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To be eligible for the ACAMS CAMS exam, candidates must meet certain criteria, including a minimum of 40 hours of AML training, two years of relevant work experience, and a clean criminal record. After passing the exam, candidates must complete continuing education requirements to maintain their certification and stay up-to-date with the latest AML regulations and compliance procedures.

CAMS Certified Anti-Money Laundering Specialist Exam

CAMS Certified Anti-Money Laundering Specialist Exam is designed by the Association of certified anti-money laundering specialist (ACAMS) is a global membership organization that provides training and certification, of anti-money laundering professionals worldwide. ACAMS is supporting financial AML professionals through knowledge sharing and skills development. CAMS exam tests candidates basic knowledge on setting up an AML compliance program, money laundering schemes, various international AML regulations, and how to handle AML investigations. CAMS Exam is internationally recognized and a good designation for those who are looking to work in the AML field.

The CAMS Exam is designed to evaluate the knowledge and expertise of candidates in the field of AML compliance. CAMS exam covers four key areas, including risk assessment, AML program management, compliance and investigations, and AML regulations. CAMS exam consists of 120 multiple-choice questions that need to be completed within four hours. The test is computer-based and can be taken at a testing center or remotely. Passing the CAMS Exam requires a score of 75% or higher, and the certification is valid for three years.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q418-Q423):

NEW QUESTION # 418
Combating the Financing of Terrorism (CFT)]
Law enforcement is confidentially investigating 20 individuals suspected of belonging to a criminal network allegedly involved in laundering tens of millions of euros for cybercriminals. Which actions need to be taken by the AML Specialist at a bank upon learning the alert? (Select Two.)

A. Respond to law enforcement that their request without a judicial order would breach the bank's General Data Protection Regulation duty with respect to its clients.
B. Perform a search on the bank's client data platform to determine if the bank has had any business with the named individuals.
C. N Send out an email to all of the bank's client advisors to request information on any of the individuals.
D. Involve the bank's legal and compliance function to address the gravity of the matter.
E. Report findings back to law enforcement only if they are of any significance.

Answer: B,D

Explanation:
According to the ACAMS CAMS Study Guide, 6th Edition, Chapter 4, Section 4.2, the AML Specialist at a bank should take the following actions upon receiving a confidential alert from law enforcement about suspected money launderers:
Involve the bank's legal and compliance function to address the gravity of the matter and ensure that the bank' s response is appropriate and lawful. The legal and compliance function can also advise on the bank's obligations and rights under the relevant laws and regulations, such as the General Data Protection Regulation (GDPR), the Bank Secrecy Act (BSA), and the USA PATRIOT Act.
Perform a search on the bank's client data platform to determine if the bank has had any business with the named individuals or any related parties. The search should include current and past accounts, transactions, wire transfers, and other relevant records. The AML Specialist should also review any existing customer due diligence (CDD) and enhanced due diligence (EDD) information on the potential suspects and update them as necessary.
The other options are not recommended or required actions for the AML Specialist at a bank in this scenario:
Sending out an email to all of the bank's client advisors to request information on any of the individuals could compromise the confidentiality of the alert and expose the bank to legal and reputational risks. It could also alert the suspects or their associates and hinder the law enforcement investigation.
Reporting findings back to law enforcement only if they are of any significance is not sufficient or compliant with the bank's obligations to cooperate with law enforcement and report any suspicious activity. The AML Specialist should report any relevant information or findings to law enforcement as soon as possible, regardless of their significance, and follow the established procedures and protocols for information sharing and reporting.
Responding to law enforcement that their request without a judicial order would breach the bank's GDPR duty with respect to its clients is not accurate or helpful. The GDPR does not prohibit the bank from sharing personal data with law enforcement for the purposes of preventing, detecting, or investigating money laundering or other criminal activities, as long as the bank has a legal basis and safeguards for doing so. The bank should consult with its legal and compliance function to determine the best way to respond to the law enforcement request and balance its GDPR obligations with its anti-money laundering (AML) duties.
References:
ACAMS CAMS Study Guide, 6th Edition, Chapter 4, Section 4.2
General Data Protection Regulation (GDPR)
Bank Secrecy Act (BSA)
USA PATRIOT Act

NEW QUESTION # 419
When a bank performs a risk assessment, what areas should an institution focus on?

A. The nature and breadth of the services and products the institution provides
B. The type and location of the institution's clients
C. The amount of the money the institution earns prior to taxes
D. The geographic locations where the institution does business

Answer: A,B,D

Explanation:
A bank's risk assessment is a process of identifying, measuring, and mitigating the potential risks that the bank faces in its operations, products, services, and customers. According to the ACAMS Study Guide, a bank should focus on the following areas when performing a risk assessment1:
The type and location of the institution's clients. This involves analyzing the customer base, the types of accounts and transactions, the source and destination of funds, the level of due diligence and verification, and the risk profile of the customers. For example, a bank should consider whether its customers are individuals or entities, domestic or foreign, politically exposed persons, high-net-worth individuals, non-profit organizations, or cash-intensive businesses. The location of the customers may also indicate the level of exposure to money laundering, terrorist financing, sanctions, or tax evasion risks.
The nature and breadth of the services and products the institution provides. This involves evaluating the range and complexity of the products and services offered by the bank, the delivery channels, the payment methods, and the innovation and technology involved. For example, a bank should consider whether it offers wire transfers, correspondent banking, trade finance, private banking, trust and fiduciary services, prepaid cards, mobile banking, or cryptocurrency services. The nature and breadth of the services and products may also affect the level of transparency, traceability, and compliance of the transactions.
The geographic locations where the institution does business. This involves assessing the jurisdictions where the bank operates, where its customers reside, where its counterparties are located, and where the funds flow. For example, a bank should consider whether it has branches, subsidiaries, or affiliates in high-risk countries, whether it serves customers from high-risk countries, whether it engages in cross-border transactions, and whether it complies with the local laws and regulations of the countries where it does business. The geographic locations where the institution does business may also influence the level of exposure to political, legal, regulatory, or reputational risks.
Reference:
1: ACAMS Study Guide, Chapter 2: Risk Assessments, 1

NEW QUESTION # 420
Combating the Financing of Terrorism (CFT)]
When a bank performs a risk assessment, what areas should an institution focus on?

