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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Certification Exam is a globally recognized professional certification program that aims to provide financial crimes professionals with the knowledge and skills needed to detect, prevent, and mitigate money laundering activities. Certified Anti-Money Laundering Specialists certification exam is designed to assess the candidate's understanding of the latest international AML/CFT (Anti-Money Laundering/Countering the Financing of Terrorism) principles, standards, and practices.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q574-Q579):

NEW QUESTION # 574
Based on the USA PATRIOT Act, what action might the US take to demonstrate extraterritorial reach?

A. Freeze U. S. accounts that contain funds from the non-US FI
B. Hand over potential penalties from the US to another government
C. Send requests for information to a non-US based financial institution (FI)
D. Initiate a lawsuit in the home country of the non-US FI

Answer: C

Explanation:
Based on the USA PATRIOT Act, one action that the US might take to demonstrate extraterritorial reach is to send requests for information to a non-US based financial institution (FI). The USA PATRIOT Act expanded the authority of the US government to issue subpoenas and other legal orders to foreign banks that maintain a correspondent account in the US, requiring them to produce records relating to such account or any account at the foreign bank, including records maintained outside the US12. This provision was intended to enhance the ability of the US to investigate and prosecute money laundering and terrorist financing activities that involve foreign FIs3.
Reference:
1: USA PATRIOT Act, Section 319(b)
2: Britannica, USA PATRIOT Act, History & Society
3: Princeton Legal Journal, FISA and the USA PATRIOT Act: Reforms and Legal Implications

NEW QUESTION # 575
When creating an anti-money laundering program for a foreign bank with branches in the United States, which of the following are included among the four minimum elements required under the USA PATRIOT Act?
1. The development of a Know Your Customer program.
2. An ongoing employee training program.
3. The designation of a compliance officer.
4. An independent audit function to test the program.

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

Answer: C

Explanation:
According to the USA PATRIOT Act, the four minimum elements required for an anti-money laundering program for a foreign bank with branches in the United States are:
* An ongoing employee training program. This is to ensure that the employees are aware of the anti- money laundering policies and procedures, the legal and regulatory requirements, the red flags and indicators of suspicious activity, and their roles and responsibilities in detecting and reporting money laundering and terrorist financing.
* The designation of a compliance officer. This is to ensure that there is a person responsible for overseeing the implementation and effectiveness of the anti-money laundering program, ensuring compliance with the applicable laws and regulations, and liaising with the regulators and law enforcement agencies.
* An independent audit function to test the program. This is to ensure that the anti-money laundering program is periodically reviewed and evaluated by an independent and qualified auditor, who can assess the adequacy and effectiveness of the program, identify any weaknesses or deficiencies, and recommend corrective actions or improvements.
* The development of internal policies, procedures, and controls. This is to ensure that the foreign bank has a written and documented anti-money laundering program that establishes the standards, guidelines, and processes for preventing, detecting, and reporting money laundering and terrorist financing, and that the program is consistent with the risk profile and business activities of the foreign bank.
The development of a Know Your Customer program is not a minimum element required under the USA PATRIOT Act, although it is a recommended best practice and may be required by other laws or regulations.
:
CAMS Study Guide - 6th Edition, Chapter 5, pages 141-142
CAMS Certification Exam Outline, Domain 2, Task 2.2, Skill 2.2.1
Anti-Money Laundering Initiatives Under the USA Patriot Act, FindLaw, March 2008
[The U.S. PATRIOT Act and AML: What You Need to Know], Dow Jones Risk & Compliance, June 2020

NEW QUESTION # 576
Which of the following are best practices to raise awareness and train staff regarding the risks related to financial crime? (Select Three.)

A. Tailor training and offer regular training to all employees
B. Train core AML topics once per year, at a minimum, to relevant employees
C. Train outside of daily operations and promote awareness of Compliance
D. Use a variety of training methods and provide necessary resources to employees
E. Communicate regularly and measure effectiveness of training

Answer: A,D,E

Explanation:
A robust AML training program should incorporate the followingbest practicesto ensure awareness and ongoing engagement:
Option A - Tailored and regular training:
Training should berisk-based and role-specific, ensuring employees understand how AML applies to their function.
Option D - Variety and resources:
Use ofinteractive, digital, live, and scenario-based methodskeeps training effective and adaptable. Providing materials and resources supports continued learning.
Option E - Communication and measurement:
Ongoing AML awareness campaigns andfeedback mechanismshelp assess theeffectivenessof training and reinforce its importance.
Option Bis too vague and not recognized as a best practice.
Option C, while helpful, isnot sufficient alone-annual frequency without contextual or tailored content is inadequate.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:AML Program Components- Section:
Training and Awareness Best Practices

NEW QUESTION # 577
Which three actions should employees be instructed to do during an internal investigation?

A. Keep a log of the documents requested
B. Inform counsel of all request for documentation
C. Make copies of all documents provided to law enforcement
D. Provide corporate documents directly to law enforcement

Answer: A,B,C

Explanation:
During an internal investigation, employees should be instructed to do the following actions:
Inform counsel of all request for documentation: This is to ensure that the legal rights and obligations of the organization and the employees are protected and respected. Counsel can also advise on the scope, relevance, and confidentiality of the requested documents1.
Make copies of all documents provided to law enforcement: This is to maintain a record of the information that has been disclosed and to prevent any loss or alteration of the original documents. Copies should be made before the documents are handed over to law enforcement2.
Keep a log of the documents requested: This is to track the progress and status of the investigation and to avoid any duplication or omission of the requested documents. The log should include the date, time, description, and location of the documents, as well as the name and contact details of the person who requested and received them3.
Providing corporate documents directly to law enforcement, on the other hand, is not an action that employees should be instructed to do during an internal investigation. This is because law enforcement may not have the legal authority or the proper warrant to access the documents, and doing so may violate the privacy or confidentiality of the organization or the employees. Employees should consult with counsel before providing any documents to law enforcement4.
Reference:
1: Internal money laundering reporting | The Law Society5 2: How to Conduct Effective AML Investigations - Blog | Unit212 3: What Is The Importance Of An Internal Investigation?4 4: Anti-Money Laundering: 5 Steps to Conduct an Audit3

NEW QUESTION # 578
The law enforcement agency (LEA) of a foreign jurisdiction contacts a financial institution (Fl) regarding one of the Fl's clients. The LEA advises that the client is currently wanted for prosecution as a result of a series of human trafficking charges. What should the Fl do? (Select Two.)

A. Comply immediately with the foreign jurisdiction and turn over all client information.
B. Advise the LEA that the government needs to be contacted for extradition.
C. Inform local LEA and regulator of the request for awareness.
D. Close the clients accounts immediately to avoid any undue risk.
E. Review the client's activity, determine if suspicious activity exists, and report accordingly.

Answer: C,E

Explanation:
According to the Certified Anti-Money Laundering Specialist (the 6th edition), the financial institution (Fl) should take the following actions:
A: Review the client's activity, determine if suspicious activity exists, and report accordingly. The Fl should assess the risk of the situation and determine if there is any suspicious activity that needs to be reported to the appropriate authorities. This would involve conducting a review of the client's account activity and transactions to determine if there are any indicators of money laundering or terrorist financing.
D： Inform local LEA and regulator of the request for awareness. The Fl should inform the local law enforcement agency and regulator of the request from the foreign jurisdiction to raise awareness of the situation and determine if any further actions need to be taken.

NEW QUESTION # 579
......

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q574-Q579):

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