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Relevant ACAMS CAMS Questions, Latest CAMS Exam Cost

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ACAMS CAMS (Certified Anti-Money Laundering Specialist) exam is a globally recognized certification program designed for professionals who deal with anti-money laundering (AML) compliance. Certified Anti-Money Laundering Specialists (the 6th edition) certification is a standard that is widely recognized by financial institutions, government agencies, and other organizations that are committed to preventing financial crimes. The CAMS Exam is a rigorous test that measures an individual’s knowledge and expertise in AML policies and procedures.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q387-Q392):

NEW QUESTION # 387
A new AML Officer for a US-based money service business (MSB) is drafting procedures around types of activity that require further review. Which should be included? (Choose two.)

A. A customer attempting to buy money orders under $3,000 USD in cash multiple times a day.
B. A customer buying multiple money orders for $250 totaling $2,000 USD.
C. A customer buying several money orders totaling over $10,000 USD using debit card on the same day using government-issued identification.
D. A customer visiting multiple branches of the MSB on the same day in order to transfer funds internationally.
E. A customer sending funds to a family member living in a high-risk jurisdiction that is subject to civil unrest.

Answer: A,D

Explanation:
A customer visiting multiple branches of the MSB on the same day in order to transfer funds internationally is a potential indicator of structuring, which is a technique used by money launderers to avoid reporting thresholds or detection by authorities. A customer attempting to buy money orders under $3,000 USD in cash multiple times a day is also apossible sign of structuring, as well as an attempt to evade the identification and recordkeeping requirements for MSBs. Both scenarios should be included in the procedures for further review by the AML Officer.
BSA/AML Risk Assessment for Money Services Businesses (MSBs), section "Risk Factors", sub-section
"Structuring": "Structuring is the practice of conducting financial transactions in a specific pattern calculated to avoid the creation of certain records and reports required by the BSA and/or 31 CFR Chapter X.
Structuring is illegal and is often indicative of money laundering or other illicit activity." Money Services Business (MSB) - AML Compliance Guide, section "AML Compliance Requirements for MSBs", sub-section "Identification and Recordkeeping": "MSBs must verify the identity of any person who conducts a transaction of $3,000 or more. They must also keep records of the transaction, including the name, address, date of birth, and identification number of the customer, as well as the amount, date, and method of payment."

NEW QUESTION # 388
the Financing of Terrorism (CFT)]
Which statements relate to the mandate, roles, and responsibilities of the Financial Action Task Force (FATF) and the FATF-Style Regional Bodies (FSRBs)? (Select Two).

A. In the process of setting standards. FATF will only consider inputs from its member countries as part of the consultation process.
B. FSRBs have the right to develop standards with which their member countries are bound to comply.
C. FSRBs play an essential role in identifying and addressing AML technical assistance needs for their individual member countries.
D. FATF member countries cannot be members of an FSRB at the same time.
E. FATF and FSRBs are free-standing organizations that share the common goals of combating money laundering and the financing of terrorism and proliferation.

Answer: C,E

Explanation:
C: FSRBs play an essential role in identifying and addressing AML technical assistance needs for their individual member countries. The FSRBs are responsible for promoting the effective implementation of the FATF Recommendations at the regional level, including by assisting member countries in identifying technical assistance needs and facilitating the provision of such assistance.
D: FATF and FSRBs are free-standing organizations that share the common goals of combating money laundering and the financing of terrorism and proliferation. The FATF is an intergovernmental body that sets global standards for AML/CFT and promotes their effective implementation, while the FSRBs are regional organizations that work to promote the effective implementation of the FATF Recommendations at the regional level.

NEW QUESTION # 389
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account.
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)

A. The name and address of all shell banks the bank maintains accounts for
B. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
C. The name and address of a U.S. person who is authorized to receive service of legal process for the bank
D. The name and address of all beneficial owners who own 25% or more of the bank

Answer: A,C

Explanation:
According to Section 313 of the USA PATRIOT Act, U.S. financial institutions are prohibited from maintaining correspondent accounts for foreign shell banks, which are banksthat have no physical presence in any country and are not affiliated with a regulated financial group. Therefore, a non-U.S. bank must provide the name and address of all shell banks that it maintains accounts for, if any, to its U.S. correspondent. This is to ensure that the U.S. financial institution does not indirectly provide services to shell banks, which pose a high risk of money laundering and terrorist financing.
According to Section 319 (b) of the USA PATRIOT Act, U.S. financial institutions that provide a correspondent account to a foreign bank must maintain records of the owners of the foreign bank and the name and address of a U.S. person who is authorized to receive service of legal process for records regarding the correspondent account. This is to facilitate the access of U.S. law enforcement authorities to information related to the correspondent account in case of an investigation or a subpoena.
The other two options, B and C, are not required by the USA PATRIOT Act, although they may be part of the due diligence or enhanced due diligence procedures that U.S. financial institutions apply to their foreign correspondent accounts, as per Section 312 of the USA PATRIOT Act.
USA PATRIOT Act
FACT SHEET for Section 312 of the USA PATRIOT Act Final Regulation and Notice of Proposed Rulemaking US PATRIOT ACT CAMS Exam: USA PATRIOT Act Requirements for Opening a Correspondent Account Reference:https://www.sec.gov/about/offices/ocie/amlsourcetool.htm

NEW QUESTION # 390
Which of the following is among the Financial Action Task Force criteria defining non-cooperative countries and territories?

