At ValidExamDumps, we consistently monitor updates to the Acams CAMS exam questions by Acams. Whenever our team identifies changes in the exam questions,exam objectives, exam focus areas or in exam requirements, We immediately update our exam questions for both PDF and online practice exams. This commitment ensures our customers always have access to the most current and accurate questions. By preparing with these actual questions, our customers can successfully pass the Acams Certified Anti-Money Laundering Specialist v6 exam on their first attempt without needing additional materials or study guides.
Other certification materials providers often include outdated or removed questions by Acams in their Acams CAMS exam. These outdated questions lead to customers failing their Acams Certified Anti-Money Laundering Specialist v6 exam. In contrast, we ensure our questions bank includes only precise and up-to-date questions, guaranteeing their presence in your actual exam. Our main priority is your success in the Acams CAMS exam, not profiting from selling obsolete exam questions in PDF or Online Practice Test.
The recommended way lot a financial institution to respond to a request from a law enforcement agency is to:
Financial institutions are required by law to maintain records and documentation of customer transactions and to provide this information to law enforcement agencies upon request. However, financial institutions should also have policies and procedures in place to ensure that they comply with legal and regulatory requirements and protect customer privacy. Providing protected documents that are privileged under attorney-client privilege or freezing an account immediately may not be the appropriate response and may expose the financial institution to legal or reputational risks.
The owner of a local retail store makes multiple deposits daily at a bank. When the owner makes these deposits, it is noted that he goes to different tellers (cashiers). The deposits consist of cash in amounts less than the currency reporting threshold. Which of the following best describes this activity?
The account officer has violated the principle ofconfidentialityby informing the customer about the legal request from law enforcement. This could amount totipping off, which is a criminal offense in many jurisdictions. Tipping off could jeopardize the investigation, compromise evidence, and alert other potential suspects. The account officer should not discuss any details of the investigation with the customer, nor should he meet with the customer to do so. He should also report his actions to his manager and compliance department, and cooperate with law enforcement as required.
Which type of sanctions are likely to be used first in order to avoid escalating violent conflicts and/or proliferation of weapons?
Export and import restrictions are sanctions imposed by countries to limit or prevent the import or export of certain goods and services. Export and import restrictions are typically used in order to protect a country's economic or political interests, or to prevent the proliferation of weapons or other dangerous materials. Export and import restrictions are often the first type of sanctions used in order to avoid escalating violent conflicts and/or proliferation of weapons. Examples of export and import restrictions include embargoes, quotas, or tariffs.
Which of the following reflect money laundering risk indicators in relation to a securities account?
1. A high level of activity in that securities account immediately followed by a high volume of securities transactions.
2. Frequent wire transfers into an account immediately followed by debit card transactions.
3. Frequent wire transfers into an account immediately followed by checks (cheques) or other payment instruments drawn on the account.
A high level of activity in securities accounts inconsistent with the customer's profile or investment objectives
Frequent or large movements of funds between accounts or institutions, especially involving high-risk jurisdictions or offshore locations
Use of debit cards or other payment instruments to access funds from securities accounts
Use of complex or unusual transactions or structures without apparent economic or legal purpose
A senior government official is trying to open an account in a financial institution (FI) that operates in a different country from where the official is domiciled. The official is using an asset manager intermediary to represent them. According to the Wolfsberg Group, which next steps should the FI take regarding the opening of the account? (Select Three.)
According to the Wolfsberg Group, the FI should take the following steps regarding the opening of the account for the senior government official:
Reasonably establish if the source of wealth and funds of the official is legitimate. This is to ensure that the FI is not facilitating the laundering of proceeds of corruption, bribery, or other illicit activities by the official, who is considered a politically exposed person (PEP) and poses a higher risk of financial crime.The FI should obtain information and documentation on the origin and ownership of the funds, the official's income and assets, and the purpose and expected activity of the account12.
Perform due diligence procedures on the managing intermediary. This is to verify the identity, reputation, and regulatory status of the intermediary, who acts as a third party on behalf of the official.The FI should also assess the intermediary's own AML/CFT policies and controls, and the nature and extent of the relationship between the intermediary and the official13.
Determine whether the intermediary representative is acting on the officer's behalf. This is to establish the beneficial ownership and control of the account, and to avoid any potential conflicts of interest or undue influence by the intermediary.The FI should obtain a written confirmation from the intermediary that they are authorized to act on behalf of the official, and that they will disclose any changes in the beneficial ownership or control of the account13.
1, Wolfsberg Group, Guidance on Politically Exposed Persons (PEPs), 2023
2, Wolfsberg Group, FAQs on Source of Wealth (SoW) & Source of Funds (SoF), 2023
3, Wolfsberg Group, FAQs on Intermediaries, 2023
