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The CAMS certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a leading organization in the AML industry. ACAMS was established in 2001 to provide training and resources for AML professionals around the world. Since then, it has grown into a global organization with over 70,000 members in more than 175 countries. ACAMS offers a variety of certification programs and training courses to help individuals advance their careers in the AML industry.
NEW QUESTION # 165
A branch manager for a small community bank has a new customer who deposits for EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.
Which suspicious activity should be the focus of the suspicious transaction report?
- A. The customer goes to a different branch to make this transaction
- B. The customer transfers almost all of the funds out of the account
- C. The customer opened the account with four large checks
- D. The customer asks to transfer funds to accounts in three different foreign jurisdictions
Answer: D
NEW QUESTION # 166
Which are the requirements of the Filth AML Directive of the EU? {Select Two.)
- A. Developing a variant approach m the strategy for the treatment of organized crime and terrorism threats
- B. Broadening the criteria for assessing high-risk third countries
- C. Extending AML rules to entities that provide virtual currency services
- D. Promoting the record keeping obligations of banks to the maximum amount of data necessary for the purposes of AML investigations
- E. Providing information access to financial intelligence units according to the differences in the nature of their functions, competences, and powers
Answer: C,D
Explanation:
Explanation
Promoting the record-keeping obligations of banks to the maximum amount of data necessary for the purposes of AML investigations: "The Fifth AML Directive emphasizes that record-keeping obligations of banks must extend to the maximum amount of data necessary for the purposes of anti-money laundering investigations" (CAMS Manual, 6th Edition, page 79).
Extending AML rules to entities that provide virtual currency services: "The 5AMLD expands the scope of the EU's anti-money laundering rules to include virtual currency exchange platforms and custodian wallet providers" (CAMS Manual, 6th Edition, page 80).
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NEW QUESTION # 167
What are the regulatory risks to a bank employee who willfully violates anti-money laundering laws?
- A. Enforcement actions including fines against the financial institution
- B. Criminal investigation and imprisonment
- C. Investigation and reputational damage
- D. Fines and suspension from the industry
Answer: B
Explanation:
Explanation
Penalties for AML/CFT violations, including criminal and civil penalties, fines, jail terms, as well as internal sanctions, such as disciplinary action up to and including termination of employment.
NEW QUESTION # 168
The Egmont Group is a worldwide organization of
- A. law enforcement authorities.
- B. financial intelligence units.
- C. banking regulators.
- D. central banks.
Answer: B
NEW QUESTION # 169
Which two steps should a financial institution take when it receives a law enforcement request to keep an account open that may be associated with suspicious or criminal activity? (Choose two.)
- A. Maintain account records for at least five years after the request expires
- B. Ask for a written request from the law enforcement agency that defines the duration
- C. File a suspicious transaction report on the account owner(s)
- D. Stop filing suspicious transaction reports because law enforcement will be monitoring the account
Answer: A,B
Explanation:
Explanation
https://www.fincen.gov/resources/statutes-regulations/guidance/requests-law-enforcement-financial-institutions-
NEW QUESTION # 170
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer is deemed suspicious by Bank A.
Who should Bank A file a suspicious transaction report on?
- A. Bank C in Country C
- B. The transaction in Country B
- C. Bank B in Country A
- D. The transaction in Country A
Answer: D
NEW QUESTION # 171
Which three circumstances are indicators for defining a customer as required additional diligence according to the Wolfsberg Principles on Private Banking? Choose 3 answers
- A. Persons who receive funds from a correspondent banking relationship
- B. Persons determined to be Politically Exposed Persons (PEPs)
- C. Persons residing in a having funds from countries with inadequate AML standards
- D. Persons engaged in business activities known to be susceptible to money laundering
Answer: A,C,D
NEW QUESTION # 172
You are building an Azure Analysis Services cube for your AI deployment.
The source data for the cube is located in an on premises network in a Microsoft SQL Server database.
You need to ensure that the Azure Analysis Services service can access the source data.
What should you deploy to your Azure subscription?
