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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized certification for professionals in the financial crime prevention industry. It is designed to equip individuals with the knowledge and skills needed to effectively prevent and detect money laundering activities. Certified Anti-Money Laundering Specialists certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading organization in the field of financial crime prevention.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q741-Q746):

NEW QUESTION # 741
As a result of an audit, a policy exception was identified that had been approved by the compliance officer. The auditor determined that the policy exception is a violation of a regulatory requirement.
What should the auditor do?

A. Consult with legal counsel to determine if the approval of the policy exception was acceptable.
B. Include the regulatory violation in the audit report and report it to the board of directors.
C. Include the regulatory violation in the audit report and recommend the compliance officer be subject to disciplinary action by the board of directors.
D. Advise the compliance officer on how to appropriately respond to policy exceptions.

Answer: B

NEW QUESTION # 742
In order for a terrorist organization to move funds from Cyprus to England through trade-based money laundering, which technique would be used?

A. An England-based exporter over-invoices a shipment to Cyprus.
B. A Cyprus-based exporter over-invoices a shipment to London.
C. An England-based exporter under-invoices a shipment to Cyprus.
D. A Cyprus-based exporter short-ships a shipment to London.

Answer: A

Explanation:
Trade-based money laundering (TBML) involves manipulating trade transactions to move illicit funds rather than goods. One common technique is over-invoicing, where an exporter intentionally inflates the invoice value of goods. In this scenario, an England-based exporter would over-invoice a shipment to Cyprus. By doing so, the exporter creates a surplus amount that can be transferred back to the terrorist organization in England, effectively disguising the movement of illicit funds12.
Reference:
Trade-Based Money Laundering Techniques to Know
Money Trails Of Deceit: Understanding Techniques Of Trade-Based Money Laundering Sanction Scanner: What is Trade-Based Money Laundering (TBML)?

NEW QUESTION # 743
Which does the USA PATRIOT Act stipulate for foreign banks concerning correspondent banking?

A. 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.
B. 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.
C. 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
D. 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.

Answer: C

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 # 744
What does the Financial Action Task Force 40 Recommendations address on transparency of beneficial ownership?

A. Payable through accounts
B. Gatekeepers
C. Legal persons and arrangements
D. Correspondent banking

Answer: C

Explanation:
The Financial Action Task Force (FATF) 40 Recommendations address the transparency and beneficial ownership of legal persons (such as companies, foundations, associations, etc.) and legal arrangements (such as trusts, fiducies, anstalts, etc.) in Recommendations 24 and 25. These recommendations aim to prevent the misuse of legal persons and arrangements for money laundering, terrorist financing and other illicit purposes, by requiring countries to ensure that accurate and up-to-date information on the natural persons who ultimately own or control them (the beneficial owners) is available to the competent authorities in a timely manner.
Reference:
CAMS Study Guide - 6th Edition, Chapter 4, page 112
CAMS Certification Exam Outline, Domain 1, Task 1.2, Skill 1.2.2
Guidance on Transparency and Beneficial Ownership, FATF, October 2014
Recommendation 24: Transparency and beneficial ownership of legal persons, FATF
[Recommendation 25: Transparency and beneficial ownership of legal arrangements], FATF

NEW QUESTION # 745
A typical red flag regarding potential money laundering in connection with an art purchase occurs when a customer:

A. buys a painting as an anonymous bidder and provides the source of wealth.
B. asks to pay a large amount in cash without a comprehensible reason.
C. pays more at an auction for a painting than the estimated maximum price.
D. asks to pay in installments and pays from two differently named accounts.

Answer: B

Explanation:
Paying a large amount in cash for an art purchase is a typical red flag of potential money laundering, as it may indicate an attempt to avoid traceability and reporting requirements. Cash transactions are often used by criminals to launder illicit funds, as they are difficult to track and verify. According to the FATF guidance on money laundering and terrorist financing risks in the art trade, cash payments above a certain threshold should be subject to enhanced due diligence and reporting obligations by art market participants (AMPs). AMPs should also be wary of customers who provide insufficient or inconsistent information about the source of funds, the purpose of the transaction, or the identity of the beneficial owner.
References:
Money Laundering and Terrorist Financing Risks and Vulnerabilities Associated with Gold, FATF, July
2023, p. 22-23.
Money Laundering and Terrorist Financing Vulnerabilities of Legal Professionals, FATF, June 2023, p. 38-39.
Red Flags Money laundering and terrorist financing risks, Responsible Art Market, 2017, p. 2.

NEW QUESTION # 746
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