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Step 1: Fill your contact and membership information formStep 2: Select your CAMS exam package and certification languageStep 3: Select any payment method and write the certification nameStep 4: Mail or Fax exam application with attached necessary documents (diploma, copies etc) that fulfill the 40 credit prerequisite to this address:
ACAMSAttn. Certification DepartmentBrickell City Tower80 Southwest 8th Street, Suite 2350Fax: +1.305.373.7788 or +1.305.373.5229
ACAMS CAMS Certification provides professionals with several benefits, including enhanced credibility, marketability, and earning potential. Certified professionals are recognized as experts in the field of AML/CFT and are highly sought after by employers. Certified Anti-Money Laundering Specialists certification also provides professionals with access to a network of peers and resources, including continuing education programs and professional development opportunities.
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NEW QUESTION # 280
Why should a financial institution (Fl) require an update of its AML risk assessment?
Answer: A
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.
NEW QUESTION # 281
Outgoing foreign transactions of similar amounts trigger a monitoring alert for a customer's accounts. During the evaluation of the accounts, the bank discovers the wire transfers were very small amounts and occurred within the last 3 months following a long period of inactivity. The wire transfers appear to originate from legal sources. To assess the potential of terrorist financing, the institution must ensure the
Answer: B
Explanation:
This is the correct answer because the institution must ensure that the beneficiaries of the transfers are not on a terrorist watch list, such as the United Nations Security Council Consolidated List, the U.S. Treasury Office of Foreign Assets Control (OFAC) Specially Designated Nationals and Blocked Persons List, or the European Union Terrorism List. These lists contain the names of individuals, entities, and groups that are subject to sanctions or other measures due to their involvement or association with terrorism or terrorist financing. The institution must screen the beneficiaries of the transfers against these lists and report any matches or hits to the relevant authorities. Failing to do so may expose the institution to legal, regulatory, or reputational risks, as well as facilitate the financing of terrorism.
:
ACAMS CAMS Certification Video Training Course1, Module 3: International AML/CTF Standards, Lesson
3.2: International AML/CTF Standards
ACAMS CAMS Study Guide, 6th Edition2, Chapter 3: International AML/CTF Standards, Section 3.2:
International AML/CTF Standards, pp. 57-58
ACAMS CAMS Examination Preparation Seminar, 6th Edition3, Chapter 3: International AML/CTF Standards, Section 3.2: International AML/CTF Standards, Slide 12
NEW QUESTION # 282
Which is a key aspect in the FATF Recommendations that best describes the essential foundation for allocating resources in AML/CFT regimes for countries and financial institutions (FIs)?
Answer: D
Explanation:
The risk-based approach (RBA) is an essential foundation of the FATF Recommendations, as it allows countries, competent authorities and financial institutions to adopt a more flexible set of measures to target their resources more effectively and apply preventive measures that are commensurate to the nature of risks, in order to focus their efforts in the most effective way. The RBA is not optional, but a prerequisite for the effective implementation of the FATF Standards. The RBA requires the identification, assessment and understanding of the ML/TF risks to which the countries and FIs are exposed, and the implementation of AML
/CFT measures that are proportionate and tailored to those risks. The RBA is not a "zero failure" approach, but a way to mitigate the risks in the most efficient and effective manner.
FATF Recommendations, Introduction, page 11
FATF Guidance on the Risk-Based Approach to Combating Money Laundering and Terrorist Financing - High Level Principles and Procedures, page 3 Risk-based Approach (RBA), What is the Risk-based Approach (RBA)?
NEW QUESTION # 283
What is true regarding disclosure to a law enforcement agency by a financial institution of the supporting documentation for a suspicious transaction report?
Answer: A
Explanation:
Before disclosing any supporting documentation for a suspicious transaction report (STR) to a law enforcement agency, the financial institution should confirm thatthe request is legitimate and authorized by verifying the identity and credentials of the requester1. This is to prevent unauthorized access or misuse of the confidential information by impostors or fraudsters. The other options are not true, as they may either compromise the security, integrity, or timeliness of the disclosure, or violate the confidentiality or privacy rights of the customer.
ACAMS, CAMS Examination Study Guide, 6th Edition, Chapter 4, p. 117
FATF Guidance: The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing, October 20132, p. 20 Basel Committee on Banking Supervision, Sound management of risks related to money laundering and financing of terrorism, June 20173, p. 11 Reference:https://www.sec.gov/about/offices/ocie/aml2007/fin-2007-g003.pdf
NEW QUESTION # 284
According to the European Union Money Laundering Directives, "knowledge, intent or purpose"' required as an element for money laundering may be inferred from
Answer: D
Explanation:
According to Article 1(3) of Directive (EU) 2015/849 (4th Anti-Money Laundering Directive, 4AMLD),
"knowledge, intent or purpose" required as an element for money laundering may be inferred from objective factual circumstances. This means that the prosecution does not need to prove the actual state of mind of the offender, but can rely on the evidence of the surrounding facts and circumstances that indicate the offender's awareness or intention to launder money. This is consistent with the approach of the Financial Action Task Force (FATF), which defines money laundering as the intentional act of concealing or disguising the origin of criminal proceeds.
:
Directive - 2015/849 - EN - Fourth Anti-Money Laundering Directive - EUR-Lex, Article 1(3).
Preventing abuse of the financial system for money laundering and terrorist financing, Summary.
New Directive on Criminalisation of Money Laundering - eucrim, Introduction.
NEW QUESTION # 285
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