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The Certified Anti-Money Laundering Specialists (CAMS) certification is recognized as the gold standard in AML certifications. AML professionals who earn the CAMS certification demonstrate their expertise in anti-money laundering detection, prevention, and enforcement. The CAMS certification is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), a leading international organization dedicated to fighting financial crime.
ACAMS CAMS Certification Exam is a challenging but rewarding opportunity for AML professionals to demonstrate their knowledge and expertise in the field. With the growing importance of financial crime prevention and compliance, the CAMS certification is becoming increasingly valuable and relevant for AML professionals around the world.
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NEW QUESTION # 297
An EU Trust and Company Service Provider (TCSP) analyst notices some unusual activity while looking through a customer's financial statements and detailed general ledger. The customer is in the business of importing and exporting machineries. Which transaction indicator warrants further escalation to the compliance officer?
Answer: A
NEW QUESTION # 298
How can a financial institution verify the nature and purpose of a business and its legitimacy?
Answer: B
Explanation:
A financial institution can verify the nature and purpose of a business and its legitimacy by using an independent information verification process, such as by accessing public and private databases. This method can help the financial institution to check the names of businesses against anti-money laundering (AML) watchlists, parse and analyze ownership information to determine beneficial ownership structure, and run the beneficial owners themselves through identity verification and AML watchlist checks1. This can also help the financial institution to comply with the regulatory requirements for customer due diligence (CDD), which include obtaining and analyzing sufficient customer information to understand the nature and purpose of customer relationships for the purpose of developing a customer risk profile2. Other methods, such as reviewing a copy of the corporation's latest audited reports and accounts, undertaking a company search or other commercial inquiries, or reviewing the company's website, may not provide sufficient or reliable information to verify the nature and purpose of a business and its legitimacy.
Customer due diligence for banks by the Basel Committee on Banking Supervision, October 2001.
How to Verify Legitimate Businesses and Merchants by Trulioo, March 2021.
NEW QUESTION # 299
Under requirements for correspondent accounts in the USA PATRIOT Act, the word "certification" refers to a written representation by a
Answer: B
Explanation:
it describes the word "certification" as a written representation by a respondent bank, certifying that they do not do business with shell banks. This is one of the requirements for correspondent accounts in the USA PATRIOT Act, which is a law enacted in 2001 to enhance the anti-money laundering and counter-terrorist financing (AML/CTF) measures in the United States. The USA PATRIOT Act requires that correspondent banks, which are banks that provide services to other banks, such as clearing, settlement, or cash management, to obtain a certification from their respondent banks, which are banks that receive services from correspondent banks, to ensure that they are not involved in money laundering or terrorist financing activities.
One of the elements of the certification is that the respondent bank does not do business with shell banks, which are banks that have no physical presence or meaningful supervision in any jurisdiction, and are often used by money launderers and other criminals to hide their identity and funds.
The other options are not necessarily the word "certification" as a written representation by a respondent bank under the USA PATRIOT Act, although they may have some relevance or importance depending on the circumstances and the nature of the correspondent relationship. Option A describes a possible certification by a federal receiver, which is a person appointed by a court to take custody and control of the assets of a failed bank, but this is not related to the correspondent accounts requirements in the USA PATRIOT Act. Option B describes a possible certification by a respondent bank, certifying that they do not do business with politically exposed persons (PEPs), which are individuals who hold or have held prominent public positions or their close associates or family members, and who may pose a higher risk of money laundering or corruption, but this is not a mandatory element of the certification under the USA PATRIOT Act, although itmay be a good practice or a risk-based measure. Option C describes a possible certification by a correspondent bank, certifying that they do not open correspondent accounts for alternative remittance companies, which are businesses that provide money transfer or payment services outside the formal banking system, and which may pose a higher risk of money laundering or terrorist financing, but this is not a requirement for the respondent bank under the USA PATRIOT Act, although it may be a regulatory obligation or a risk-based measure for the correspondent bank.
ACAMS CAMS Certification Video Training Course - 6th Edition1
Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition)2 ACAMS CAMS Study Guide - 6th Edition, Chapter 7, pages 156-157
https://www.acams.org/wp-content/uploads/2019/09/ACAMS-CAMS-Study-Guide-6th-Edition-Chapter-7.pdf
NEW QUESTION # 300
Which of the following is one of the pillars of the EU AML Package adopted in June 2024?
Answer: A
Explanation:
One of the central pillars of the EU AML Package adopted in June 2024 is theEU AML Regulation. This regulation introduces directly applicable AML/CFT rules across all EU member states, replacing the previous approach where AML directives were transposed into national laws. This shift addresses regulatory fragmentation and strengthens enforcement across borders.
The complete AML Package includes the following four pillars:
* EU AML Regulation (directly applicable rulebook)
* 6th AML Directive (not the 7th)
* Establishment of a new EU Anti-Money Laundering Authority (AMLA)
* Revised Transfer of Funds Regulation, especially concerning crypto-asset service providers The EU AML Regulation aims to unify and streamline the application of AML/CFT measures across the EU, ensuring a consistent and effective framework.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter: International AML Standards - Section:
European Union AML Framework and Developments
NEW QUESTION # 301
During the course of work on behalf of a client, a lawyer participated in the movement of money. If the lawyer suspects an act of money laundering, which of the following should the lawyer do according to European Union Money Laundering Directives?
Answer: D
Explanation:
According to the FATF Recommendations, financial institutions should maintain all necessary records on transactions and customers for at least five years, and make them available to competent authorities upon appropriate authority1. This includes records and documents related to suspicious transactions that have been reported to the financial intelligence unit (FIU) or other designated authorities. Providing the supporting documentation to competent authorities upon request is essential for the investigation and prosecution of money laundering and terrorist financing offences, as well as for the identification and tracing of criminal assets2.
Hinting to the customer that she should come in and explain her behavior is not a correct answer, as it may tip off the customer about the suspicion and compromise the effectiveness of the reporting system. Financial institutions should not disclose to the customer or to third parties that a suspicious transaction report (STR) or related information is being reported to the FIU3.
Maintaining adequate written documentation of all individuals and transactions reported is not a sufficient answer, as it does not imply cooperation with competent authorities. Financial institutions should not only keep records, but also provide them to the authorities when requested.
Submitting information upon receiving a legal request from parties involved in a civil lawsuit is not a relevant answer, as it does not relate to the cooperation with competent authorities for AML/CFT purposes. Civil lawsuits are not part of the AML/CFT framework, and financial institutions should not disclose confidential information to private parties without proper legal grounds.
References:
FATF Recommendation 11: Record-keeping 1
FATF Recommendation 31: Powers of law enforcement and investigative authorities 2 FATF Recommendation 21: Tipping-off and confidentiality 3
NEW QUESTION # 302
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