A. The nature and breadth of the services and products the institution provides
B. The type and location of the institution's clients
C. The amount of the money the institution earns prior to taxes
D. The geographic locations where the institution does business

Answer: A,B,D

Explanation:
A bank's risk assessment is a process of identifying, measuring, and mitigating the potential risks that the bank faces in its operations, products, services, and customers. According to the ACAMS Study Guide, a bank should focus on the following areas when performing a risk assessment1:
* The type and location of the institution's clients. This involves analyzing the customer base, the types of accounts and transactions, the source and destination of funds, the level of due diligence and verification, and the risk profile of the customers. For example, a bank should consider whether its customers are individuals or entities, domestic or foreign, politically exposed persons, high-net-worth individuals, non-profit organizations, or cash-intensive businesses. The location of the customers may also indicate the level of exposure to money laundering, terrorist financing, sanctions, or tax evasion risks.
* The nature and breadth of the services and products the institution provides. This involves evaluating the range and complexity of the products and services offered by the bank, the delivery channels, the payment methods, and the innovation and technology involved. For example, a bank should consider whether it offers wire transfers, correspondent banking, trade finance, private banking, trust and fiduciary services, prepaid cards, mobile banking, or cryptocurrency services. The nature and breadth of the services and products may also affect the level of transparency, traceability, and compliance of the transactions.
* The geographic locations where the institution does business. This involves assessing the jurisdictions where the bank operates, where its customers reside, where its counterparties are located, and where the funds flow. For example, a bank should consider whether it has branches, subsidiaries, or affiliates in high-risk countries, whether it serves customers from high-risk countries, whether it engages in cross- border transactions, and whether it complies with the local laws and regulations of the countries where it does business. The geographic locations where the institution does business may also influence the level of exposure to political, legal, regulatory, or reputational risks.
:
1: ACAMS Study Guide, Chapter 2: Risk Assessments, 1

NEW QUESTION # 421
When investigating an AML event, which techniques would be used to investigate suspected mule accounts?
(Select Three.)

A. Contact the appropriate law enforcement agency and report the account activity.
B. Submit a suspicious activity report to the national financial intelligence unit.
C. Reconcile the stated purpose of the account with actual transaction history and compare with peer groups.
D. Review the account history and determine if there are previous payments to charity accounts.
E. Establish the frequency with which the funds are moved in and out of the accounts.
F. Determine if the suspected accounts are being accessed by a common person, telephone number, or device.

Answer: C,E,F

Explanation:
When investigating an AML event, the following techniques would be used to investigate suspected mule accounts:
A: Determine if the suspected accounts are being accessed by a common person, telephone number, or device. This can help identify if the accounts are controlled by the same person or group, or if they are part of a larger network of mules. It can also help detect if the accounts are opened using synthetic identities or stolen credentials12.
B: Reconcile the stated purpose of the account with actual transaction history and compare with peer groups. This can help assess if the account activity is consistent with the customer profile, risk rating, and expected behavior. It can also help identify anomalies, such as sudden changes in transaction patterns, large or frequent transfers, or transactions with high-risk jurisdictions or entities12.
E: Establish the frequency with which the funds are moved in and out of the accounts. This can help measure the velocity and volume of the funds flowing through the accounts, which can indicate if the accounts are used for layering or integration of illicit funds. It can also help detect if the accounts are used for smurfing, which is a technique of breaking down large amounts of cash into smaller deposits to avoid detection or reporting thresholds13.
References:
CAMS Study Guide (the 6th edition), page 1841
Mule accounts: how to track them down - Linkurious2
Money Mules - FBI3

NEW QUESTION # 422
the Financing of Terrorism (CFT)]
Which step should be taken to understand the types of financial institutions to whom the services are being offered when a correspondent bank permits "nested" relationships according to the Wolfsberg Group?

A. Review peer-group clients by risk category
B. Obtain independent audits or examination reports for "nested" relationships to determine risk levels
C. Evaluate the distribution of downstream correspondents and identify any direct or indirect issues
D. Understand the type and volume of accounts serviced

Answer: C

Explanation:
According to the Wolfsberg Group, a correspondent bank should evaluate the distribution of downstream correspondents and identify any direct or indirect issues when it permits "nested" relationships, which are arrangements where a respondent bank provides correspondent banking services to other banks that are not customers of the correspondent bank. This step is important to understand the types of financial institutions to whom the services are being offered and the potential risks they pose. The correspondent bank should also obtain information on the nature and extent of the nested activity, the due diligence performed by the respondent bank on the nested banks, and the controls and monitoring in place to prevent financial crime.
:
Wolfsberg Correspondent Banking Principles 20221, Section 4.5: Nested Relationships Guidance on Correspondent Banking Services2, Section 3.2.2: Nested Correspondent Banking Relationships Reference:
http://www.qfcra.com/en-us/whatwedo/AntiMoneyLaundering/Documents/Guidance%20on%
20Correspondent%20Banking%20May%202018.pdf (7)
P/6, Wolfsberg Anti-Money Laundering Principles for Correspondent Banking 2014https://www.wolfsberg- principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/8.%20Wolfsberg-Correspondent-Banking- Principles-2014.pdf

NEW QUESTION # 423
......

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