[Updated] CAMS exam questions answers Certified Anti-Money Laundering Specialist| Testpassport

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Share some CAMS Certification CAMS exam questions and answers below.
Which three statements are true regarding the extraterritorial reach of laws and legislation of the U.S.?
A. The criminal anti-money laundering law can apply to transactions that occur partially overseas
B. Economic and trade sanctions by OFAC may pose extraterritorial risks for financial institutions and businesses outside the U.S.
C. The extraterritorial reach covers all transactions throughout the global economy
D. The defendant does not need to know the funds came from an illegal activity under state, federal or foreign law
Answer: A, B, D

A prospective AML officer comes highly recommended by a bank¡¯s up-stream correspondent institution of similar size and make-up, located in a different city in the same country. The bank is interested in hiring the individual. What should be the next step taken by the Board of Directors?
A. Do a thorough background check
B. Confer with its regulatory agency to determine whether it is appropriate to hire the person
C. Hire the individual, relying on the recommendation of its correspondent
D. Hire the individual on a probationary basis so that the institution can determine if the individual is sufficiently experienced and capable
Answer: A

According to experts, what is the most effective way to prevent money laundering through financial institutions?
A. Ensuring that transaction monitoring systems can identify terrorist financing
B. Collecting information on beneficial owners and foreign customers
C. Instituting a policy prohibiting the acceptance of funds intended for terrorist financing
D. Implementing a sound customer due diligence program
Answer: D

What is a criterion for FATF membership?
A. The country should be democracy
B. The country should be a member of a FATF-style regional body
C. The country should have already implemented all of the FATF Recommendations
D. The country should have already implemented the standards of the European Union Directives
Answer: B

Which two aspects of the security broker dealer industry increase its exposure to money laundering? Choose 2 answers
A. The routine use of wire transfers from, to or through multiple jurisdictions
B. They easy conversion of holdings to cash with significant loss of principal
C. Disposing of cash through securities purchases
D. Fast paced transactions conducted electronically
Answer: C, D

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