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ACAMS CAMS certification is a highly sought-after certification in the anti-money laundering (AML) industry. Certified Anti-Money Laundering Specialists certification is awarded to individuals who have demonstrated their knowledge and expertise in the field of AML. The CAMS Certification is recognized worldwide and is considered to be the gold standard in AML certifications.

What is the duration of the CAMS Exam

Format: Multiple choices, multiple answersLength of Examination: 3 1/2 hours

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CAMS Simulations Pdf - Certification CAMS Exam

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The CAMS exam is designed to test the candidates' knowledge of AML laws, regulations, and best practices, including customer due diligence, suspicious activity reporting, sanctions screening, risk assessment, and compliance monitoring. CAMS Exam consists of 120 multiple-choice questions, and candidates have four hours to complete it. The passing score for the exam is 75%.

ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q154-Q159):

NEW QUESTION # 154
What is a primary responsibility of a financial intelligence unit?

A. Act as an intermediary between the entities subject to money laundering obligations and law enforcement agencies.
B. Legislate regulations that enhance the effectiveness of AML and sanctions compliance.
C. Publish suspicious activity reports so that entities subject to money laundering obligations are aware of the identities of criminals.
D. Provide expertise to Egmont working groups including the development of new techniques to launder money.

Answer: A

Explanation:
The primary responsibility of a financial intelligence unit is to act as an intermediary between the entities subject to money laundering obligations and law enforcement agencies. Financial intelligence units are responsible for receiving and analyzing suspicious activity reports (SARs) from entities subject to money laundering obligations, and then forwarding relevant information to the appropriate law enforcement agencies. Additionally, the financial intelligence units are responsible for providing expertise to Egmont working groups to help develop new techniques to detect and prevent money laundering.

NEW QUESTION # 155
What is the primary action a financial institution should take before formulating its anti-money laundering program?

A. It should determine how extensive and well-trained the compliance staff is
B. It should perform a comprehensive risk analysis
C. It should ensure that its training modules for all employees cover all relevant AML issues
D. It should consult with its correspondent banks to determine the nature and extent of their AML programs

Answer: C

NEW QUESTION # 156
When should new business products to evaluated for AML concerns?

A. After they have been implemented so there is empirical data to review
B. Before they are launched into the market
C. At the time of the next enterprise risk assessment
D. On an annual basis

Answer: B

Explanation:
New business products should be evaluated for AML concerns before they are launched into the market. This is because new products may introduce new risks or vulnerabilities that could be exploited by money launderers or terrorist financiers. By conducting a pre-launch assessment, a financial institution can identify and mitigate these risks, design appropriate controls and procedures, and ensure compliance with the relevant laws and regulations. A pre-launch assessment can also help a financial institution to align its AML strategy with its business objectives, and avoid potential reputational damage or regulatory sanctions.
Reference:
9 Things to Consider When Evaluating an AML Solution
CAMS Study Guide 6th Edition, page 38.

NEW QUESTION # 157
Which method to launder money through deposit-taking institutions is closely associated with international trade?

A. Forming a shell company
B. Investing in legitimate businesses with illicit funds
C. Structuring cash deposits/withdrawals
D. Using Black Market Peso Exchange

Answer: D

NEW QUESTION # 158
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. Consider customers from that jurisdiction as high risk
B. Cease doing business with that jurisdiction immediately
C. Apply economic sanctions until otherwise notified by FATF
D. Apply counter-measures to that jurisdiction

Answer: D

NEW QUESTION # 159
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