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Quiz CAMS - Certified Anti-Money Laundering Specialists (the 6th edition) Authoritative Customizable Exam Mode

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ACAMS CAMS certification exam is a highly respected and sought-after credential for professionals working in the field of anti-money laundering. Certified Anti-Money Laundering Specialists (the 6th edition) certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a global organization dedicated to the prevention of financial crimes such as money laundering, terrorist financing, and fraud. The CAMS Certification signifies a commitment to excellence in the field and a dedication to upholding ethical standards and regulatory compliance.

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To be eligible for the ACAMS CAMS Certification Exam, candidates must have at least 40 hours of AML/CFT training or two years of relevant work experience in the field. Candidates must also have a high school diploma or equivalent degree. Certified Anti-Money Laundering Specialists (the 6th edition) certification is open to professionals from a wide range of industries, including banking, insurance, law enforcement, and regulatory agencies.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q205-Q210):

NEW QUESTION # 205
An anti-money laundering specialist is employed by a large multi-national bank. The bank is planning to open an international department that will be responsible for expanding services to various countries. The head of the new international department has asked the specialist to assess risks associated with the bank's expansion plans. Which of the following materials should be included as a reference?
1. USA PATRIOT Act
2. Financial Action Task Force 40 Recommendations
3. Customer Due Diligence for Banks issued by the Basel Committee on Banking Supervision
4. The Egmont Group Statement of Purpose

A. 1, 2, and 3 only
B. 2, 3, and 4 only
C. 1, 2, and 4 only
D. 1, 3, and 4 only

Answer: B

Explanation:
The Financial Action Task Force (FATF) 40 Recommendations are the international standards for combating money laundering and terrorist financing, and they apply to all countries and financial institutions. The Customer Due Diligence for Banks issued by the Basel Committee on Banking Supervision provides guidance on how banks should conduct CDD and KYC procedures, and how they should manage the risks of correspondent banking and wire transfers. The Egmont Group Statement of Purpose outlines the objectives and functions of the Egmont Group, which is an international network of financial intelligence units (FIUs) that exchange information and cooperate in the fight against money laundering and terrorist financing. These three materials are relevant and useful for the bank's expansion plans, as they cover the main aspects of AML
/CFT compliance in different jurisdictions and sectors.
The USA PATRIOT Act is a US-specific legislation that enhances the powers and obligations of US authorities and financial institutions in relation to AML/CFT, but it may not be applicable or appropriate for other countries where the bank intends to operate. Therefore, it is not a necessary reference material for the bank's international department.
:
FATF 40 Recommendations
Customer Due Diligence for Banks
Egmont Group Statement of Purpose

NEW QUESTION # 206
Which is a key goal of EU Directives on money laundering?

A. Build a network of financial institutions (FIs) that work together to prevent money laundering across the EU
B. Address control of payments in EU countries to reduce money laundering
C. Allow member states to discuss the draft legislation with the cooperation of the EU Financial Intelligence Units (FIUs)
D. Establish a consistent regulatory environment across the EU to prevent money laundering

Answer: D

Explanation:
The key goal of EU Directives on money laundering is to establish a consistent regulatory environment across the EU to prevent money laundering and terrorist financing, and to align EU policy with international standards and best practices. EU Directives are legal acts that set out the objectives and principles that member states must achieve, but leave the choice of methods and measures to the national authorities. EU Directives on money laundering aim to harmonize the rules and obligations for FIs and other obliged entities in the areas of customer due diligence, record-keeping, reporting, supervision, and sanctions. They also aim to address the emerging threats and vulnerabilities of the financial system, such as the use of virtual assets, prepaid cards, high-risk third countries, and beneficial ownership. By creating a consistent regulatory environment across the EU, the Directives seek to enhance the effectiveness and cooperation of the AML
/CFT regime, and to protect the integrity and stability of the internal market and the financial system.
:
1: Guide to EU Anti Money Laundering Directives (AMLD) - ComplyAdvantage1
2: Directive - 2015/849 - EN - Fourth Anti-Money Laundering Directive - EUR-Lex2
3: EU context of anti-money laundering and countering the financing of terrorism3

NEW QUESTION # 207
Which reputations risk consequence could a financial entity face for violating AML laws?

A. Seizure of assets
B. Loss of high-profile customers
C. Increased audit costs to monitor behavior
D. Monetary penalties

Answer: D

Explanation:
According to the Certified Anti-Money Laundering Specialist (CAMS) Manual [1], 6th edition, financial entities that violate Anti-Money Laundering (AML) laws can face several reputational risks such as loss of high-profile customers, seizure of assets, increased audit costs to monitor behavior, and monetary penalties. For example, the US Treasury's Financial Crimes Enforcement Network (FinCEN) imposes civil money penalties on "persons who willfully violate, attempt to violate, conspire to violate, or cause any violation of any provision of the Bank Secrecy Act or its implementing regulations." (CAMS Manual, 6th edition, page 26).

NEW QUESTION # 208
A close relative of a privately-owned bank's senior manager requests to open an account. Because of this relationship, the staff expedites the opening of the account without following established account-opening procedures. Applying the Basel Committee on Banking Supervision principles, which of the following poses the highest operational risk?

A. The possibility of lawsuits that adversely affect the operations of a bank.
B. The bank's exposure to politically exposed persons.
C. Failure to conduct proper due diligence.
D. Not having appropriate information to share with Financial Intelligence Units.

Answer: C

NEW QUESTION # 209
What describes the Black Market Peso Exchange money laundering method?

A. A method used to smuggle dollars or pesos across that border from the U.S. to Mexico, and vice versa
B. The best known money laundering method used by known terrorists
C. An undercover technique to identify politically exposed persons who may assist money launderers
D. A method primarily used by narcotics traffickers to transfer value back to the source country

Answer: D

Explanation:
The Black Market Peso Exchange (BMPE) is a trade-based money laundering technique commonly used by narcotics traffickers based in Colombia and Mexico. The central feature is the use of a money trader to ensure that the revenue from drug sales in the U.S. doesn't actually 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 cartels12. The BMPE involves six distinct steps:
Obtaining criminal proceeds: The drug cartels sell drugs for dollars in the U.S.
Involvement of intermediary services: The drug cartels sell the dollars to black market peso exchangers in Colombia at a discounted rate.
Identification of complicit companies: The black market peso exchangers identify exporting companies in the U.S. and importing companies in South America that are willing to participate in the scheme.
Placement of funds: The black market peso exchangers deposit the dollars into U.S. bank accounts or use money service businesses or other methods to transfer the funds.
Layering of funds: The black market peso exchangers use the funds to purchase monetary instruments such as checks, money orders, or wire transfers, or to pay for the goods ordered by the South American importers.
Integration of funds: The South American importers receive the goods or the monetary instruments and use them to pay for their imports or to sell them for pesos in the local market.
References:
1: Black Market Peso Exchange in Money Laundering - Financial Crime Academy
2: Overview - FinCEN.gov

NEW QUESTION # 210
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