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HOT CAMS Updated Dumps: Certified Anti-Money Laundering Specialists (the 6th edition) - Latest ACAMS Exam CAMS Quick Prep

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q509-Q514):

NEW QUESTION # 509
What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?

A. Investigation and reputational damage
B. Fines and suspension from the industry
C. Criminal investigation and imprisonment
D. Enforcement actions including fines against the financial institution

Answer: C

NEW QUESTION # 510
A law enforcement agency submits several requests to a financial institution. Which request is legitimate and requires the bank to respond?

A. Seize privileged documents upon written request.
B. Produce documents and testimony without a subpoena.
C. Keep an account open upon verbal request.
D. Freeze an account in terms of a court order.

Answer: D

Explanation:
A court order is a legal document issued by a judge or a magistrate that authorizes or requires a person or an entity to perform or refrain from performing a certain action. A court order to freeze an account is a legitimate request that requires the bank to comply, as it is a binding and enforceable order that may be issued for various reasons, such as preventing the dissipation of assets, preserving evidence, or facilitating the recovery of funds.
A bank that receives a court order to freeze an account should follow its policies and procedures to verify the authenticity and validity of the order, and to implement the freeze as instructed by the order. A bank should also file a SAR if it suspects or has reason to suspect that the account is involved in suspicious or illicit activity.
The other options are not legitimate requests that require the bank to respond. A verbal request to keep an account open, a written request to seize privileged documents, or a request to produce documents and testimony without a subpoena are not legally binding or enforceable, and may violate the bank's obligations to protect the privacy and confidentiality of its customers. A bank may choose to cooperate with law enforcement in these situations, but it is not required to do so. A bank should also consider the potential risks and implications of maintaining an account or disclosing information that may be related to suspicious or illicit activity, and consult with its legal counsel as appropriate.
References:
Requests by Law Enforcement for Financial Institutions to Maintain Accounts Answers to Frequently Asked Questions Regarding Suspicious Activity Reporting and Other Anti-Money Laundering Considerations OCC Bulletin 2007-37: Requests by Law Enforcement for Financial Institutions to Maintain Accounts CAMS Certification Package - 6th Edition | ACAMS

NEW QUESTION # 511
After evaluating recent changes to international standards, an anti-money laundering specialist should consider enhanced due diligence on accounts held by which three groups of people?

A. Retail Account Holders
B. Lawyers
C. Foreign Exchange Dealers
D. Precious Metal Dealers

Answer: B,C,D

NEW QUESTION # 512
To ensure compliance with economic sanctions established by governmental authorities in the jurisdictions where it operates, a financial institution requires that all new and existing customers be screened at onboarding and quarterly thereafter.
Is this step sufficient to ensure compliance?

A. Yes, this is recommended by the international guidance
B. No, screening should occur promptly after list updates
C. No, it is necessary to screen and perform enhanced due diligence on new relationships
D. Yes, screening all existing customer relationships ensures the institutions is not dealing with a sanctioned individual or entity

Answer: B

Explanation:
Screening customers at onboarding and quarterly thereafter is not sufficient to ensure compliance with economic sanctions, as sanctions lists may change frequently and the financial institution may not be aware of the latest updates. Screening should occur promptly after list updates to ensure that the financial institution is not dealing with a sanctioned individual or entity, or facilitating a prohibited transaction. This is recommended by the international guidance from the Financial Action Task Force (FATF) and the Wolfsberg Group12. Screening and performing enhanced due diligence on new relationships is also important, but not the only step to ensure compliance.
References:
* CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: Sanctions, page 86
* The Wolfsberg Group Correspondent Banking Due Diligence Questionnaire 2014, Section 5: Sanctions Policy, page 12
* ACAMS CAMS Certification Video Training Course - Exam-Labs, Video 3.1: Sanctions
* Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 109 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'.
References:
* 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 # 513
The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country B. Each cash transaction always totals exactly $8,000.
What should alert the agent to possible money laundering activity by the two customers?

A. They remit funds to the same person
B. Each of their transactions is just below the cash reporting threshold
C. They have been coming in three times a week
D. It is unusual for customers to remit to Country B

Answer: B

Explanation:
This involves breaking down large amounts of cash into smaller transactions that are below the reporting threshold of $10,000 in the United States, in order to avoid detection and reporting by the financial institution.
Structuring is a red flag for money laundering and should be reported to the authorities as a suspicious activity. The other options are not necessarily indicative of money laundering, as they could have legitimate explanations. For example, the customers may have a family or business connection to the same recipient in Country B, or they may have a regular need to send money three times a week.
ACAMS CAMS Certification Video Training Course, Chapter 2: Money Laundering Risks and Methods, Section 2.2: Common Money Laundering Techniques Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 91 CAMS Certification Package - 6th Edition, Study Guide, Chapter 2: Money Laundering Risks and Methods, Page 38

NEW QUESTION # 514
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