CAMS Free Exam Questions & Answers PDF Updated on Nov-2021
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CAMS Certified Anti-Money Laundering Specialist Exam
CAMS Certified Anti-Money Laundering Specialist Exam is designed by the Association of certified anti-money laundering specialist (ACAMS) is a global membership organization that provides training and certification, of anti-money laundering professionals worldwide. ACAMS is supporting financial AML professionals through knowledge sharing and skills development. CAMS exam tests candidates basic knowledge on setting up an AML compliance program, money laundering schemes, various international AML regulations, and how to handle AML investigations. CAMS exam is internationally recognized and a good designation for those who are looking to work in the AML field.
Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Submit supporting documents.
- Provide three professional references.
NEW QUESTION 144
Which location provides a law enforcement investigator the best opportunity for a productive investigative interview of a suspect?
- A. The office or work location of the suspect
- B. The residence of the suspect
- C. An interview room in the offices of a law enforcement agency
- D. A neutral location such as a coffee shop or restaurant
Answer: C
NEW QUESTION 145
You are designing an AI solution that will provide feedback to teachers who train students over the Internet.
The students will be in classrooms located in remote areas. The solution will capture video and audio data of the students in the classrooms.
You need to recommend Azure Cognitive Services for the AI solution to meet the following requirements:
* Alert teachers if a student facial expression indicates the student is angry or scared.
* Identify each student in the classrooms for attendance purposes.
* Allow the teachers to log voice conversations as text.
Which Cognitive Services should you recommend?
- A. Speech to Text and Face API
- B. Face API and Text Analytics
- C. QnA Maker and Computer Vision
- D. Computer Vision and Text Analytics
Answer: A
Explanation:
Speech-to-text from Azure Speech Services, also known as speech-to-text, enables real-time transcription of audio streams into text that your applications, tools, or devices can consume, display, and take action on as command input.
Face detection: Detect one or more human faces in an image and get back face rectangles for where in the image the faces are, along with face attributes which contain machine learning-based predictions of facial features. The face attribute features available are: Age, Emotion, Gender, Pose, Smile, and Facial Hair along with 27 landmarks for each face in the image.
References:
https://docs.microsoft.com/en-us/azure/cognitive-services/speech-service/speech-to-text
https://azure.microsoft.com/en-us/services/cognitive-services/face/
NEW QUESTION 146
When should the anti-money laundering risk assessment be updated?
- A. When instructed to by the Financial Action Task Force
- B. Every two years
- C. When the board of directors changes
- D. After a merger or acquisition
Answer: D
NEW QUESTION 147
A financial institution receives a regulatory enforcement action because of deficiencies in its anti-money laundering program.
Which action should the board of directors take?
- A. Hire an attorney with instructions to protest the enforcement action
- B. Terminate the compliance officer and staff
- C. Instruct the compliance officer to develop a plan to remediate the institution's anti-money laundering program
- D. Purchase and install a new suspicious activity monitoring system
Answer: C
Explanation:
Explanation/Reference:
NEW QUESTION 148
What is a tool governments and multi-national bodies can use to prevent the proliferation of weapons of mass destruction?
- A. Economic Sanctions
- B. Commission Rogatoire
- C. Mutual Legal Assistance Treaties
- D. Account Monitoring Order
Answer: A
NEW QUESTION 149
An anti-money laundering expert is hired by a new Internet bank to assess the money laundering threat to the bank. What is the most important recommendation for the expert to make given it is an on-line bank?
- A. The bank should ensure that a firewall is set up to protect the transactions
- B. The bank should set up automated programs to analyze transactions for money laundering activity
- C. The bank should ensure that prospective new customers can be properly identified
- D. The bank should limit the amount of money which can be processed per transaction
Answer: D
NEW QUESTION 150
An anti-money laundering specialist at a financial institution has received a legal request to provide all transaction records for a specific individual since 2004. Which three items should be delivered?
- A. All wire transfer for that individual since 2004
- B. Signature cards from accounts opened by that individual since 2004
- C. All security trading activities for that individual since 2004
- D. Monthly statements and transaction activities for that individual since 2004
Answer: A,C,D
NEW QUESTION 151
Financial Action Task Force (FATF)-style regional bodies are created and obliged to understand the inherent money laundering and terrorist financing risks in the region of the world they serve.
What is one of the methods they use to understand these risks?
- A. They conduct global research on money laundering and terrorist financing trends and report their findings in their own typologies report
- B. They require participating financial institutions of their members to file suspicious transaction reports to the regional body
- C. They conduct regional-level research and analysis of the money laundering and terrorist financing methods and trends using standards and templates used for FATF typologies reports
- D. They require member countries to develop statistical metrics over money laundering and terrorist financing crimes
Answer: B
NEW QUESTION 152
Which of the following is considered a shell bank as defined by the USA PATRIOT Act?
- A. A bank run by a foreign holding company with offices and staff in an offshore jurisdiction.
