RELIABLE ACAMS CAMS TEST NOTES | VALID EXAM CAMS PRACTICE

Reliable ACAMS CAMS Test Notes | Valid Exam CAMS Practice

Reliable ACAMS CAMS Test Notes | Valid Exam CAMS Practice

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The CAMS Certification Exam covers a wide range of topics related to AML and financial crime prevention, including risk assessment, customer due diligence, transaction monitoring, sanctions screening, and regulatory compliance. CAMS exam is designed to test the knowledge and skills of professionals working in AML compliance and ensures that they have a comprehensive understanding of the latest AML regulations, laws, and best practices. Certified Anti-Money Laundering Specialists certification exam is rigorous and requires a thorough understanding of the subject matter, making it a valuable credential for professionals looking to advance their careers in the field.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q73-Q78):

NEW QUESTION # 73
What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?

  • A. 3,000 Euros
  • B. 10,000 Euros
  • C. 5,000 Euros
  • D. 15,000 Euros

Answer: B

Explanation:
The European Union Fourth Anti-Money Laundering Directive (4th AMLD) is a legal framework that aims to prevent the use of the Union's financial system for the purposes of money laundering and terrorist financing. One of the provisions of the 4th AMLD is to lower the currency threshold for cash payments from €15,000 to €10,000. This means that any person who makes or receives cash payments of €10,000 or more, whether in a single transaction or in several linked transactions, is subject to customer due diligence and record-keeping obligations. The 4th AMLD also extends its applicability to providers of gambling services, which are now listed as 'obliged entities'.
Reference:
Directive - 2015/849 - EN - Fourth Anti-Money Laundering Directive - EUR-Lex, Article 11 and Recital 23.
EUR-Lex - 02015L0849-20210630 - EN - EUR-Lex, Article 11 and Recital 23.
Key elements of the 4th EU Anti-Money Laundering Directive, Section: Cash payments.
Anti-money laundering and countering the financing of terrorism legislative package, Section: New EU AML/CFT Regulation.


NEW QUESTION # 74
What type of records do the recordkeeping requirements of section 319 of the Patriot Act require U.S. banks to collect and maintain records of in the U.S. for each non-U.S. bank with which it maintains a correspondent relationship?

  • A. Name of attorney and name of all shell bank clients
  • B. Copy of AML policies and annual reports
  • C. Beneficial ownership and any Politically Exposed Person (PEPs) in the management chain
  • D. Ownership and agent for service of legal process

Answer: D


NEW QUESTION # 75
What correspondent banking risk factor increases the risk for a Correspondent Bank?

  • A. Limited product offering to customers in high-risk jurisdictions
  • B. Major service provider to money service businesses
  • C. Multi-national financial institution with global operations
  • D. Offers international funds transfer to customers

Answer: B

Explanation:
Correspondent banking is a service that allows banks to access financial services in different jurisdictions through intermediary banks, known as correspondent banks. Correspondent banking can facilitate cross-border transactions, foreign exchange, and other financial activities for banks and their customers. However, correspondent banking also poses various risks, such as money laundering, terrorist financing, fraud, corruption, tax evasion, and sanctions evasion. Correspondent banks may have no direct relationship with the customers of the respondent banks, making it difficult to verify their identity and monitor their transactions.
Correspondent banks may also rely on the compliance programs of the respondent banks, which may not meet the standards of the correspondent banks' jurisdictions.
One of the risk factors that increases the risk for a correspondent bank is being a major service provider to money service businesses (MSBs). MSBs are entities that provide money transmission, currency exchange, check cashing, prepaid cards, and other similar services. MSBs are often considered high-risk customers, because they may serve as conduits for illicit funds, especially if they operate in jurisdictions with weak anti-money laundering regulations or oversight. MSBs may also have a large and diverse customer base, making it challenging to conduct customer due diligence and transaction monitoring. Therefore, correspondent banks that provide services to MSBs may face higher exposure to money laundering and other financial crimes, and may need to apply enhanced due diligence and risk mitigation measures.
References:
Understanding Risk in Correspondent Banking
GUIDANCE ON CORRESPONDENT BANKING SERVICES
Correspondent Bank: Definition and How It Works
Correspondent banking - why it's important to understand the risks
Reference:
https://www.fatf-gafi.org/media/fatf/documents/reports/Guidance-Correspondent-Banking-Services.pdf


NEW QUESTION # 76
How do payable through accounts (PTAs) differ from normal foreign correspondent accounts?

