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The CAMS certification is designed for professionals who work in anti-money laundering (AML), counter-terrorism financing (CTF), and financial crime prevention. CAMS exam covers a wide range of topics including AML regulations, AML compliance programs, risk assessment, customer due diligence, transaction monitoring, and sanctions screening. CAMS Exam also tests the candidate's ability to analyze complex financial crime scenarios and to apply the latest AML/CTF techniques and technologies to prevent and detect financial crime.
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ExamsTorrent has designed highly effective ACAMS CAMS exam questions and an online CAMS practice test engine to help candidates successfully clear the Certified Anti-Money Laundering Specialists exam. These two simple, easy, and accessible learning formats instill confidence in candidates and enable them to learn all the basic and advanced concepts required to pass the Certified Anti-Money Laundering Specialists (CAMS) Exam.
ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q429-Q434):
NEW QUESTION # 429
A precious metals dealer opens a new account with a bank. Which requires a referral to AML Investigations for further review?
Answer: C
Explanation:
payments received on the account that reference unknown companies in the instructions indicate a possible attempt to obscure the source or purpose of the funds. This could be a sign of money laundering, tax evasion, fraud, or other illicit activities. Such payments should be referred to AML Investigations for further review and verification of the identity and legitimacy of the companies involved.
Reference:
FATF Guidance on the Risk-Based Approach for Dealers in Precious Metals and Stones, page 18, paragraph 57: "The dealer should also pay attention to the information provided by the customer on the source and origin of the funds or assets, and verify it where possible. For example, the dealer should be alert to situations where the customer provides vague, incomplete or inconsistent information about the source and origin of the funds or assets, or where the information provided does not match with the customer's profile or business activity." Risk-Based Approach For Dealers in Precious Metals and Stones (DPMS), section "Business-based risk approach", sub-section "2- Geographical location": "You must also assess the geographical location of your business and the countries you deal with. You must be aware of the countries that are high-risk or non-cooperative jurisdictions as per the FATF recommendations. You must also consider the countries that are subject to sanctions, embargoes, or similar measures issued by the United Nations, the European Union, or any other relevant organization. You must also be careful of the countries that are known to have significant levels of corruption, organized crime, or terrorist activity." What are the Risks of Money Laundering for Precious Metals Dealers?, section "Money Laundering Red Flags for DPMS", bullet point 4: "The customer provides vague, incomplete, or inconsistent information about the source and origin of the funds or assets."
NEW QUESTION # 430
A benefit of using bearer shares in corporate formations is that bearer shares are:
Answer: B
Explanation:
Bearer shares are unregistered equity securities owned by the possessor of the physical share documents. The issuing company does not record the identity or ownership of the shareholders, nor does it track the transfers of ownership. This means that the holder of the bearer share can claim ownership and exercise the rights associated with the share, such as voting and receiving dividends, by simply presenting the physical certificate. This also makes the transfer of ownership very easy, as it only requires the delivery of the physical document, without any formalities or intermediaries. Bearer shares are therefore attractive for those who seek anonymity, privacy, and flexibility in their corporate structures.
References:
* Investopedia: Bearer Share
* SuperMoney: Bearer Shares: Definition, Examples, and Implications
* ACAMS: Bearer Shares
NEW QUESTION # 431
You have an Azure Machine Learning model that is deployed to a web service.
You plan to publish the web service by using the name ml.contoso.com.
You need to recommend a solution to ensure that access to the web service is encrypted.
Which three actions should you recommend? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
Answer: B,C,D
Explanation:
Explanation/Reference:
The process of securing a new web service or an existing one is as follows:
1. Get a domain name.
2. Get a digital certificate.
3. Deploy or update the web service with the SSL setting enabled.
4. Update your DNS to point to the web service.
Note: To deploy (or re-deploy) the service with SSL enabled, set the ssl_enabled parameter to True, wherever applicable. Set the ssl_certificate parameter to the value of the certificate file and the ssl_key to the value of the key file.
References:
https://docs.microsoft.com/en-us/azure/machine-learning/service/how-to-secure-web-service
NEW QUESTION # 432
Which are social/economic consequences of money laundering? (Choose two.)
Answer: C,E
Explanation:
Money laundering has severe social and economic impacts, including increased crime rates, corruption and erosion of public trust. Money laundering fuels criminal activities by providing the necessary financial resources for criminals to continue their operations. As illicit funds circulate within the financial system, they enable the growth of criminal organizations and contribute to an increase in crime rates, including organized crime1. Money laundering also facilitates corruption and undermines public trust in financial institutions and the wider economy. This erosion of public trust is exacerbated by trade-based money laundering, which involves the manipulation of international trade transactions to disguise the origins of illicit funds2. Money laundering also weakens financial institutions by exposing them to reputational, operational, legal and regulatory risks. Money launderers exploit the vulnerabilities of financial systems and compromise their integrity and stability. Money laundering can also distort the allocation of resources, create inflationary pressures, and undermine the effectiveness of monetary policy3.
Reference:
1: Consequences Of Money Laundering Are: Understanding The Social, Economic, and Penalties Impacts1
2: Consequences of Money Laundering and Financial Crime2
3: Money laundering, its impact and consequences3
NEW QUESTION # 433
A client opens a bank account for a multi-level marketing company. The debits and credits of the account are numerous and very involved. Further, there are a lot of international transactions. Also, funds are being tunneled from the company to the client's personal account in another jurisdiction.
Which two steps should law enforcement take in investigating this matter? (Choose two.)
Answer: A,C
Explanation:
The correct answer is A and C. Law enforcement should determine who are the signatories on the account and examine the flow of money from the company to the individual in an effort to determine if it is legitimate.
These steps would help to identify the source and destination of the funds, the purpose and nature of the transactions, and the possible involvement of money laundering or other financial crimes. Asking the bank for the history of the multi-level marketing company (B) may not be relevant or useful, as the company may have a legitimate business model or a false front. Examining possible Suspicious Activity Report information received from the local Financial Intelligence Units (D) may be helpful, but it is not a necessary step, as the bank may not have filed any reports or the reports may not contain sufficient information.
References:
ACAMS CAMS Certification Video Training Course1, Module 4: Conducting or Supporting the Investigation Process, Lesson 1: Investigating Techniques for Law Enforcement ACAMS CAMS Certification Study Guide2, Chapter 4: Conducting or Supporting the Investigation Process, Section 4.1: Investigating Techniques for Law Enforcement, pp. 125-126
NEW QUESTION # 434
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