THE BEST OF ACAMS CERTIFICATION CAMS EXAM TRAINING METHODS

The best of ACAMS certification CAMS exam training methods

The best of ACAMS certification CAMS exam training methods

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q102-Q107):

NEW QUESTION # 102
A foreign politically exposed person (PEP) requests to add a beneficiary to a file insurance policy.
How should the request be processed to mitigate risk?

  • A. Perform due diligence on the beneficiary
  • B. Decline the request to add a beneficiary due to increased risk
  • C. Decline the request if the beneficiary is a foreign PEP
  • D. Determine the source of wealth and source of funds

Answer: A

Explanation:
According to the FATF Recommendation 12, financial institutions should take reasonable measures to determine whether the beneficiaries of a life insurance policy and/or, where required, the beneficial owner of the beneficiary are politically exposed persons. This should occur at the latest at the time of the payout1. The purpose of this requirement is to prevent the abuse of life insurance products for money laundering or terrorist financing by PEPs or their associates. Therefore, the best way to mitigate the risk of adding a beneficiary to a life insurance policy for a foreign PEP is to perform due diligence on the beneficiary, such as verifying their identity, relationship with the PEP, and source of funds2.
The other options are not correct because they either do not comply with the FATF standards, or do not adequately address the risk of adding a beneficiary to a life insurance policy for a foreign PEP. Determining the source of wealth and source of funds is a measure that should be applied to the PEP as the customer, not the beneficiary, as part of the enhanced due diligence process2. Declining the request if the beneficiary is a foreign PEP may not be feasible or proportional, as not all foreign PEPs are involved in money laundering or terrorist financing, and some may have legitimate reasons to add a beneficiary to their life insurance policy.
Declining the request to add a beneficiary due to increased risk may also not be feasible or proportional, as it may violate the contractual rights of the PEP as the customer, and may not be necessary if the due diligence on the beneficiary does not reveal any red flags or suspicions.
References: https://complyadvantage.com/insights/peps-life-insurance/
https://www.cfatf-gafic.org/index.php/documents/fatf-40r/378-fatf-recommendation-12-politically-exposed- persons


NEW QUESTION # 103
Which of the following are the most suspicious transaction indicators related to casino activities?
1. A client requests a winnings check (cheque) in a third party's name.
2. Acquaintances bet against each other in even-money games and it appears they are intentionally losing to one of the parties.
3. A new client who is a large volume player asks the casino operator about the ability to transfer the funds to other locations in the same country.
4. A client requests the transfer of winnings to the bank account of a third party in a country without an effective anti-money laundering regime.

  • A. 1, 2, and 3 only
  • B. 2, 3, and 4 only
  • C. 1, 3, and 4 only
  • D. 1, 2, and 4 only

Answer: D


NEW QUESTION # 104
What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers

  • A. Customer having unusual documents from a foreign country
  • B. Customer not having a connected phone
  • C. Customer being new to the community
  • D. Customer having no permanent address

Answer: A,B,D


NEW QUESTION # 105
Which action should an FIU consider taking when it has information that might be useful to another FIU?

  • A. Request approval from the Egmont Group prior to sharing the information with the other FIU
  • B. Take no action until contacted by the other FIU
  • C. Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified
  • D. In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form

Answer: C

Explanation:
According to the Egmont Group of Financial Intelligence Units, which is a network of over 160 FIUs that promotes international cooperation and information exchange, FIUs should share information with foreign FIUs spontaneously, without prior request, when they have reasonable grounds to believe that the information is relevant for the receiving FIU1. This principle is also reflected in the FATF Recommendation 40, which states that FIUs should exchange information with other FIUs, especially when this information concerns money laundering, predicate offences, or terrorist financing2. Spontaneous information sharing can enhance the effectiveness of FIUs, as it can help to identify new leads, trends, patterns, or typologies, as well as to prevent or disrupt criminal activities1.
The other options are not consistent with the best practices of FIU information sharing. For example:
* In accordance with Wolfsberg guidelines, submit the information to the other FIU in written form. The Wolfsberg Group is an association of 13 global banks that issues guidance and standards on anti-money laundering and counter-terrorist financing. However, the Wolfsberg guidelines are not binding for FIUs, and they do not specify the format or channel of information exchange between FIUs3. Moreover, submitting information in written form may not be the most efficient or secure way of communication, as it may cause delays, errors, or breaches of confidentiality.
* Take no action until contacted by the other FIU. This option contradicts the principle of spontaneous information sharing, as it implies that the FIU with the relevant information will wait for a formal request from the other FIU, instead of proactively sharing the information. This may result in missed opportunities, inefficiencies, or failures in detecting or preventing money laundering or terrorist financing.
* Request approval from the Egmont Group prior to sharing the information with the other FIU. This option is unnecessary and impractical, as the Egmont Group does not have the authority or the capacity to approve or deny individual information requests or exchanges between FIUs. The Egmont Group provides a platform and a framework for FIU cooperation, but it does not interfere with the operational autonomy or the bilateral relations of its members4.
References:
* FATF Recommendation 40: Other Forms of International Co-operation
* Egmont Group of Financial Intelligence Units Principles for Information Exchange Between Financial Intelligence Units
* Wolfsberg Group
* Egmont Group


NEW QUESTION # 106
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 have been coming in three times a week
  • B. It is unusual for customers to remit to Country B
  • C. Each of their transactions is just below the cash reporting threshold
  • D. They remit funds to the same person

Answer: D


NEW QUESTION # 107
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