[Q70-Q91] Try 100% Updated CAMS Exam Questions [2023]

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December 29, 2023

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Try 100% Updated CAMS Exam Questions [2023]

Pass CAMS Exam – Real Questions and Answers

CAMS Exam topics

Candidates must know the exam topics before they start of preparation. Because it will really help them in hitting the core. Our CAMS exam dumps will include the following topics:

Conducting or supporting the investigation process
Maintenance of an effective AML/CFT compliance program
Money laundering risks and strategies, like Black Market Peso Exchange and import and export price manipulation
SAR and STR filing
The assistance of institutional investigations
How to manage and support a money laundering investigation
The Financial Action Task Force (FATF) Recommendations, the Basel Committee’s Report on client Due Diligence and also the Wolfsberg cluster Principles

The CAMS certification is highly valued by employers in the financial industry, including banks, insurance companies, and investment firms. Certified Anti-Money Laundering Specialists certification demonstrates a commitment to the highest standards of AML compliance and highlights the holder’s ability to identify and mitigate the risks associated with money laundering. The CAMS credential is recognized by regulatory bodies worldwide, including the Financial Crimes Enforcement Network (FinCEN) in the United States, the Financial Action Task Force (FATF) and the Office of Foreign Assets Control (OFAC).

NO.70 What are some of the methods for sharing information and cooperating on an international basis? Choose 3 answers

Mutual Assistance Legal Treaties

International Money Laundering Information Network

Regulatory sharing through Supervisory Channels

Issuane subpoenas

NO.71 You need to create a prototype of a bot to demonstrate a user performing a task. The demonstration will use the Bot Framework Emulator.
Which botbuilder CLI tool should you use to create the prototype?

Chatdown

QnAMaker

Dispatch

LuDown

Use Chatdown to produce prototype mock conversations in markdown and convert the markdown to transcripts you can load and view in the new V4 Bot Framework Emulator.
Incorrect Answers:
B: QnA Maker is a cloud-based API service that lets you create a conversational question-and-answer layer over your existing data. Use it to build a knowledge base by extracting questions and answers from your semi- structured content, including FAQs, manuals, and documents. Answer users’ questions with the best answers from the QnAs in your knowledge base-automatically. Your knowledge base gets smarter, too, as it continually learns from user behavior.
C: Dispatch lets you build language models that allow you to dispatch between disparate components (such as QnA, LUIS and custom code).
D: LuDown build LUIS language understanding models using markdown files References:
https://github.com/microsoft/botframework/blob/master/README.md

NO.72 What is a method of placement that can be used by a money launderer in a deposit taking institution?

Depositing cash into the money launderer’s account

Sending a large number of funds transfers between accounts

Withdrawing large amounts of cash from the money launderer’s account

Depositing cashier’s checks and money orders into the money launderer’s account

NO.73 A comprehensive set of risk-based guidelines for maintaining business relationships is being developed.
Which situation indicates that the institution should terminate the relationship with a client?

The client does business in countries with active terrorist organizations.

The client conducts international financial transactions exceeding U.S. $500 million.

The client exceeds the criteria of an acceptable risk model created by another institution that is not similar in size and complexity.

The client exceeds the criteria of an acceptable risk model created by the institution and does not perform acceptable remedial actions.

Explanation/Reference: http://www.fatf-gafi.org/media/fatf/documents/reports/Risk-Based-Approach-Banking-Sector.pdf

NO.74 Your company develops an API application that is orchestrated by using Kubernetes.
You need to deploy the application.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

Create a Kubernetes cluster.

Create an Azure Container Registry instance.

Create a container image file.

Create a Web App for Containers.

Create an Azure container instance.

Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/aks/tutorial-kubernetes-prepare-app

NO.75 Why should a financial institution (Fl) require an update of its AML risk assessment?

To identify risk considerations for sharing information based on Fl changes

To ensure an accurate reflection of the Fl’s money laundering and other illicit financial activity risks

To satisfy law enforcement when reporting suspicious activity

To ensure the Fl’s alignment with the board-approved strategic plan

Explanation
A financial institution should regularly update its AML risk assessment in order to ensure that the results of the assessment are accurate and reflect the current money laundering and other illicit financial activity risks that the institution may face. This helps to ensure the institution has a comprehensive understanding of the risks associated with its activities and can implement adequate controls and procedures as necessary.

NO.76 Which method to launder money through deposit-taking institutions is closely associated with international trade?

Forming a shell company

Using Black Market Peso Exchange

Structuring cash deposits/withdrawals

Investing in legitimate businesses with illicit funds

Explanation/Reference: http://fraudaid.com/Dictionary-of-Financial-Scam-Terms/black_market_peso_exchange.htm

NO.77 When providing reporting of STRs to the board, which of the following should be provided?

A numerical summary of all the STRs

A numerical summary of all the STRs and a summary of key STRs, including PEPs, keyemployees

A summary of all key STRs, including PEPs and key employees

All the STRs filed with the national FIU

NO.78 What describes the Black Market Peso Exchange money laundering method?

