecution. Banks can also be found liable for AML program deficiencies and face fines, penalties, or other sanctions.
:
Technical factsheet The role of the money laundering reporting officer
Consequences of not complying | AUSTRAC
Money Laundering Reporting Officer: The Role Of MLRO
FinCEN Penalizes U.S. Bank Official for Corporate Anti-Money Laundering Failures

NEW QUESTION # 375
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