CAMS Premium PDF & Test Engine Files with 512 Questions & Answers
Get 100% Real CAMS Exam Questions, Accurate & Verified Answers As Seen in the Real Exam!
NEW QUESTION # 27
Your company recently deployed several hardware devices that contain sensors.
The sensors generate new data on an hourly basis. The data generated is stored on-premises and retained for several years.
During the past two months, the sensors generated 300 GB of data.
You plan to move the data to Azure and then perform advanced analytics on the data.
You need to recommend an Azure storage solution for the data.
Which storage solution should you recommend?
- A. Azure Queue storage
- B. Azure SQL Database
- C. Azure Cosmos DB
- D. Azure Blob storage
Answer: D
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/architecture/data-guide/technology-choices/data-storage
NEW QUESTION # 28
A customer comes into a financial institution and deposits a large amount of cash. He has never done that before. When asked about the deposit, he indicates he recently sold a used car and received cash.
He does not trust forms of payment and is wary of counterfeit money orders. What should the bank do?
- A. While the explanation appears plausible, the institution should, for a period of time, monitor the account for cash transactions and suspicious activity
- B. While the explanation may be plausible, the institute should nonetheless file a Suspicious Transaction Report to protect itself
- C. The bank has received a plausible explanation, so it should do nothing
- D. The institution should close the account before another issues arise
Answer: A
NEW QUESTION # 29
What is an essential element of Know Your Customer (KYC) standards according to the Basel Committee's Customer Due Diligence for Banks paper?
- A. Annual staff training
- B. The same KYC requirements must be applied in all cases
- C. A customer acceptance policy
- D. All completed KYC documents must be reviewed by a senior manager not involved in the account opening process
Answer: C
Explanation:
Explanation/Reference: https://www.bis.org/publ/bcbs77.pdf
NEW QUESTION # 30
What are the three basic functions of a national financial intelligence unit?
- A. Compile, assess, monitor
- B. Receive, analysis, disseminate
- C. Train, share, collect
- D. Investigate, report, record
Answer: B
Explanation:
Explanation
A National Financial Intelligence Unit (FIU) has three primary functions: receiving, analyzing, and disseminating information related to suspicious financial activities. The FIU's main focus is to identify and investigate suspicious activities, such as money laundering, terrorist financing, and other financial crimes. The FIU also works with other organizations and agencies to develop effective and efficient financial crime prevention strategies. The FIU is tasked with developing an effective system for receiving, analyzing, and disseminating information related to suspicious financial activities. The information collected is then used to identify, investigate, and prosecute financial crimes.
NEW QUESTION # 31
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. No
- B. Yes
Answer: A
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 # 32
What should an effective anti-money laundering training program include?
- A. Random testing of employees to ensure proper understanding of policies
- B. Real-life money laundering examples
- C. Lists of anti-money laundering regulations
- D. Computer-based modules titles differently for each job description in the bank
Answer: B
NEW QUESTION # 33
The USA PATRIOT Act requires United States (U.S.) financial institutions to collect certain information from non-U.S. banks that hold a correspondent account.
Which two pieces of information must a non-U.S. bank provide to its U.S. correspondent to enable them to comply with this requirement? (Choose two.)
- A. Prompt notice of any suspicious activity it detects on any customer who uses the correspondent account
- B. The name and address of all beneficial owners who own 25% or more of the bank
- C. The name and address of a U.S. person who is authorized to receive service of legal process for the bank
- D. The name and address of all shell banks the bank maintains accounts for
Answer: A,B
Explanation:
Explanation/Reference: https://www.sec.gov/about/offices/ocie/amlsourcetool.htm
NEW QUESTION # 34
What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?
- A. 3,000 Euros
- B. 10,000 Euros
- C. 15,000 Euros
- D. 5,000 Euros
Answer: B
Explanation:
Reference: https://www.acams.org/aml-resources/eu-fourth-aml-directive/
NEW QUESTION # 35
A remittance company received a money order from a senior political figure m the Philippines to transfer a large sum of money to a charity group in the Philippines. A review of the charity group revealed a director having dose ties with a known terrorist group primarily financed through kidnapping and extortion.