A. the establishment of a system for reporting "unusual" transactions, instead of "suspicious", as mentioned in the Financial Action Task force 40 Recommendations
B. inadequate rules for the licensing and creation of financial institutions, including assessing backgrounds of managers and beneficial owners
C. the presence of bank secrecy provisions reasonably balanced against the government's need for information
D. effective laws regarding multiple sources of beneficial owner identification by a financial institution

Answer: B

Explanation:
One of the criteria that the Financial Action Task Force (FATF) uses to define non-cooperative countries and territories (NCCTs) is the lack of adequate rules for the licensing and creation of financial institutions, especially those with no or minimal presence, and the lack of effective systems for checking the backgrounds of managers and beneficial owners of such institutions. This criterion aims to prevent the establishment and operation of shell banks or other entities that can be used for money laundering or terrorist financing purposes.
The FATF requires that countries and territories should have laws and regulations that ensure that financial institutions are subject to adequate licensing or registration procedures, that the authorities have the power to deny or revoke licenses or registrations, and that the authorities have access to information on the identity, reputation, and financial soundness of the managers and beneficial owners of financial institutions.
References: = Some of the references that support this answer are:
* About the Non-Cooperative Countries and Territories NCCT Initiative, Section "The review and listing process": "The FATF established at that time four regional review groups (Americas, Asia/Pacific, Europe, Africa/Middle East) consisting of representatives from the FATF member governments that served as the main points of contact with the reviewed country or territory. ... The review groups
* gathered relevant laws, regulations and other relevant information, analysed this information against the
25 NCCT criteria, and drafted a report that was sent to the jurisdictions for comment."
* Annual Review of Non-Cooperative Countries and Territories 2006-2007: Eighth NCCT Review, Annex 1: "List of Criteria for Defining Non-Cooperative Countries or Territories", Criterion 1:
"Licensing and creation of financial institutions, in particular those with no physical presence, and the ability to obtain information on the beneficial ownership and control of such institutions."
* FATF (Financial Action Task Force) Countries 2024 - World Population Review, Section "Blacklisted Countries": "These are countries which were previously placed on the grey list and advised by the FATF to adopt the recommended financial security procedures, but have either failed or refused to do so.
Blacklisted countries may be labeled as Non-Cooperative Countries or Territories (NCCTs)."

NEW QUESTION # 391
Combating the Financing of Terrorism (CFT)]
What are the rules imposed by the Office of Foreign Assets Control (OFAC) for legal entities and persons related to the US? (Select Two.)

A. A subsidiary of a legal entity of the US, which is formally registered in a foreign country, is exempt from OFAC rules.
B. Nationals of the US must comply with OFAC rules, regardless of where they are located in the world.
C. A foreign individual visiting the US for a short vacation is obligated to follow OFAC rules.
D. Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules.
E. The head office of a foreign legal entity which has a branch in the US does not need to comply with OFAC rules.

Answer: B,D

Explanation:
The rules imposed by the Office of Foreign Assets Control (OFAC) for legal entities and persons related to the US are:
Nationals of the US must comply with OFAC rules, regardless of where they are located in the world. This means that US citizens, permanent residents, and entities organized under US law are subject to OFAC sanctions and prohibitions, even if they operate or reside outside the US12.
Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules. This means that non-US entities that engage in trade or financial dealings with OFAC-designated countries, entities, or individuals are liable to face civil or criminal penalties, as well as secondary sanctions that could restrict their access to the US market or financial system34.
The other options are not correct, because:
A subsidiary of a legal entity of the US, which is formally registered in a foreign country, is not exempt from OFAC rules. This means that foreign-incorporated entities that are owned or controlled by US persons or entities are also subject to OFAC sanctions and prohibitions, unless they are specifically authorized or licensed by OFAC12.
A foreign individual visiting the US for a short vacation is not obligated to follow OFAC rules. This means that non-US persons who are temporarily present in the US are not subject to OFAC sanctions and prohibitions, unless they are involved in transactions that have a US nexus or violate other US laws.
The head office of a foreign legal entity which has a branch in the US does not need to comply with OFAC rules. This means that non-US entities that have a presence or operation in the USare not subject to OFAC sanctions and prohibitions, unless they are involved in transactions that have a US nexus or violate other US laws.
References:
ACAMS CAMS Certification Video Training Course - Exam-Labs3
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)4 ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 7, page 147: https://www.acams.
org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-7.pdf ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 7, page 148: https://www.acams.
org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-7.pdf ACAMS Study Guide for the Certification Examination, 6th Edition, Chapter 7, page 149: https://www.acams.
org/wp-content/uploads/2019/08/ACAMS-Study-Guide-6th-Edition-Chapter-7.pdf

NEW QUESTION # 392
......

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John Quinn John Quinn

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