2022 Updated Verified Pass CAMS Exam - Real Questions & Answers
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NEW QUESTION 128
After review of the financial institution's enterprise-wide anti-money laundering risk assessment, the new compliance officer identifies several deficiencies that need attention.
Which deficiency could lead to the highest potential for unmitigated risk?
- A. The risk assessment is several years old and does not cover all current products and services.
- B. The risk assessment does not anticipate potential risks even though the financial institution has no immediate plans involving those risks.
- C. The risk assessment is managed by a different team from the previous assessment therefore disrupting continuity of institutional knowledge.
- D. The risk assessment is revisited too frequently thereby diverting critical resources from other compliance tasks.
Answer: A
Explanation:
Explanation
https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/faqs/17.%20Wolfsberg-Risk-Assessment-FAQ How often should an enterprise-wide risk assessment take place? Regardless of the frequency with which an enterprise-wide risk assessment is undertaken, FIs are usually *****required to report annually *****on the status of the money laundering risk environment. This can take the form of an Annual Report or other types of reports. FIs should review their methodology on a regular basis (most likely annually) to ensure that any changes in internal or external factors are incorporated appropriately in order to arrive at the most accurate picture of risk possible Changes will need to be assessed in terms of a FI's ability to compare results year on year, otherwise potentially significant changes in the results may not be justifiable, clearly explained or understood.
NEW QUESTION 129
Which of the following is the best action to take regarding a particular account once suspicious activity is reported by the institution?
- A. Secure all supporting documentation.
- B. Notify the client that the transaction has been reported.
- C. Immediately close the account.
- D. Freeze the funds pending notification from the competent authority.
Answer: A
NEW QUESTION 130
Which Trust parties should be identified to determine the true nature of the Trust relationship according to Basel guidelines? (Choose three.)
- A. Respondents
- B. Payees
- C. Trustees
- D. Trust Administrators
- E. Beneficiaries
- F. Settlors/grantors
Answer: B,C,E
NEW QUESTION 131
According to the Financial Action Task Force 40 Recommendations, to fulfill identification requirements concerning legal entities, financial institutions should take measures to verify
- A. funds or trusts maintained by terrorists.
- B. a person purporting to act on behalf of the legal entity who is a resident in a country with strict secrecy laws.
- C. the legal existence and ownership structure of the legal entity.
- D. the financial status of the legal entity through documented proof of the entity's other banking relations.
Answer: C
NEW QUESTION 132
Which of the following reflect money laundering risk indicators in relation to a securities account?
- A. A high level of activity in that securities account immediately followed by a high volume of securities transactions.
- B. Frequent wire transfers into an account immediately followed by checks (cheques) or other payment instruments drawn on the account.
- C. Frequent wire transfers into an account immediately followed by debit card transactions.
Answer: B,C
NEW QUESTION 133
A customer has held an account at a bank and has lived locally for over 25 years. Historically he has come into the bank monthly to deposit a $1,500 retirement check from the company where he worked. He is well known at the bank and often brings the staff cookies. Over the past four months, he has come into the bank every Monday, Wednesday, and Thursday to make $3,000 cash deposits into his account. A review of his account shows that an $8,500 check made out to cash clears his account each week. The bank has decided to file a suspicious transaction report (STR).
What is the important fact to include in the STR?
- A. The fact that the account holder is well known to the bank staff
- B. The recent change in the timing of deposits and withdrawals in the account
- C. The fact that the customer has lived in the area and has banked at this bank for 25 years
- D. The customer's work history and the amount of his monthly retirement check
Answer: D
NEW QUESTION 134
When must a United States (U.S.) bank block or reject an international funds transfer when there is an Office of Foreign Assets Control designated party to the transaction?
- A. Only if a U.S. person or entity is the ultimate beneficiary
- B. Only if a non-U.S. person or entity is the ultimate beneficiary
- C. Only if the U.S. bank's correspondent informs it of the involvement of the designated party
- D. Only if the U.S. bank is involved in the funds transfer
Answer: C
NEW QUESTION 135
Which statement describes the relationship between the internal audit function and compliance?