What is a key risk indicator associated with terrorism financing?
- A. A large sum sent by money order to a charity
- B. There is no risk relating of terrorism financing when the charity group is operating legitimately inthat country
- C. The sender is a Political Exposed Person (PEP) and should be subject to enhanced due diligence
- D. There is a link between the charity group and a known terrorist group
Answer: D
NEW QUESTION # 36
According to the Financial Action Task Force Special Recommendations on Terrorist Financing, which of the following should an anti-money laundering specialist do if the specialist has reasonable grounds to suspect funds are linked or related to terrorist acts?
- A. Inform the institution's managing Board.
- B. Promptly report to the competent authority.
- C. Contact the institution's legal advisor.
- D. Conduct a full due diligence review of the client.
Answer: B
NEW QUESTION # 37
Which practices are dealers in antiques, precious metals, precious stones, jewelry, and art advised to follow to reduce the element of money laundering risk? Choose 3 answers
- A. Insist all vendors submit an appropriate license issued by enforcement agencies authorizing the sale
- B. Avoid accepting cash payment from the buyers
- C. Verify the identities of all new vendors and customers and conduct due diligence on them
- D. Insist on all vendors signing a declaration that the item placed by them for sale was not stolen or acquired through illegitimate means
Answer: B,C,D
NEW QUESTION # 38
A company service provider in Country A sets up a corporate structure for a client from Country B, which is known for corruption. The corporate structure includes a holding company in Country A with a bank account in one of the international banks located there.
During on-boarding, the client's wealth was estimated at $7 million. Shortly thereafter, the client's father became president of Country B. During a routine client review two years later, it was identified that client's wealth had grown to $510 million.
What are two red flags that indicate money laundering or financial terrorism? (Choose two.)
- A. The client is from a country known for corruption.
- B. The client is a family member of a PEP from a country known for corruption.
- C. The holding company is in Country A with a bank account in one of the international banks.
- D. The substantial growth in wealth during a short period of time.
Answer: A,B
Explanation:
Explanation
High-risk: The risks here are significant, but are not necessarily prohibited. To mitigate the heightened risk presented, the financial institution should apply more stringent controls to reduce the ML/FT risk, such as conducting enhanced due diligence and more rigorous transaction monitoring. Countries that maintain a reputation for corruption or drug trafficking are generally considered high-risk. High-risk customers may include politically exposed persons (PEPs) or certain types of money services businesses or cash-intensive businesses; high-risk products and services may include correspondent banking and private banking.
NEW QUESTION # 39
Which assessments are involved in the processes of mutual evaluation and follow-up by the FATF?
- A. Risk assessments and technical standards assessments
- B. Sanction risk assessments and the country's National Risk Assessment
- C. Country audit assessments and transaction monitoring assessments
- D. Technical compliance assessments and effectiveness assessment
Answer: D
NEW QUESTION # 40
An anti-money laundering specialist has just developed and implemented an anti-money laundering program. What is the most effective resource to evaluate the effectiveness of the program?
- A. The anti-money laundering specialist
- B. A member of senior management
- C. A qualified independent party/auditor
- D. The regulator authorities
Answer: C
NEW QUESTION # 41
Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)
- A. Those who are authorized signers on the account
- B. Those who generally have ultimate control through ownership or other means over the funds in the account
- C. Those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence
- D. Those who have legal title to a controlling share interest in the customer
Answer: B,C
Explanation:
Explanation/Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/wolfsberg-standards/10.%
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (2)
NEW QUESTION # 42
What must be materially true regarding transactions for United States (U.S.) sanctions laws to have jurisdiction?
