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Efficient CAMS Sample Questions & Leader in Qualification Exams & Marvelous ACAMS Certified Anti-Money Laundering Specialists (the 6th edition)

The DumpsFree Certified Anti-Money Laundering Specialists (the 6th edition) (CAMS) exam dumps are being offered in three different formats. All these three CAMS exam dumps formats contain the real ACAMS CAMS exam questions that will help you to streamline the CAMS Exam Preparation process. The DumpsFree ACAMS CAMS PDF dumps file is a collection of real, valid, and updated CAMS practice questions that are also easy to install and use.

The CAMS certification exam is designed for professionals in the anti-money laundering field, including compliance officers, risk managers, investigators, and auditors. CAMS exam covers a wide range of topics, including money laundering techniques, anti-money laundering laws and regulations, compliance programs, risk assessment, and due diligence. CAMS Exam is conducted online and consists of 120 multiple-choice questions that must be completed within four hours. The passing score for the exam is 75%.

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q215-Q220):

NEW QUESTION # 215
the Financing of Terrorism (CFT)]
Which factor should a financial institution (FI) consider prior to sharing customer records within the same jurisdiction?

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

Answer: A

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.
:
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 # 216
Whichpractices should financial institutions (FIs) adoptfor the process ofterminating customer relationships?
(Select Three.)

A. Notifying the customer of the termination decision only after completing the termination process to prevent possible disputes.
B. Keeping records of the termination process, including the justification for the decision and any correspondence with the customer.
C. Performing a final review of a customer's transaction history and records to address any unresolved issues prior to termination.
D. Implementing a standardized procedure for customer termination that includes risk assessments and necessary documentation.
E. Utilizing a flexible communication style that adapts to different customer situations during the termination process.

Answer: B,C,D

Explanation:
Terminating customer relationships due toAML risksrequiresclear procedures and documentation.
* Option B (Correct):Astandardized termination procedureensurescompliance, fairness, and consistency.
* Option C (Correct):Afinal review of transactionshelps identifysuspicious activity before closure.
* Option D (Correct):Documenting termination decisionsprotects the FI fromlegal and regulatory risks.
* Option A (Incorrect):Whileclear communication is important, termination decisions should beconsistent and policy-driven.
* Option E (Incorrect):Customers should benotified appropriatelybut not necessarilyaftertermination.
Reference:FATF Risk-Based Approach Guidance for FIs, Wolfsberg Group Customer Exit Best Practices, FCA AML Guidance on De-risking.

NEW QUESTION # 217
While conducting a review of a medium-risk customer, an analyst noted that a newly added authorized signatory is a foreign politically exposed person (PEP). Which is the appropriate next step for the analyst to take?

A. Re-categorize the customer as high-risk.
B. Review beneficial ownership to finalize the risk category of the customer.
C. Remove the PEP as the authorized signatory.
D. Categorize the authorized PEP signatory as high-risk.

Answer: B

Explanation:
According to the FATF Guidance on Politically Exposed Persons1, financial institutions should assess the money laundering and terrorist financing risks associated with a business relationship or transaction with a PEP, their family members and close associates, on a case-by-case basis. This includes obtaining information on the source of wealth and source of funds of the customer and the beneficial owner, as well as conducting enhanced ongoing monitoring of the business relationship. Therefore, the appropriate next step for the analyst is to review the beneficial ownership of the customer to determine if the PEP or any other person poses a higher risk, and to apply additional measures accordingly. Removing the PEP as the authorized signatory, re-categorizing the customer as high-risk, or categorizing the authorized PEP signatory as high-risk are not necessarily required or sufficient steps, as they do not take into account the specific circumstances and risk factors of the customer and the PEP.
References:
CAMS Certification Package - 6th Edition | ACAMS
FATF Guidance: Politically Exposed Persons (Recommendations 12 and 22)
How Politically Exposed Persons Put Financial Institutions at Risk

NEW QUESTION # 218
A client has retained a lawyer to create a financial holding company. The lawyer resides in Europe. The client provides all requested documentation to the lawyer. However, the lawyer becomes suspicious that the customer is engaged in criminal activity and intends to use the financial holding company for money laundering purposes. Which of the following should an anti-money laundering specialist recommend according to the European Union Money Laundering Directives?

A. There is no need to file a suspicious transaction report, as this activity is covered by attorney-client privilege.
B. Report the activity as suspicious to the competent authority because the lawyer is covered by these directives.
C. Consult with the competent authority to receive advice on how to handle the transaction.
D. Freeze the client's assets so that all records can be turned over to the competent authorities.

Answer: B

NEW QUESTION # 219
Enhanced due diligence (EDD) may be bypassed for which situation?

A. On-boarding a reputable Politically Exposed Person (PEP) from the EU onto the wealth management arm of a US financial institution (FI).
B. On-boarding a casino headquartered in the EU or US that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures.
C. On-boarding a subsidiary in a high-risk country with a complex ownership structure of a long-standing and reputable customer based in the EU or US.
D. On-boarding a branch or majority-owned subsidiary of an EU or US FI located in a high-risk third country that fully complies with group-wide policies and procedures.

Answer: D

NEW QUESTION # 220
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CAMS Sample Questions & CAMS Trustworthy Pdf

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Efficient CAMS Sample Questions & Leader in Qualification Exams & Marvelous ACAMS Certified Anti-Money Laundering Specialists (the 6th edition)

ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q215-Q220):

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