- B. An Internet bank operating in the U.S. providing services worldwide.
- C. A local bank with offices in a non-cooperative jurisdiction which is subject to minimal regulatory supervision.
- D. A bank incorporated in an offshore jurisdiction without a physical presence or employees.
Answer: D
NEW QUESTION 153
You are designing an AI solution that will provide feedback to teachers who train students over the Internet.
The students will be in classrooms located in remote areas. The solution will capture video and audio data of the students in the classrooms.
You need to recommend Azure Cognitive Services for the AI solution to meet the following requirements:
* Alert teachers if a student seems angry or distracted.
* Identify each student in the classrooms for attendance purposes.
* Allow the teachers to log the text of conversations between themselves and the students.
Which Cognitive Services should you recommend?
- A. Computer Vision, Text Analytics, and Face API
- B. Computer Vision, Speech to Text, and Text Analytics
- C. Text Analytics, QnA Maker, and Computer Vision
- D. Video Indexer, Speech to Text, and Face API
- E. Video Indexer, Face API, and Text Analytics
Answer: D
Explanation:
Azure Video Indexer is a cloud application built on Azure Media Analytics, Azure Search, Cognitive Services (such as the Face API, Microsoft Translator, the Computer Vision API, and Custom Speech Service). It enables you to extract the insights from your videos using Video Indexer video and audio models.
Face API enables you to search, identify, and match faces in your private repository of up to 1 million people.
The Face API now integrates emotion recognition, returning the confidence across a set of emotions for each face in the image such as anger, contempt, disgust, fear, happiness, neutral, sadness, and surprise. These emotions are understood to be cross-culturally and universally communicated with particular facial expressions.
Speech-to-text from Azure Speech Services, also known as speech-to-text, enables real-time transcription of audio streams into text that your applications, tools, or devices can consume, display, and take action on as command input. This service is powered by the same recognition technology that Microsoft uses for Cortana and Office products, and works seamlessly with the translation and text-to-speech.
Incorrect Answers:
Computer Vision or the QnA is not required.
References:
https://docs.microsoft.com/en-us/azure/media-services/video-indexer/video-indexer-overview
https://azure.microsoft.com/en-us/services/cognitive-services/face/
https://docs.microsoft.com/en-us/azure/cognitive-services/speech-service/speech-to-text
NEW QUESTION 154
Which three circumstances are indicators for defining a customer as required additional diligence according to the Wolfsberg Principles on Private Banking? Choose 3 answers
- A. Persons determined to be Politically Exposed Persons (PEPs)
- B. Persons residing in a having funds from countries with inadequate AML standards
- C. Persons engaged in business activities known to be susceptible to money laundering
- D. Persons who receive funds from a correspondent banking relationship
Answer: B,C,D
NEW QUESTION 155
Which action should an FIU consider taking when it has information that might be useful to another FIU?
- A. Request approval from the Egmont Group prior to sharing the information with the other FIU
- B. In accordance with Wolfsburg guidelines, submit the information to the other FIU in written form
- C. Take no action until contacted by the other FIU
- D. Supply the information to the other FIU spontaneously as soon as the relevance of sharing the information is identified
Answer: D
NEW QUESTION 156
A compliance officer is developing an anti-money laundering program for a financial institution located in a Financial Action Task Force member country. The institution conducts business with customers located in countries/jurisdictions that are not members of Financia Action Task Force. Which of the following issues should be addressed in the program?
- A. The obligation to freeze funds involved in suspicious transactions.
- B. The requirement to identify the beneficial owners of accounts.
- C. The financial institution's obligation to report suspicious transactions.
- D. The requirement for customer identification for the opening of new accounts.
Answer: B,C,D
NEW QUESTION 157
An institution is about to release a new peer to peer (P2P) funds transfer product to provide much needed remittance services to an under-banked population segment in the country.
The service allows customers to transfer funds through a mobile banking application to individuals worldwide entering only a name and mobile number. The new service charges less than comparable market solutions and offers real time transfer of funds. The customer onboarding process is conducted at branch locations with identity verification.
Which three present the highest anti-money laundering or sanctions risk and will require controls prior to launch? (Choose three.)
- A. Customer onboarding
- B. Servicing the under-banked population
- C. Real time transfer of funds
- D. Limited access to counterparty information
- E. Cross-border functionality
Answer: A,C,D
NEW QUESTION 158
A bank provides trade financing for a company whose primary export is steel.
Which action by the company indicates possible money laundering?
- A. The company frequently transfers funds to other bank accounts located in other jurisdictions.
- B. The company regularly understates the value of goods exported.
- C. The company often deals with foreign currency exchanges.
- D. The company frequently sells above or below its competitors' price.
Answer: A
NEW QUESTION 159
What does designing a country as being of "prime money laundering concern" allow the U.S. government to do?