- A. Transactions are traced to illegal proceeds
- B. Transactions are processed by a U.S. person
- C. Transactions are stripped of beneficial owner information
- D. Transactions are identified as proceeds of foreign corruption
Answer: B
Explanation:
Reference: https://www.treasury.gov/resource-center/faqs/Sanctions/Documents/faq_all.html
''Who must comply with OFAC regulations?U.S. persons must comply with OFAC regulations, including all
U.S. citizens and permanent resident aliens regardless of where they are located, all persons and entities within the United States, all U.S. incorporated entities and their foreign branches. In the cases of certain programs, foreign subsidiaries owned or controlled by U.S. companies also must comply. Certain programs also require foreign persons in possession of U.S.-origin goods. please refer to:
https://home.treasury.gov/policy-issues/financial-sanctions/frequently-asked-questions/ofac-consolidated-frequen
NEW QUESTION # 43
A potential client calls a broker-dealer wishing to purchase securities. The client does not appear to be concerned with any fees associated with the account or price of the securities. Further information provided by the potential client indicates the individual may have relatives working for a company in which the potential client wants to invest. Which type of activity is the potential client attempting to commit?
- A. Usage as a deposit account
- B. Transfer funds to a third-party
- C. Transfer of value to relatives
- D. Usage of insider information
Answer: A
Explanation:
Reference:
https://www.nasaa.org/wp-content/uploads/2021/10/1956-Uniform-Securities-Act-with-NASAA-Updates-and-C (2)
NEW QUESTION # 44
An AML compliance officer receives notice of government update including the names of the latest terrorists sanctioned by the United Nations Security Council. Which would be the most appropriate step to take?
- A. Update the monitoring software containing sanctioned persons
- B. Inform the customers that their funds will be frozen
- C. Update training information to include the latest names
- D. Notify the Board of Directors
Answer: A
NEW QUESTION # 45
A new compliance officer is reviewing the bank's anti-money laundering program and notices that the risk assessment was completed six months ago. Since that time, the bank acquired another financial institution, renamed the internal records group, and streamlined cash handling procedures.
Which factor causes the compliance officer to update the bank's risk assessment?
- A. The risk assessment was completed six months ago
- B. The bank acquired another institution
- C. The internal records group has been re-named
- D. The cash handling procedures were streamlined
Answer: C
NEW QUESTION # 46
Bank A is a non-United States (U.S.) bank that has $5 million in a correspondent account at a bank in New York City. The Worldwide Terrorist Syndicate (WTS) has $1 million in its account at a non-US branch of Bank A. The U.S. government has initiated forfeiture action against the WTS.
Which potential action can the U.S. take under the USA PATRIOT ACT pursuant to the issuance seizure warrant?
- A. Seize WTS' $1 million account at the non-U.S. branch of Bank A.
- B. Seize $5 million from the non-U.S. branch of Bank A where the WTS' account is located.
- C. Seize Bank A's $5 million correspondent account in the U.S.
- D. Seize $1 million from Bank A's correspondent account in the U.S.
Answer: D
NEW QUESTION # 47
Which situation is the highest risk for money laundering and terrorist financing activity?
- A. A customer purchases casino chips using credit from an account at an affiliated casino and engages in significant game play before redeeming the chips for a casino check
- B. A customer purchases casino chips, using small denomination bank notes, but does not engage in game play before redeeming the chips for a casino check
- C. A customer purchases casino chips using a credit card and engages in minimal game play before redeeming the chips for a casino check
- D. A customer purchases casino chips and engages in significant game play before requesting a casino check for the remainder
Answer: C
NEW QUESTION # 48
......
The CAMS certification exam is an essential credential for professionals in the AML industry. With the increase in global regulations and the growing threat of financial crime, the CAMS certification is becoming more valuable and necessary for AML professionals to advance in their careers and make a positive impact in the financial industry.
CAMS Premium Files Practice Valid Exam Dumps Question: https://freetorrent.actual4dumps.com/CAMS-study-material.html