QUIZ 2025 PROFESSIONAL CAMS: LATEST CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS MOCK EXAM

Quiz 2025 Professional CAMS: Latest Certified Anti-Money Laundering Specialists Mock Exam

Quiz 2025 Professional CAMS: Latest Certified Anti-Money Laundering Specialists Mock Exam

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q242-Q247):

NEW QUESTION # 242
the Financing of Terrorism (CFT)]
What was the topic the Wolfsberg Group's first guidance addressed?

  • A. AML training for financial institution staff
  • B. Merchant acquiring activities
  • C. Enhanced due diligence for high risk customers
  • D. Private banking

Answer: D

Explanation:
The Wolfsberg Group is an association of 13 global banks that aims to develop frameworks and guidance for the management of financial crime risks. The group started as a meeting of banks in 1999 to address anti- money laundering (AML) in private banking, which carries an increased degree of risk from a money laundering perspective. In the course of discussions, they articulated principles that reflected uniformly high standards for this client segment. These principles became the first guidance published by the group under the name Wolfsberg Principles.
:
The Wolfsberg Group - Institute on Governance
Wolfsberg Group - Wikipedia
The Group first came together in 2000 at the Wolfsberg castle in Switzerland, accompanied by representatives of Transparency International, to draft anti-money laundering guidelines for private banking


NEW QUESTION # 243
The new compliance officer has reviewed the bank's anti-money laundering training program. The program consists of online training for all new employees within 30 days of hire date and annual refresher training to all employees. In addition, there is specialized training for areas that deal with higher risk products and customers.
Over the last year, there have been no regulatory changes and no new products or services have been introduced. The compliance officer wants to propose to the board of directors that the annual refresher training is still current and can be delivered unchanged to all employees.
Which two critical pieces of information could be missed by taking this approach? (Choose two.)

  • A. Any new trends, developments, or risks
  • B. Changes to internal policies, procedures, and processes
  • C. Results of the previous year's risk assessment
  • D. Links to enforcement actions identifying violations in other financial institutions

Answer: A,D

Explanation:
By delivering the same annual refresher training to all employees, the compliance officer could miss the opportunity to update the staff on any new trends, developments, or risks that have emerged in the anti-money laundering field. For example, new typologies, indicators, technologies, or best practices could be relevant for the staff to be aware of and apply in their daily work. Moreover, the compliance officer could also miss the chance to share any links to enforcement actions identifying violations in other financial institutions that could serve as lessons learned or case studies for the staff to avoid similar mistakes or gaps in their compliance program.
References:
ACAMS CAMS Certification Video Training Course, Module 5: Risk Management, Lesson 5.4:
Training1
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 5: Risk Management, Section 5.4:
Training2


NEW QUESTION # 244
Which approach ensures the successful implementation of a transaction monitoring system?

  • A. Implementing third-party transaction monitoring software, taking great care not to adjust pre-programmed rules and alerting thresholds
  • B. Performing systems integration testing at key steps of development and user acceptance testing prior to going live with the transaction monitoring system
  • C. Ensuring all checks of a transaction monitoring system's rules and parameters use actual live data after the system is operational
  • D. Taking great care to minimize changes to transaction monitoring system rules and parameters once these have been certified as accurate

Answer: B

Explanation:
A transaction monitoring system (TMS) is a tool that helps financial institutions detect and report suspicious activities related to money laundering, terrorist financing, and other financial crimes. A TMS needs to be implemented carefully and effectively to ensure its accuracy, reliability, and compliance with regulatory requirements.
One of the best practices for implementing a TMS is to perform systems integration testing (SIT) at key steps of development and user acceptance testing (UAT) prior to going live with the TMS. SIT is a process of verifying that the TMS can interact with other systems and data sources correctly and efficiently. UAT is a process of validating that the TMS meets the functional and operational expectations of the end-users and stakeholders.
By conducting SIT and UAT, the financial institution can identify and resolve any issues or defects in the TMS before it is deployed in the production environment. This can help avoid potential problems such as data quality issues, false positives, false negatives, system errors, performance issues, and regulatory breaches.
Performing SIT and UAT can also help ensure that the TMS is aligned with the financial institution's risk assessment, policies, procedures, and controls.
References:
Step 1 - Transaction Monitoring Implementation Best Practices
Anti-money laundering transaction monitoring system implementation considerations ACAMS CAMS Certification Study Guide 6th Edition


NEW QUESTION # 245
A key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture is

  • A. an internal audit.
  • B. a record retention policy.
  • C. ongoing training.
  • D. peer review.

Answer: C

Explanation:
According to the Anti-Money Laundering Specialist (the 6th edition) study guide, ongoing training is a key element of an effective anti-money laundering compliance program, as it ensures that the staff are aware of their roles and responsibilities, the latest regulatory developments, and the emerging risks and trends in money laundering and terrorist financing1. Ongoing training also helps to foster a culture of compliance within the institution, where the staff are committed to adhering to the policies and procedures, detecting and reporting suspicious activities, and protecting the institution from reputational and legal damages2.
:
1: CAMS Study Guide, 6th Edition, Chapter 2, Section 2.5, page 53
2: CAMS Study Guide, 6th Edition, Chapter 2, Section 2.6, page 54


NEW QUESTION # 246
Which is a key goal of EU Directives on money laundering?

  • A. Allow member states to discuss the draft legislation with the cooperation of the EU Financial Intelligence Units (FIUs)
  • B. Address control of payments in EU countries to reduce money laundering
  • C. Build a network of financial institutions (FIs) that work together to prevent money laundering across the EU
  • D. Establish a consistent regulatory environment across the EU to prevent money laundering

Answer: D

Explanation:
The key goal of EU Directives on money laundering is to establish a consistent regulatory environment across the EU to prevent money laundering and terrorist financing, and to align EU policy with international standards and best practices. EU Directives are legal acts that set out the objectives and principles that member states must achieve, but leave the choice of methods and measures to the national authorities. EU Directives on money laundering aim to harmonize the rules and obligations for FIs and other obliged entities in the areas of customer due diligence, record-keeping, reporting, supervision, and sanctions. They also aim to address the emerging threats and vulnerabilities of the financial system, such as the use of virtual assets, prepaid cards, high-risk third countries, and beneficial ownership. By creating a consistent regulatory environment across the EU, the Directives seek to enhance the effectiveness and cooperation of the AML/CFT regime, and to protect the integrity and stability of the internal market and the financial system.
References:
1: Guide to EU Anti Money Laundering Directives (AMLD) - ComplyAdvantage1
2: Directive - 2015/849 - EN - Fourth Anti-Money Laundering Directive - EUR-Lex2
3: EU context of anti-money laundering and countering the financing of terrorism3


NEW QUESTION # 247
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