- A. The compliance function and internal audit function should be combined
- B. The internal audit methodology should include an assessment of compliance risk
- C. In order to maintain independence, the auditors should not discuss internal audit findings with compliance management
- D. An internal audit program of the adequacy of the bank's compliance function should be established, but should not include review of transactions
Answer: B
NEW QUESTION 136
When an institution conducts an internal investigation into an account following a law enforcement inquiry, it should consider a number of factors to independently determine if the account should be dosed. Which three considerations should be made when making the determination about closing an account? Choose 3 answers
- A. signed written requests by a law enforcement agency or prosecutor on official letterhead for the account to remain open
- B. The institution's policies and procedures for closing an account
- C. Oral requests by a law enforcement agency or prosecutor for the account to be dosed
- D. The level of seriousness of the underlying conduct
Answer: A,B,C
NEW QUESTION 137
Which of the following is the financial stage of money laundering?
- A. integration
- B. structuring
- C. placement
- D. off shoring
Answer: A
NEW QUESTION 138
A relationship manager in a bank has had a private banking customer for 10 years. The customer has business accounts and investments and seeks advice on the creation of a company overseas. The relationship manager refers the customer to the commercial banking manager and vouches for the customer. Which of the following risk factors is the most important?
- A. The proposed offshore jurisdiction is known for its strong privacy laws limiting access to customer information by law enforcement.
- B. Entities that are to receive funds from this company are located in the same country.
- C. The customer does not want to provide more information than when the first account was opened. C.
The company wants to transfer funds in large, even amounts.
Answer: C
NEW QUESTION 139
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 B in Country A
- B. The transaction in Country B
- C. The transaction in Country A
- D. Bank C in Country C
Answer: C
NEW QUESTION 140
Which scenario is closest to the definition of money laundering the United Nations Convention against Transnational Organized Crime and Other Protocols provided?
- A. Knowingly financing a resort development with the proceeds of arms trafficking
- B. Assisting a client in a property conveyance by effecting the transfer of ownership from the seller to the purchaser when you don't know the purchaser
- C. Filing a suspicious transaction report when you know or suspect money laundering is taking place
- D. Discussing your suspicions with a client, thus giving the client the opportunity to switch service providers and to cover his tracks in future transactions
Answer: A
NEW QUESTION 141
A bank sells reloadable open-loop prepaid cards to both customers and non-customers.
What is a red flag associated with these cards that may indicate money laundering?
- A. A non-bank customer consistently uses the bank to obtain cash advances using a prepaid card.
- B. A non-bank customer regularly loads large amounts of cash onto several prepaid cards.
- C. A bank customer routinely purchases five prepaid cards in small even-dollar amounts on a monthly basis.
- D. A bank customer historically purchases several prepaid cards near year-end.
Answer: B
NEW QUESTION 142
Which are social/economic consequences of money laundering? (Choose two.)
- A. Increase in tax revenue
- B. Increase in corruption and organized crime
- C. Civil war
- D. Weakening of the country's infrastructure
- E. Weakening financial institutions
Answer: B,E
NEW QUESTION 143
What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers
- A. The legal structure of the customer's business
- B. The country or location where the customer is from or does business
- C. The previous financial institutions where the customer has banked
- D. The type and size of the business the customer runs
Answer: A,C,D
NEW QUESTION 144
In performing a risk analysis, which factor(s) should a financial institution review?
- A. Recent regulatory actions against financial institutions of comparable size
- B. Its customer base, location, products and services
- C. The adequacy and completeness of its STR filings
- D. The level of its gross revenue
Answer: B
NEW QUESTION 145
You design an AI solution that uses an Azure Stream Analytics job to process data from an Azure IoT hub. The IoT hub receives time series data from thousands of IoT devices at a factory.