The best known money laundering method used by known terrorists

An undercover technique to identify politically exposed persons who may assist money launderers

A method primarily used by narcotics traffickers to transfer value back to the source country

A method used to smuggle dollars or pesos across that border from the U.S. to Mexico, and vice versa

NO.79 Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities.
Which action should the firm take?

Update all job descriptions to include anti-money laundering responsibilities

Respond that only compliance personnel have anti-money laundering responsibilities

Send an email to all staff stating that personnel must observe the anti-money laundering policy

Reply that a description of anti-money laundering responsibilities is included in the annual training

NO.80 A banker in the credit department wants to assess the risk of all customers, and contacts the compliance officer to request a list of customers with suspicious transaction report filings.
What should be done to protect suspicious transaction report information?

Provide the suspicious transaction report information to the credit department

Decline to provide the suspicious transaction report information to the credit department

Seek approval from the board of directors to disclose the suspicious transaction report information

Contact the credit department manager to determine how the suspicious transaction report information can be provided

NO.81 What does designing a country as being of “prime money laundering concern” allow the U.S. government to do?

Obtain transactional information from U.S.-owned subsidiary banks located outside the U.S.

Close some or all correspondent or payable-through accounts

Ensure the inclusion of that country onto FATF’s Non-Cooperative Country and Territory list

Ensure the inclusion of that country into the office of Foreign Asset Control country sanctions programs

NO.82 When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
1. The development of a Know Your Customer program.
2. An ongoing employee training program.
3. The designation of a compliance officer.
4. An independent audit function to test the program.

1, 2, and 3 only

1, 2, and 4 only

1, 3, and 4 only

2, 3, and 4 only

NO.83 A bank employee reviews wire transactions looking for indications of wire stripping.
Which two actions should the employee take to complete appropriate bank procedures? (Choose two.)

Compare the wire transaction as it enters and after it leaves the bank

Check for suspicious phrases usually used to conceal originator or beneficiary identity

Identify large incoming wire transactions received on behalf of a foreign client with no explicit reason

Identify wire transaction activity to or from a financial institution located in a higher risk jurisdiction

Explanation/Reference: https://www.lexology.com/library/detail.aspx?g=79732c5e-b4bf-456a-9604-712f44f5a930

NO.84 A Trust and Company Service Provider (TCSP) providing services should have policies and procedures in place to identify critical information of the:

general manager.

signatory.

controller.

registered address.

Reference:
https://www.fatf-gafi.org/media/fatf/documents/reports/RBA-Trust-Company-Service-Providers.pdf

NO.85 Which of the following represents the first Financial Action Task Force initiative?

The 40 Recommendations on Money Laundering

The Report on Non-Cooperative Countries and Territories

The Report on Money Laundering Typologies

The Special Recommendations on Terrorist Financing

NO.86 Which red flag should a compliance officer prioritize first for investigation?

A loan is paid off in full with cash after the sale of the vehicle that was used as collateral for the loan.

Several cross-border transfers are received and immediately wired to another beneficiary.

A customer has 20 monthly transactions that are repetitive but less than $500 USD per transaction.

A convenience store cashes government checks for its customers in amounts less than $1,000 USD per day.

NO.87 What should law enforcement provide when asking an institution to keep an account open?

An explanation of the underlying conduct that is being investigated

A written request with an explanation of the scope of the investigation

An in-person visit by an investigating official to explain the reasons why the account must remain open

A written request on government agency letterhead with the appropriate signature

NO.88 An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?

The bank should limit the amount of money which can be processed per transaction

The bank should ensure that prospective new customers can be properly identified

The bank should set up automated programs to analyze transactions for money launderingactivity

The bank should ensure that a firewall is set up to protect the transactions

NO.89 A customer runs an export business for agricultural products. There has been steady growth over the years from sales to the Caribbeanregion. A sudden increase is noted in this customer’s account balances during the last month. On what grounds should an anti-money laundering specialist prepare a suspicious transaction report?

The increased activity is due to money order deposits.

Wire transfers are coming from a Financial Action Task Force member country.

The client changed his address without advising the institution.

Travelers checks (cheques) were purchased for trips to a Non-Cooperative Countries and Territories.

NO.90 In which three circumstances foes a large-cash deposit most likely reflect money laundering?

When it is from a customer who has never operated a business

When it is by a customer who operates a cash-based business

When it is transacted in segments smaller than the reporting thresholds at various times during the day

When it is followed by an immediate wire transfer to an offshore secrecy haven

NO.91 A client is a wholesale auto business that operates as a used car lot. The client regularly ships vehicles internationally. In a four-month period, the client received wires totaling $1,250,000 from a dealer in Benin in West Africa. All wires originated from Benin and were in increments of $50,000.
Account debits made to the account were payable to various transport companies. All incoming checks reference various vehicles purchased. Dock shipping receipts produced by the client to support account activity identify the vehicles but cannot easily be tied to the wires received.
What is the suspicious behavior?

The dock shipping receipts match the vehicles

Vehicles are regularly shipped internationally

Wires received are in large, even dollar amounts

Account debits are payable to transport companies

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