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There are two options. Candidate can choose either with a virtual classroom package or without a virtual classroom package.
Price and benefits of with virtual classroom package
- The price of this package is $1,880 for private sectors and $1,540 for public sectors
- This package consists of a CAMS study guide, Online Preparation Course, CAMS Virtual classroom and CAMS Examination
Price and benefits of without virtual classroom package:
- This package consists of a CAMS study guide, Online Preparation Course and CAMS Examination
- The price of this package is $1,459 for private sectors and $1,145 for public sectors
If you're looking for the prestigious AML certificate issued by a reputed international organization that specializes in and is dedicated to the detection and prevention of financial crime, then you should opt for the ACAMS Certified Anti-Money Laundering Specialist (CAMS) certification exam which ensures an individual's skill in the field of anti-money laundering.
NEW QUESTION # 124
Since its last regulatory examination, a financial institution has aggressively grown by adding profitable new products and services. The institution has not historically received regulatory criticism regarding its anti-money laundering compliance program. However, a recent regulatory examination cited significant deficiencies in the anti-money laundering program that were attributed primarily to the lack of oversight by the institution's leadership in implementing adequate controls over the new products and services.
Which area of international control should leadership first address to correct the weaknesses in the program?
- A. Anti-money laundering compliance staff
- B. Anti-money laundering policy
- C. Money laundering risk assessment
- D. Anti-money laundering training
Answer: C
NEW QUESTION # 125
A local law enforcement officer, who is conducting a criminal investigation, requests information about a customer.
Which two actions should the bank take? (Choose two.)
- A. File a suspicious transaction report
- B. Close the account immediately
- C. Monitor the account for suspicious activity
- D. Review the money laundering risk posed by the account
Answer: C,D
Explanation:
Explanation/Reference:
NEW QUESTION # 126
What is one of the indicia of a Black Market Peso Exchange?
- A. A wire transfer from a third party not connected with a transaction
- B. An illegal entity that exchanges pesos for U.S. dollar for illegal immigrants
- C. A transfer of U.S. dollars to Central or South America to be converted into pesos
- D. A large deposit of pesos converted into U.S. dollars
Answer: C
NEW QUESTION # 127
What are two requirements with respect to supporting documentation that is used to identify potentially suspicious activity, according to Financial Action Task Force? (Choose two.)
- A. It must be retained for at least seven years
- B. It must only be released to the government through a subpoena process
- C. It must be kept in a manner so that it can be provided promptly
- D. It must be retained for at least five years
Answer: C,D
Explanation:
Reference: https://www.fatf-gafi.org/media/fatf/documents/recommendations/pdfs/FATF%
20Recommendations%202012.pdf
NEW QUESTION # 128
The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account.
Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)
- A. A list of the types of businesses served by the correspondent bank
- B. The identity of 10% owners of the correspondent bank, unless it is publicly traded
- C. Information relating to the foreign bank's anti-money laundering program
- D. A list of all the customers of the correspondent bank
Answer: B,C
Explanation:
Explanation/Reference:
NEW QUESTION # 129
Which two actions should Financial Intelligence Units (FIUs) take when submitting a request to another FIU?
(Choose two.)
- A. Send the same request to all FIUs
- B. Provide feedback on how the information was used
- C. Make best efforts to provide complete and factual information
- D. Disclose the reason and purpose for the request
Answer: C,D
NEW QUESTION # 130
What are three elements of a sound Customer Due Diligence Program?
- A. Training as to how and to what extent to identify prospective customers
- B. Determination of who in the institution should be assigned to the prospective customer as aliaison
- C. Obtaining date of birth and address of a prospective customer
- D. Determination of what type of customer the financial institution will accept
Answer: A,C,D
NEW QUESTION # 131
How does the Egmont Group assist financial intelligence unit members to accomplish their goals? (Select Three.)
- A. Supplies information on the common money laundering tactics used by terrorists and financial supporters of terrorism
- B. Develops official lists of suspected terrorists on a globally coordinated basis by relevant authorities
- C. Provides support to expand and systematize cooperation related to the reciprocal exchange of information
- D. Fosters better and secure communication through the application of technology
- E. Encourages operational autonomy of financial intelligence units
- F. Maintains uniform global formats for funds transfers that assist in the detection of money laundering
Answer: C,D,E
Explanation:
Explanation
The Egmont Group assists financial intelligence unit members to accomplish their goals by providing support to expand and systematize cooperation related to the reciprocal exchange of information, fostering better and secure communication through the application of technology, and encouraging operational autonomy of financial intelligence units. Additionally, the Egmont Group also maintains uniform global formats for funds transfers that assist in the detection of money laundering and supplies information on the common money laundering tactics used by terrorists and financial supporters of terrorism.
NEW QUESTION # 132
The Board of Directors and the senior management of a financial institution should ensure that which three are established and followed with regard to an effective AML program?
- A. Regulatorycompliance is made part of all relevant job descriptions
- B. International guidance is followed and understood
- C. They are kept informed of all major AML issues
- D. There is a strongcomplianceprogram
Answer: A,C,D
NEW QUESTION # 133
What are two aspects of the Wolfsberg Anti-Money Laundering (AML) Principles for Correspondent Banking? (Choose two.)
- A. At least one person, aside from the person sponsoring the relationship, should approve the correspondent relationship.