- A. Azure Data Factory
- B. a data gateway
- C. a site-to-site VPN
- D. a network gateway
Answer: B
Explanation:
From April 2017 onward we can use On-premises Data Gateway for Azure Analysis Services. This means you can connect your Tabular Models hosted in Azure Analysis Services to your on-premises data sources through On-premises Data Gateway.
References:
https://biinsight.com/on-premises-data-gateway-for-azure-analysis-services/
NEW QUESTION # 173
Note: This question is part of a series of questions that present the same scenario. Each question in the series contains a unique solution that might meet the stated goals. Some question sets might have more than one correct solution, while others might not have a correct solution.
After you answer a question, you will NOT be able to return to it. As a result, these questions will not appear in the review screen.
You have Azure IoT Edge devices that generate streaming data.
On the devices, you need to detect anomalies in the data by using Azure Machine Learning models. Once an anomaly is detected, the devices must add information about the anomaly to the Azure IoT Hub stream.
Solution: You expose a Machine Learning model as an Azure web service.
Does this meet the goal?
- A. Yes
- B. No
Answer: B
Explanation:
Instead use Azure Stream Analytics and REST API.
Note. Available in both the cloud and Azure IoT Edge, Azure Stream Analytics offers built-in machine learning based anomaly detection capabilities that can be used to monitor the two most commonly occurring anomalies:
temporary and persistent.
Stream Analytics supports user-defined functions, via REST API, that call out to Azure Machine Learning endpoints.
References:
https://docs.microsoft.com/en-us/azure/stream-analytics/stream-analytics-machine-learning-anomaly-detection
NEW QUESTION # 174
A compliance officer was recently reviewing transactional data for an international charity and found transactions that present a higher risk.
Which reason is cause for terminating the banking relationship?
- A. The charity has several incoming international funds transfers
- B. The flow of funds both in and out are complex and hard to trace
- C. The charity has had a high turnover rate of official positions
- D. The charity is headquartered in a country on the Office of Foreign Assets Control list
Answer: B
NEW QUESTION # 175
You create an Azure Cognitive Services resource.
A data scientist needs to call the resource from Azure Logic Apps by using the generic HTTP connector.
Which two values should you provide to the data scientist? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Access key
- B. Endpoint URL
- C. Resource name
- D. Resource group name
- E. Subscription ID
Answer: D,E
Explanation:
Explanation/Reference:
References:
https://social.technet.microsoft.com/wiki/contents/articles/36074.logic-apps-with-azure-cognitive-service.aspx
NEW QUESTION # 176
What are three elements of a sound Customer Due Diligence Program?
- A. Determination of what type of customer the financial institution will accept
- B. Obtaining date of birth and address of a prospective customer
- C. Training as to how and to what extent to identify prospective customers
- D. Determination of who in the institution should be assigned to the prospective customer as a liaison
Answer: A,B,C
NEW QUESTION # 177
To ensure that an institution's anti-money laundering program is current, which step should be taken?
- A. The program should be evaluated and updated at least every six months be the Board of Directors
- B. The program should be reviews by a federal law enforcement officer for gaps in controls
- C. The program should be sent to the institution's government regulator on a periodic basis
- D. The program should be reassessed at least annually
Answer: D
Explanation:
Explanation
"Provide for periodic review as well as timely updates to implement changes in regulations this should be done at least on an annual basis" (Pag 153)
NEW QUESTION # 178
The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles. Which essential elements should be included in the program? (Choose two.)
- A. Establishing on-going monitoring of high-risk accounts
- B. Documenting a customer acceptance policy
- C. Conducting a money laundering risk assessment
- D. Reporting suspicious activity
- E. Appointing an independent audit function
Answer: B,D
NEW QUESTION # 179
Bank A is located in Country A.
A wire transfer from Bank B located in Country B is processes by Bank A, where the funds are being moved to a customer at Bank C located in Country C.
The wire transfer is deemed suspicious by Bank A.
Who should Bank A file a suspicious transaction report on?
- A. Bank C in Country C
- B. The transaction in Country B
- C. Bank B in Country A
- D. The transaction in Country A
Answer: D
NEW QUESTION # 180
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