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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a highly respected and globally recognized certification for professionals who are involved in the prevention and detection of money laundering and other financial crimes. Certified Anti-Money Laundering Specialists (the 6th edition) certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is the largest international organization dedicated to enhancing the knowledge and skills of professionals in the anti-money laundering (AML) field.

ACAMS CAMS Certification program is a valuable asset for professionals who are dedicated to preventing financial crimes. It provides individuals with the knowledge and skills needed to stay up-to-date with the latest AML regulations and best practices, and it also offers a way for professionals to demonstrate their expertise and commitment to AML compliance.

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q259-Q264):

NEW QUESTION # 259
A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.
Which suspicious activity should be the focus of the suspicious transaction report?

A. The customer asks to transfer funds to accounts in three different foreign jurisdictions
B. The customer goes to a different branch to make this transaction
C. The customer opened the account with four large checks
D. The customer transfers almost all of the funds out of the account

Answer: A

Explanation:
According to the ACAMS CAMS Certification Video Training Course1, one of the red flags for money laundering is "transferring funds to or from foreign countries or jurisdictions that are known to have weak anti-money laundering standards or are considered high-risk for money laundering or terrorist financing" (Module 2, Lesson 3, Part 2). This is also consistent with the suspicious activity report (SAR) criteria, which require financial institutions to report transactions that "involve funds derived from illegal activity or are intended or conducted to hide or disguise funds or assets derived from illegal activity" or "involve the use of the financial institution to facilitate criminal activity" (31 CFR § 1020.320(a)(2)). Therefore, the customer's request to transfer funds to accounts in three different foreign jurisdictions should be the focus of the SAR, as it may indicate an attempt to launder money or finance terrorism.
References:
ACAMS CAMS Certification Video Training Course
[31 CFR § 1020.320 - Reports by banks of suspicious transactions]

NEW QUESTION # 260
Common risks and red flags associated with trade finance clients may include: (Choose four.)

A. invoices with prices that are much higher than market price
B. fluctuations in the pricing of standard goods and services
C. transaction structures that appear unnecessarily complex
D. account activity that is not consistent with the purpose of the account
E. bills of lading matching the description of goods, quantities, and values with transshipment details justified
F. trade documents, such as invoices and letters of credit, that are not clearly worded or are in foreign languages

Answer: C,D,F

Explanation:
Trade finance red flags include account activity inconsistent with the account's stated purpose, unnecessarily complex transaction structures, poorly worded or foreign-language trade documents that may obscure details, and invoices with prices significantly above market value, which can indicate trade-based money laundering or fraud.

NEW QUESTION # 261
Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?

A. The US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries.
B. US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank
C. Illicit funds deposited with a foreign bank can be seized by the US government by confiscating the same amount of funds deposited in a correspondent account in the US.
D. A subpoena issued to a foreign bank that maintains a correspondent account in the US can require the bank to submit any records except for records in a foreign jurisdiction.

Answer: B

Explanation:
Explanation
The USA PATRIOT Act stipulates that US banks that maintain correspondent accounts for foreign banks must keep identification records of foreign bank owners with 50% or more ownership in the bank. This ensures that the US government can track the flow of funds through the correspondent accounts and prevent money laundering and terrorist financing. Additionally, the US federal banking agency can require foreign banks to produce records or information related to any account opened in the US or other countries. This allows the agency to monitor the activities of foreign banks and ensure compliance with US regulations.

NEW QUESTION # 262
A customer living in a high-risk jurisdiction makes frequent, large cash deposits at a bank. The same customer sends small wire transfers to unrelated parties in other high-risk jurisdictions.
What are two red flags that may indicate money laundering? (Choose two.)

A. Large cash deposits are from a high-risk jurisdiction
B. The client resides in a high-risk jurisdiction
C. The bank allows cash deposits
D. Wire transfers are to high-risk jurisdiction

Answer: A,D

Explanation:
Wire transfers to high-risk jurisdictions and large cash deposits from a high-risk jurisdiction are two red flags that may indicate money laundering. These activities suggest that the customer is trying to move funds from or to a country that has weak anti-money laundering (AML) controls, or that is known to be a source or destination of illicit funds12. Wire transfers can also be used to obscure the origin or destination of the funds, or to layer transactions through multiple accounts or intermediaries3. Large cash deposits can indicate that the customer is trying to avoid the reporting or record-keeping requirements that apply to cash transactions, or that the customer is dealing with proceeds from illegal activities45. The other two options are not necessarily red flags, as the bank may have legitimate reasons to allow cash deposits, and the client may reside in a high-risk jurisdiction for legitimate reasons.

NEW QUESTION # 263
Who has the day-to-day responsibility of communicating and reinforcing the established anti-money laundering compliance culture and program?

A. Compliance officer
B. Board of directors
C. Senior management
D. Business lines

Answer: A

Explanation:
Reference:
http://files.acams.org/pdfs/English_Study_Guide/Chapter_4.pdf

NEW QUESTION # 264
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