  • A. The customers can hide their identity through the use of cover payments in U.S. dollars
  • B. The customers have the ability to directly control funds at the correspondent bank
  • C. The customers do not have to worry about sanctions list screening such as OFAC
  • D. The customers can contact the correspondent bank directly to send wire transfers

Answer: C

Explanation:
Explanation
Explanation/Reference:
Payable-Through, Pass Through, and Pass-By Accounts | Definitions and Summary A payable-through account (PTA) is also referred to as a pass through account or a pass-by account. These types of accounts are offered by US financial institutions as banking products and are used by foreign financial firms to provide their customers with access to the US financial system.
A payable-through account (PTA) is a demand deposit account through which banking agencies located in the United States extend cheque writing privileges to the customers of other institutions, often foreign banks.
PTA accounts are a concern to bank regulators because the banks or agencies providing the accounts may not subject the end customers to the same level of scrutiny as they would their own customers. These concerns were addressed in Title 3A, especially Section 311(b)(4), of the Patriot Act.
Foreign financial institutions use PTAs, also known as "pass-through" or "pass-by" accounts, to provide their customers with access to the U.S. banking system. Some U.S. banks, Edge and agreement corporations, and
U.S. branches and agencies of foreign financial institutions (collectively referred to as U.S. banks) offer these accounts as a service to foreign financial institutions. Law enforcement authorities have stated that the risk of money laundering and other illicit activities is higher in PTAs that are not adequately controlled.
What is the difference between a regular correspondent bank account and a "payable-through, pass through, or pass-by account"?
With a payable-through, pass through or pass-by account, a foreign financial firm is able to create a corresponding account in the US. However, the foreign bank also provides checks to its foreign customers who might be interested in conducting US transactions. These foreign customers are then able to write checks to withdraw from or make deposits into the account.
In general, these foreign customers of a foreign bank are not subject to anti-money laundering screening, but they end up having full access to the US financial system.
Higher Money Laundering Risk
Based on their nature, payable-through, pass through, and pass-by accounts are considered as posing higher money laundering risk concerns.
Risk Factors
PTAs may be prone to higher risk because U.S. banks do not typically implement the same due diligence requirements for PTAs that they require of domestic customers who want to open checking and other accounts.
For example, some U.S. banks merely request a copy of signature cards completed by the payable through customers (the customer of the foreign financial institution). These U.S. banks then process thousands of sub- accountholder checks and other transactions, including currency deposits, through the foreign financial institution's PTA. In most cases, little or no independent effort is expended to obtain or confirm information about the individual and business subaccountholders that use the PTAs.
Foreign financial institutions' use of PTAs, coupled with inadequate oversight by U.S. banks, may facilitate unsound banking practices, including money laundering and related criminal activities. The potential for facilitating money laundering or terrorist financing, OFAC violations, and other serious crimes increases when a U.S. bank is unable to identify and adequately understand the transactions of the ultimate users (all or most of whom are outside of the United States) of its account with a foreign correspondent. PTAs used for illegal purposes can cause banks serious financial losses in criminal and civil fines and penalties, seizure or forfeiture of collateral, and reputation damage.


NEW QUESTION # 77
What is a key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture?

  • A. Ongoing training
  • B. An internal audit
  • C. Peer review
  • D. A record retention policy

Answer: A


NEW QUESTION # 78
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