- A. Ensure the inclusion of that country onto FATF's Non-Cooperative Country and Territory list
- B. Close some or all correspondent or payable-through accounts
- C. Obtain transactional information from U.S.-owned subsidiary banks located outside the U.S.
- D. Ensure the inclusion of that country into the office of Foreign Asset Control country sanctionsprograms
Answer: A
NEW QUESTION 160
What is the primary action a financial institution should take before formulating its anti-money laundering program?
- A. It should consult with its correspondent banks to determine the nature and extent of their AMLprograms
- B. It should ensure that its training modules for all employees cover all relevant AML issues
- C. It should determine how extensive and well-trained the compliance staff is
- D. It should perform a comprehensive risk analysis
Answer: A
NEW QUESTION 161
What is a criterion for FATF membership?
- A. The country should have already implemented all of the FATF Recommendations
- B. The country should be democracy
- C. The country should have already implemented the standards of the European Union Directives
- D. The country should be a member of a FATF-style regional body
Answer: D
NEW QUESTION 162
Your company recently purchased several hundred hardware devices that contain sensors.
You need to recommend a solution to process the sensor data. The solution must provide the ability to write back configuration changes to the devices.
What should you include in the recommendation?
- A. Microsoft Azure Notification Hubs
- B. Microsoft Azure Event Hubs
- C. Microsoft Azure IoT Hub
- D. API apps in Microsoft Azure App Service
Answer: C
Explanation:
Explanation/Reference:
References:
https://azure.microsoft.com/en-us/resources/samples/functions-js-iot-hub-processing/
NEW QUESTION 163
You have several AI applications that use an Azure Kubernetes Service (AKS) cluster. The cluster supports a maximum of 32 nodes.
You discover that occasionally and unpredictably, the application requires more than 32 nodes.
You need to recommend a solution to handle the unpredictable application load.
Which scaling method should you recommend?
- A. cluster autoscaler
- B. Azure Container Instances
- C. manual scaling
- D. horizontal pod autoscaler
Answer: A
Explanation:
To keep up with application demands in Azure Kubernetes Service (AKS), you may need to adjust the number of nodes that run your workloads. The cluster autoscaler component can watch for pods in your cluster that can't be scheduled because of resource constraints. When issues are detected, the number of nodes is increased to meet the application demand. Nodes are also regularly checked for a lack of running pods, with the number of nodes then decreased as needed. This ability to automatically scale up or down the number of nodes in your AKS cluster lets you run an efficient, cost-effective cluster.
References:
https://docs.microsoft.com/en-us/azure/aks/cluster-autoscaler
NEW QUESTION 164
A financial institution opens a mortgage loan for a customer. During a subsequent internal review of the loan, it was noted that the appraisal used to support the loan was performed by an appraiser who was not on the institution's approved appraiser list. This exception was approved by the senior loan underwriter. The reviewer, who had examined other loans from the same general area, noted that the value on the loan appeared significantly higher than on other comparable properties. Which of the following should the anti-money laundering specialist recommend next?
- A. Determine whether the loan underwriter reviewed the appraiser's license for validity.
- B. Train the appraiser on anti-money laundering compliance for high-end real estate loans.
- C. Alert local law enforcement regarding a potential collusive relationship between the underwriter and appraiser.
- D. Document the underwriter's actions prior to filing a suspicious transaction report.
Answer:
Explanation:
Explanation
https://www.fdic.gov/regulations/laws/rules/5000-4800.html
When analyzing individual transactions, examiners will review an appraisal or evaluation to determine whether the methods, assumptions, and value conclusions are reasonable. Examiners also will determine whether the appraisal or evaluation complies with the Agencies' appraisal regulations and is consistent with supervisory guidance as well as the institution's policies. Examiners will review the steps taken by an institution to ensure that the persons who perform the institution's appraisals and evaluations are qualified, competent, and are not subject to conflicts of interest.
NEW QUESTION 165
How can dealers in high-value items be at risk for money laundering?
- A. Drug dealers prefer cash to precious metals and gems
- B. The value of precious metals such as gold and silver is constantly fluctuating.
- C. Carrying large amounts of gems of high value is physically easy
- D. Paperwork is not required to ship precious metals and gems
Answer: C
NEW QUESTION 166
To ensure that an institution's anti-money laundering program is current, which step should be taken?
- A. The program should be evaluated and updated at least every six months be the Board of Directors
- B. The program should be sent to the institution's government regulator on a periodic basis
- C. The program should be reviews by a federal law enforcement officer for gaps in controls
- D. The program should be reassessed at least annually
Answer: D
NEW QUESTION 167
What is the currency threshold under the European Union Fourth Anti-Money Laundering Directive?
- A. 15,000 Euros
- B. 5,000 Euros
- C. 10,000 Euros
- D. 3,000 Euros
Answer: C
Explanation:
Explanation/Reference: https://www.acams.org/aml-resources/eu-fourth-aml-directive/
NEW QUESTION 168
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