Free Acams CAMS Exam Dumps and CAMS Exam Questions

Question No: 1

MultipleChoice

The branch manager calls the compliance officer and informs her that a law enforcement officer has just left

the branch and was asking a lot of

What should the compliance officer do?

Options

AFile a suspicious transaction report

BFollow up to verify that the officer received all necessary information

CVerify that the reported officer was an actual authorized representative

DRequire the branch manager to write a detailed memo about the request

Question No: 2

MultipleChoice

What should law enforcement provide when asking an institution to keep an account open?

Options

AAn explanation of the underlying conduct that is being investigated

BA written request with an explanation of the scope of the investigation

CAn in-person visit by an investigating official to explain the reasons why the account must remain open

DA written request on government agency letterhead with the appropriate signature

Question No: 3

MultipleChoice

A customer has held an account at a local credit institution for 10 years. The account has received deposits twice weekly for the same amount and has never shown signs of suspect behavior. Monitoring software indicated that in the past few months the account has received several large deposits that were not in line with the account history. When asked, the customer states she recently sold a piece of property, which is supported with a proof of sale. What should the compliance officer do next?

Options

AInvestigate these unusual transactions further

BContact the local FIU for advice

CFile an STR with the competent authorities

DDocument reasons for not filing a STR

Question No: 4

MultipleChoice

After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement.

What steps should the institution take?

Options

AThe institution should close the account in order not to be caught in the middle of a law enforcement investigation

BThe institution should follow the request of the law enforcement agent and keep the account open

CThe institution should request a written letter From the law enforcement ( agency signed by an appropriate authorized signature

DThe institution should keep the account open only if doing so comports with the bank's own AML procedures

Question No: 5

MultipleChoice

An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?

Options

AThe bank should limit the amount of money which can be processed per transaction

BThe bank should ensure that prospective new customers can be properly identified

CThe bank should set up automated programs to analyze transactions for money laundering activity

DThe bank should ensure that a firewall is set up to protect the transactions

Question No: 6

MultipleChoice

What are some red flags pertaining to potentially suspicious transactions by a customer? Choose 3 answers

Options

AHaving multiple addresses and/or moving frequently

BHaving a commercial account with cash deposits

CHave a common address with several other bank clients

DHaving multiple individuals use the ATM card connected with the account m different cities

Question No: 7

MultipleChoice

Which AML standards have force of law?

Options

AStandards as defined in the Third European Union Money Laundering Directive (2005/60/EC)

BStandards as defined by the United Nations (UN)

CStandards as defined by World Bank / International Monetary Fund (IMF)

D40 Recommendations

Question No: 8

MultipleChoice

When requested by law enforcement via legal process to provide records or documentation, what should the officers of financial institution do?

Options

AProvide all records and documents the officer believes would be pertinent to the law enforcement agent's investigation

BRefuse to provide any records or documents until the agent narrows the scope of the request down to what he or she actually needs

CNot act on the legal process until the bank officer has contact w4h the agent and learns what the agent is investigating

Dif there is no basis for contesting the request, provide what is requested

Question No: 9

MultipleChoice

Which activity is most likely to facilitate money laundering through on-line systems with inadequate controls?

Options

AConducting a large volume of transactions

BProviding continuous worldwide access

CConducting anonymous transactions

DConducting large value transactions

Question No: 10

MultipleChoice

How can dealers in high-value items be at risk for money laundering?

Options

AThe value of precious metals such as gold and silver is constantly fluctuating.

BCarrying large amounts of gems of high value is physically easy

CPaperwork is not required to ship precious metals and gems

DDrug dealers prefer cash to precious metals and gems

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