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The Certified Anti-Money Laundering Specialists (CAMS) exam is a globally-recognized certification for professionals in the anti-money laundering (AML) field. CAMS exam is designed to test the knowledge and skills of individuals who work in compliance, AML investigations, and regulatory roles. The CAMS certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international membership organization dedicated to enhancing the knowledge and skills of AML professionals.

ACAMS CAMS certification is a highly sought-after certification in the anti-money laundering (AML) industry. Certified Anti-Money Laundering Specialists certification is awarded to individuals who have demonstrated their knowledge and expertise in the field of AML. The CAMS certification is recognized worldwide and is considered to be the gold standard in AML certifications.

ACAMS CAMS exam is a challenging and prestigious certification that is highly valued in the field of AML compliance. It is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and is recognized as the gold standard in AML certification. Passing the exam requires a significant amount of knowledge, experience, and dedication, but it can lead to new career opportunities and professional advancement.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q384-Q389):

NEW QUESTION # 384
A foreign politically exposed person (PEP) requests to add a beneficiary to a file insurance policy.
How should the request be processed to mitigate risk?

A. Decline the request to add a beneficiary due to increased risk
B. Determine the source of wealth and source of funds
C. Perform due diligence on the beneficiary
D. Decline the request if the beneficiary is a foreign PEP

Answer: C

NEW QUESTION # 385
The owner of a local retail store makes multiple deposits daily at a bank. When the owner makes these deposits, it is noted that he goes to different tellers (cashiers). The deposits consist of cash in amounts less than the currency reporting threshold. Which of the following best describes this activity?

A. commingling
B. layering
C. structuring
D. integration

Answer: A

Explanation:
The account officer has violated the principle of confidentiality by informing the customer about the legal request from law enforcement. This could amount to tipping off, which is a criminal offense in many jurisdictions. Tipping off could jeopardize the investigation, compromise evidence, and alert other potential suspects. The account officer should not discuss any details of the investigation with the customer, nor should he meet with the customer to do so. He should also report his actions to his manager and compliance department, and cooperate with law enforcement as required.
References:
ACAMS CAMS Certification Video Training Course1, Module 4: Conducting or Supporting the Investigation, Lesson 4.3: Confidentiality and Information Sharing ACAMS CAMS Certification Study Guide2, Chapter 4: Conducting or Supporting the Investigation, Section 4.3: Confidentiality and Information Sharing, pp. 135-136 ACAMS CAMS Certification Exam Outline3, Domain 4: Conducting or Supporting the Investigation, Task 4.3: Maintain confidentiality of the investigation, p. 18

NEW QUESTION # 386
Can trading in antiques be useful for money laundering?

A. No, because the antiques market is rather small and unusual transactions would draw at-tention.
B. No, because antique sales and purchases are highly regulated worldwide.
C. Yes, because antiques can be of high value and often easily transported.
D. Yes, because cash is often physically hidden within the antiques themselves.

Answer: D

Explanation:
Antiques are a potential tool for money laundering because they can be used to conceal, move, and convert illicit funds. Antiques can be of high value and often easily transported across borders, making them attractive for criminals who want to evade detection and reporting. Antiques can also be difficult to value and authenticate, creating a lack of transparency and accountability in the market. Criminals can exploit this to inflate or deflate the prices of antiques, or to use them as collateral for loans or other transactions. Antiques can also be used to layer or integrate illicit funds into the legitimate economy, by selling them through auction houses, dealers, or online platforms.
References:
CAMS Certification Package - 6th Edition, Chapter 4: Conducting and Supporting the Investigation Process, pp. 97-98.
Anti-money laundering and the art and antiquities market - a US and UK perspective, Mishcon de Reya LLP, 2022.
Antiques: an unconventional money laundering tool, The Express Tribune, 2023.
Art and Antiquities an Attractive Market for Money Laundering, FATF Argues, OCCRP, 2021.

NEW QUESTION # 387
Which of the following represents the first Financial Action Task Force initiative?

A. The Report on Non-Cooperative Countries and Territories
B. The Report on Money Laundering Typologies
C. The 40 Recommendations on Money Laundering
D. The Special Recommendations on Terrorist Financing

Answer: C

Explanation:
The first Financial Action Task Force (FATF) initiative was the 40 Recommendations on Money Laundering, which were issued in April 1990, less than a year after the FATF was established by the G7 summit in Paris in
1989. The 40 Recommendations aimed to provide a comprehensive plan of action to fight money laundering by setting out the principles and measures for effective legal, regulatory, and operational frameworks at the national and international levels. The 40 Recommendations have been revised and updated several times since then, most recently in 2022, to reflect the evolving trends and techniques of money laundering and to include the issues of terrorist financing and the financing of proliferation of weapons of mass destruction.
The other options are not the first FATF initiative, but they are related to the FATF's work and mandate. The Report on Non-Cooperative Countries and Territories (NCCTs) was launched in 2000 to identify and monitor the jurisdictions that did not comply with the FATF standards and posed a risk to the international financial system. The Report on Money Laundering Typologies was first published in 1996 and has been updated annually to provide an analysis of the methods, techniques, and trends of money laundering and to assist the FATF members and observers in developing effective countermeasures. The Special Recommendations on Terrorist Financing were issued in October 2001, following the September 11 attacks, to complement the 40 Recommendations and to address the specific challenges of combating the financing of terrorism and terrorist acts.
References:
History of the FATF, 1
Financial Action Task Force - Wikipedia, 2
Financial Action Task Force (FATF): What it is, How it Works - Investopedia, 3 The FINANCIAL ACTION TASK FORCE (FATF) - INSIGHTSIAS, 4

NEW QUESTION # 388
Which red flag indicates high potential for money laundering in a real estate purchase?

A. The purchaser is a nominee
B. The purchaser owns a cash intensive business
C. The purchaser is not a resident where the property is located
D. The purchaser had a previous bankruptcy

Answer: A

Explanation:
The purchaser being a nominee is a red flag that indicates high potential for money laundering in a real estate purchase. A nominee is a person or entity that acts on behalf of another person or entity, usually to conceal the identity or beneficial ownership of the real owner. Money launderers may use nominees to purchase real estate with illicit funds, and then transfer the property to the real owner or sell it for a profit. This way, they can obscure the source and ownership of the funds, and integrate them into the legitimate economy12.
References:
* ACAMS, CAMS Examination Study Guide, 6th Edition, Chapter 3, pp. 77-78
* FATF, Money Laundering and Terrorist Financing through the Real Estate Sector, June 20073, pp. 19-
20

NEW QUESTION # 389
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