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Reliable ACAMS CAMS Test Materials, New CAMS Exam Practice

These ACAMS CAMS exam questions have a high chance of coming in the actual CAMS test. You have to memorize these CAMS questions and you will pass the ACAMS CAMS test with brilliant results. The price of ACAMS CAMS updated exam dumps is affordable.

The CAMS certification exam covers a wide range of topics related to AML, including money laundering techniques, AML regulations, risk management, and compliance. CAMS exam is designed to test both theoretical knowledge and practical skills, and it requires candidates to demonstrate their ability to apply AML concepts to real-world scenarios. CAMS exam consists of 120 multiple-choice questions, and candidates have four hours to complete it. To be eligible to take the CAMS certification exam, candidates must have at least 40 hours of AML training or equivalent experience, and they must also pass a background check. Obtaining the CAMS certification can help professionals advance their careers in the AML field and demonstrate their commitment to the highest standards of AML compliance.

To be eligible for the CAMS Certification Exam, candidates must have relevant work experience in the field of anti-money laundering or financial crime prevention. Certified Anti-Money Laundering Specialists certification is ideal for individuals who want to advance their careers in financial services or compliance. CAMS exam consists of multiple-choice questions and is delivered online, making it easily accessible for candidates around the world. Passing the CAMS exam demonstrates a candidate's expertise in anti-money laundering and financial crime prevention, and can lead to higher salaries, greater job opportunities, and increased professional credibility.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q327-Q332):

NEW QUESTION # 327
What does the Financial Action Task Force (FATF) urge its members and all other jurisdictions to do when a jurisdiction is identified as having lax anti-money laundering / counter financing of terrorism controls?

A. Apply counter-measures to that jurisdiction
B. Apply economic sanctions until otherwise notified by FATF
C. Cease doing business with that jurisdiction immediately
D. Consider customers from that jurisdiction as high risk

Answer: A

NEW QUESTION # 328
A prospective AML officer comes highly recommended by a bank's up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?

A. Hire the individual on a probationary basis so that the institution can determine if the individualis sufficiently experienced and capable
B. Do a thorough background check
C. Hire the individual, relying on the recommendation of its correspondent
D. Confer with its regulatory agency to determine whether it is appropriate to hire the person

Answer: B

NEW QUESTION # 329
In relationship to life insurance business, the third European Directive states that Member States may allow the identity verification of the beneficiary under the policy after the business relationship has been established, but before which events?

A. At or before 30 days of the relationship being established under the policy
B. At or before the time of payout or before the beneficiary intends to exercise rights vested under the policy
C. At or before a premium payment has been accepted for the policy purchased
D. At or before the policy is issued to the beneficiary by the insurance company

Answer: C

NEW QUESTION # 330
The Head of Compliance was informed by external auditors of a finding that indicates an element of AML policy failed to comply with the regulatory requirement. Which action should the Head of Compliance take next?

A. Make necessary updates to AML policy documents.
B. Agree immediately and provide corrective actions.
C. Submit a corrective action plan with a target timeline.
D. Inform the compliance team about the finding.

Answer: C

Explanation:
The Head of Compliance is responsible for overseeing and managing the AML compliance program of the organization. When an external auditor identifies a finding that indicates a failure to comply with a regulatory requirement, the Head of Compliance should take prompt and appropriate action to address the issue and prevent recurrence. The best course of action is to submit a corrective action plan with a target timeline to the auditor and the relevant regulator, demonstrating the organization's commitment to remediate the finding and improve its AML compliance program. The corrective action plan should include the root cause analysis of the finding, the specific actions to be taken, the responsible parties, the expected outcomes, and the deadlines for completion. The Head of Compliance should also monitor the progress of the corrective action plan and report any updates or challenges to the auditor and the regulator.
Reference:
JPMorgan Chase & Co. Global Anti-Money Laundering Compliance Program, page 2: "The Firm's Global Head of Financial Crimes Compliance is responsible for overseeing the implementation and effectiveness of the AML Program and reports to the Firm's Chief Compliance Officer. ... The Global Head of Financial Crimes Compliance is also responsible for ensuring that the Firm responds appropriately to any regulatory inquiries, examinations, or investigations relating to AML matters, and that any identified issues or deficiencies are promptly remediated." The Board's Role in AML Compliance, Section "Board Oversight of AML Compliance Program": "The board should also ensure that the institution has a process in place to identify, report and correct any compliance deficiencies or violations in a timely manner. This includes ensuring that the institution responds to any regulatory inquiries, examinations or enforcement actions, and implements any required corrective actions." AML Compliance Officer: the Role, Skills, and Responsibilities, Section "AML Compliance Officer Responsibilities": "The AML Compliance Officer is also responsible for: ... Reporting to the regulators and auditors on the AML compliance program and its effectiveness; ... Developing and implementing corrective action plans for resolution of problematic issues, and providing general guidance on how to avoid or deal with similar situations in the future."

NEW QUESTION # 331
What national agency is responsible for analyzing and assessing the information it receives to substantiate possible existence of money laundering or terrorist financing activities?

A. The Wolfsberg Group
B. FATF
C. The Basel Committee
D. The Financial Intelligence Unit (FIU)

Answer: D

Explanation:
An FIU is a central, national agency responsible for receiving, analyzing, and disseminating to the competent authorities disclosures of financial information concerning suspected proceeds of crime and potential financing of terrorism or required by nationallegislation or regulation1. FIUs play a crucial role in the detection and prevention of money laundering and terrorist financing by collecting, processing, and analyzing financial intelligence and sharing it with domestic and foreign counterparts2. FIUs may have different organizational structures, functions, and legal frameworks, but they all adhere tothe international standards and best practices set by the Egmont Group of FIUs3.
:
What We Do | FinCEN.gov
Financial Intelligence Units: An Overview (June 2004) - IMF, page 1
[Egmont Group of Financial Intelligence Units]
Reference: https://www.fatf-gafi.org/media/fatf/content/images/National_ML_TF_Risk_Assessment.pdf

NEW QUESTION # 332
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