The job outputs millions of messages per second. Different applications consume the messages as they are available. The messages must be purged.
You need to choose an output type for the job.
What is the best output type to achieve the goal? More than one answer choice may achieve the goal.
- A. Azure Event Hubs
- B. Azure Blob storage
- C. Azure SQL Database
- D. Azure Cosmos DB
Answer: D
Explanation:
Stream Analytics can target Azure Cosmos DB for JSON output, enabling data archiving and low-latency queries on unstructured JSON data.
References:
https://docs.microsoft.com/en-us/azure/stream-analytics/stream-analytics-documentdb-output
NEW QUESTION 146
What is a method of placement that can be used by a money launderer in a deposit taking institution?
- A. Withdrawing large amounts of cash from the money launderer's account
- B. Depositing cash into the money launderer's account
- C. Sending a large number of funds transfers between accounts
- D. Depositing cashier's checks and money orders into the money launderer's account
Answer: D
NEW QUESTION 147
What action should a bank CEO's assistant take when the bank CEO expenses large sums of money to a charitable organization run by the bank CEO's direct family member?
- A. Meet with the bank CEO to learn why the donations are being made.
- B. Report the actions to the Executive Board of the bank.
- C. Submit the concern anonymously to the bank's internal Compliance Hotline.
- D. Investigate the charitable organization's relationship with the bank CEO.
Answer: D
NEW QUESTION 148
An anti-money laundering specialist has been asked to create internal anti-money laundering policies, procedures and controls for a recently chartered offshore financial institution. Which of the following should be included?
1. A training program for senior management and staff.
2. An anti-money laundering compliance program, internal audit program, and procedure manual.
3. Basel Committee on Banking Supervision's capital adequacy requirements for the host country.
4. Compliance requirements of host and chartering countries.
- 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: A
NEW QUESTION 149
What is an example of the integration stage of money laundering involving a bank or another deposit-taking institution?
- A. Using illicit funds that had previously been deposited to purchase a luxury vehicle
- B. Depositing illicit funds into an account set up for a front company
- C. Directing third parties to exchange illicit cash for negotiable instruments
- D. Wiring illicit funds from an account at one bank to an account at another bank
Answer: A
NEW QUESTION 150
You have a database that contains sales data.
You plan to process the sales data by using two data streams named Stream1 and Stream2. Stream1 will be used for purchase order data. Stream2 will be used for reference data.
The reference data is stored in CSV files.
You need to recommend an ingestion solution for each data stream.
What two solutions should you recommend? Each correct answer is a complete solution.
NOTE: Each correct selection is worth one point.
- A. an Azure event hub for Stream1 and Stream2
- B. Azure Blob storage for Stream1 and Azure Cosmos DB for Stream2
- C. Azure Cosmos DB for Stream1 and an Azure event hub for Stream2
- D. an Azure event hub for Stream1 and Azure Blob storage for Stream2
- E. Azure Blob storage for Stream1 and Stream2
Answer: D,E
Explanation:
Stream1 - Azure Event
Stream2 - Blob Storage
Azure Event Hubs is a highly scalable data streaming platform and event ingestion service, capable of receiving and processing millions of events per second. Event Hubs can process and store events, data, or telemetry produced by distributed software and devices. Data sent to an event hub can be transformed and stored using any real-time analytics provider or batching/storage adapters. Event Hubs provides publish- subscribe capabilities with low latency at massive scale, which makes it appropriate for big data scenarios.
Stream1, Stream2 - Blob Storage
Stream Analytics has first-class integration with Azure data streams as inputs from three kinds of resources:
Azure Event Hubs
Azure IoT Hub
Azure Blob storage
These input resources can live in the same Azure subscription as your Stream Analytics job or a different subscription.
References:
https://docs.microsoft.com/en-us/azure/architecture/data-guide/technology-choices/real-time-ingestion
NEW QUESTION 151
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