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The Channel Partner Program Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) CAMS certification is a valuable credential earned by individuals to validate their skills and competence to perform certain job tasks. Your Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) CAMS Certification is usually displayed as proof that you’ve been trained, educated, and prepared to meet the specific requirement for your professional role.

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To earn the CAMS certification, candidates must pass a rigorous exam that covers a range of topics related to AML compliance. CAMS exam is designed to test a candidate's knowledge of AML regulations, risk assessment, customer due diligence, and transaction monitoring, among other topics. Candidates must also have a minimum of 40 hours of AML-related training within the past three years to be eligible to take the exam.

The CAMS certification is highly valued by employers in the financial industry, including banks, insurance companies, and investment firms. Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) certification demonstrates a commitment to the highest standards of AML compliance and highlights the holder's ability to identify and mitigate the risks associated with money laundering. The CAMS credential is recognized by regulatory bodies worldwide, including the Financial Crimes Enforcement Network (FinCEN) in the United States, the Financial Action Task Force (FATF) and the Office of Foreign Assets Control (OFAC).

To prepare for the CAMS Exam, candidates can take advantage of ACAMS resources, such as study materials, webinars, and practice exams. Candidates can also attend CAMS Exam Preparation Seminars, which are offered by ACAMS and cover the key topics and concepts tested on the exam. With the right preparation and dedication, AML professionals can earn the CAMS certification and take their careers to the next level.

ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q76-Q81):

NEW QUESTION # 76
A compliance officer provides an overview of the bank's anti-money laundering program to a group of new tellers during employee orientation.
Which training element should be delivered to this audience?

A. The financial institution's surprise cash audit policy
B. Results of recent risk assessments
C. Past check fraud losses incurred by the financial institution
D. Large cash transaction reporting procedures

Answer: D

Explanation:
According to the ACAMS study guide, one of the training elements that should be delivered to new tellers during employee orientation is "large cash transaction reporting procedures" (p. 224). This is because tellers are often the first line of defense against money laundering and have the responsibility to identify and report any transactions that exceed the threshold of $10,000 or are otherwise suspicious. The other options are not relevant for tellers, as they are more suitable for higher-level or specialized staff.
References:
ACAMS. (2020). Study Guide for the Certification Examination for Anti-Money Laundering Specialists (6th ed.). Miami, FL: ACAMS.
AML Requirements for Tellers 1
Deposit Compliance Training Courses 2
As the compliance officer is providing overview of the "bank's anti-money laundering program to a group of new tellers during employee orientation"

NEW QUESTION # 77
Combating the Financing of Terrorism (CFT)]
Which are essential elements of a KYC program identified by the Basel Committee on Banking Supervision?
(Select Two.)

A. Code of conduct
B. Risk management
C. Customer acceptance policy
D. Internal control
E. Risk appetite

Answer: B,C

Explanation:
According to the Basel Committee on Banking Supervision (BCBS), a sound KYC program should consist of four essential elements: (i) customer acceptance policy; (ii) customer identification; (iii) on-going monitoring of higher risk accounts; and (iv) risk management. Therefore, B and D are the correct choices among the given options. A customer acceptance policy defines the types of customers that the bank is willing to accept and the conditions for doing so. A risk management system ensures that the bank has adequate policies, procedures, and controls to identify, measure, monitor, and mitigate the risks arising from its KYC program.
References:
BCBS, Customer due diligence for banks, October 2001, p. 41
BCBS, Consolidated KYC Risk Management, October 2004, p. 42

NEW QUESTION # 78
The most effective tool used to detect structured transactions is

A. A comprehensive account-opening procedure.
B. Verification of the source of funds.
C. An employee training program to detect suspicious transactions.
D. A software program that can link apparently unrelated transactions.

Answer: D

Explanation:
Structured transactions are a common method of money laundering, where large amounts of cash are broken down into smaller deposits or withdrawals to avoid reporting thresholds or detection. The most effective tool to detect such transactions is a software program that can link apparently unrelated transactions by using various criteria, such as customer name, address, account number, identification number, transaction amount, date, time, location, etc. Such a program can help identify patterns, trends, and anomalies that may indicate money laundering activity.
Reference:
ACAMS CAMS Certification Study Guide1, Chapter 2: Money Laundering Risks and Methods, Section 2.2: Common Money Laundering Methods, pp. 51-52 ACAMS CAMS Certification Video Training Course2, Module 2: Money Laundering Risks and Methods, Lesson 2.2: Common Money Laundering Methods ACAMS CAMS Certification Exam Outline3, Domain 2: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), Task 2.2: Implement risk-based CDD, EDD and ongoing due diligence policies, procedures and processes, p. 13

NEW QUESTION # 79
A quarterly review is conducted on a retail customer's account at a bank located in a jurisdiction with currency reporting thresholds. A number of large deposits of financial instruments drawn on other institutions in amounts under thresholds were noted. This activity did not fit the account's historical profile. A suspicious transaction report will most likely be filed if which of the following also occurred?

A. Four deposits were made during this period that exceeded the thresholds.
B. The customer has defaulted on a large loan with the bank.
C. The deposited financial instruments were sequentially numbered.
D. The customer purchased financial instruments exceeding the threshold on three occasions.

Answer: C

NEW QUESTION # 80
What is a key risk associated with Correspondent Accounts according to the Basel Customer Due Diligence paper?

A. It is not used on a daily basis
B. The service fees are insufficient to cover the cost of managing the account
C. The volume and value of transactions passing through the account may not be in line with the original correspondent agreement
D. The respondent bank's customer acceptance and know your customer policies are ineffective

Answer: D

Explanation:
Explanation
https://www.bis.org/publ/bcbs85.pdf - page 12
Banks should gather sufficient information about their respondent banks to understand fully the nature of the respondent's business. Factors to consider include: information about the respondent bank's management, major business activities, where they are located and its money-laundering prevention and detection efforts; the purpose of the account; the identity of any third party entities that will use the correspondent banking services; and the condition of bank regulation and supervision in the respondent's country. Banks should only establish correspondent relationships with foreign banks that are effectively supervised by the relevant authorities. For their part, respondent banks should have effective customer acceptance and KYC policies.

NEW QUESTION # 81
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