- B. An Institution may assign a low risk rating to a correspondent bank located in a jurisdiction deemed to have an adequate AML environment (e.g., Financial Action Task Force member country) without needing to consider other factors
- C. Factors such as politically exposed person involvement and downstream (nested) correspondents increase the risk inherent in a correspondent relationship.
- D. Correspondent banking is an inherently high risk business and all correspondent bank relationships should be reviewed on an annual basis.
Answer: A,D
Explanation:
Reference:
https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/8.%20Wolfsberg-Corresp
NEW QUESTION # 134
Which elements can trigger a review of the existing relationship during the opening of a new account? (Select Two.)
- A. Regular checks on the flow of funds
- B. Incoming transfers from high-risk jurisdictions
- C. A false positive result for name screening
- D. Estimated total income decrease
- E. Recent adverse media on the client
Answer: B,E
Explanation:
Explanation
According to the Certified Anti-Money Laundering Specialist (CAMS) Sixth Edition manual, elements that can trigger a review of the existing relationship during the opening of a new account include recent adverse media on the client (page 60) and incoming transfers from high-risk jurisdictions (page 61). The other elements listed, such as regular checks on the flow of funds, a false positive result for name screening, and an estimated total income decrease, are not triggers for a review.
NEW QUESTION # 135
What does the Egmont Group's support for its members include?
- A. Issuing due diligence models for financial institutions
- B. Expanding and systematizing international cooperation in the reciprocal exchange of information
- C. Issuing strategic products for law enforcement agencies and FIUs on topics of international interest
- D. Expanding the ability of FIUs to enforce laws and exchange information globally to combat money laundering and terrorist financing
Answer: B
Explanation:
Reference: https://egmontgroup.org/en/content/membership
NEW QUESTION # 136
Which method to launder money through deposit-taking institutions is closely associated with international trade?
- A. Investing in legitimate business with illicit funds
- B. Forming a shell company
- C. Using Black Market Peso Exchange
- D. Structuring cash deposits withdrawals
Answer: C
Explanation:
Explanation/Reference: http://fraudaid.com/Dictionary-of-Financial-Scam-Terms/black_market_peso_exchange.htm
NEW QUESTION # 137
To ensure compliance with economic sanctions established by governmental authorities in the jurisdictions where it operates, a financial institution requires that all new and existing customers be screened at onboarding and quarterly thereafter.
Is this step sufficient to ensure compliance?
- A. No, screening should occur promptly after list updates
- B. Yes, screening all existing customer relationships ensures the institution is not dealing with a sanctioned individual or entity
- C. Yes, this is recommended by the international guidance
- D. No, it is necessary to screen and perform enhanced due diligence on new relationships
Answer: C
NEW QUESTION # 138
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. Annual in-person AML training for all employees
- D. A computer-based suspicious activity monitoring system
Answer: A
NEW QUESTION # 139
A private banker of a major international bank is onboarding a new private investment company. The banker has verified the identity of the two directors, a husband and wife, who are equal shareholders. The funds in the account will be provided solely by the wife.
The banker was later informed by the company that an additional director and shareholder will be added to the company although the new shareholder will not provide funds.
What is the next step for due diligence in respect to the additional director and shareholder according to the Wolfsberg Anti-Money Laundering Principles for Private Banking?
- A. Refuse to open the account as it is not usual for an individual to be a director and shareholder of a private investment company without providing funds.
- B. Seek to further understand the relationship between the shareholders and undertake due diligence on the source of funds and wealth for each of the shareholders
- C. Verify the identity of this individual, including due diligence in respect of background and reputation, and undertake due diligence on her source of funds and wealth
- D. Seek to further understand the relationship between the shareholders and verify the identity of the individual which may include due diligence in respect to her background and reputation
Answer: B
NEW QUESTION # 140
You are designing an AI solution in Azure that will perform image classification.
You need to identify which processing platform will provide you with the ability to update the logic over time.
The solution must have the lowest latency for inferencing without having to batch.
Which compute target should you identify?
- A. graphics processing units (GPUs)
- B. central processing units (CPUs)
- C. field-programmable gate arrays (FPGAs)
- D. application-specific integrated circuits (ASICs)
Answer: C
Explanation:
FPGAs, such as those available on Azure, provide performance close to ASICs. They are also flexible and reconfigurable over time, to implement new logic.
Incorrect Answers:
D: ASICs are custom circuits, such as Google's TensorFlow Processor Units (TPU), provide the highest efficiency. They can't be reconfigured as your needs change.
References:
https://docs.microsoft.com/en-us/azure/machine-learning/service/concept-accelerate-with-fpgas
NEW QUESTION # 141
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer is deemed suspicious by Bank A.
Who should Bank A file a suspicious transaction report on?
- A. The transaction in Country B
- B. Bank B in Country A
- C. Bank C in Country C
- D. The transaction in Country A
Answer: D
NEW QUESTION # 142
What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee's Customer Due Diligence for Banks paper?
- A. All completed KYC documents must be reviewed by a senior manager not involved in the account opening process
- B. Annual staff training
- C. A customer acceptance policy
- D. The same KYC requirements must be applied in all cases
Answer: C
Explanation:
Explanation/Reference: https://www.bis.org/publ/bcbs77.pdf
NEW QUESTION # 143
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