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 CAMS Dumps with Practice Exam Questions Answers

Questions: 645 questions With Step-by-Step Explanation

Last Update: Dec 13, 2024

CAMS Question Includes: Single Choice Questions: 492, Multiple Choice Questions: 153,

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CAMS Questions and Answers

Question # 1

A financial institution (FI) is being investigated for possible money laundering. When cooperating with law enforcement agencies, which additional steps should the FI ensure are taken? (Choose two.)

A.

Centralized control is maintained over all requests and responses to ensure completeness and timely responses.

B.

Make employees, including corporate officers, unavailable for interviews and refuse documents upon receipt of a subpoena.

C.

Subpoenas and other information requests should be reviewed by senior management and an investigations group or counsel.

D.

Address the document destruction policy to ensure the relevant documents are destroyed.

E.

Inquiries from the media are not answered directly, but rather are addressed by replying, "No comment."

Question # 2

A new accounts representative recently opened an account for individual whose stated employment is tutoring students.

Which customer action indicates possible money laundering?

A.

Continually making weekly small cash deposits

B.

Periodically initiating wire transfers to another account owned by a relative

C.

Transferring all funds to another bank on the same day of large cash deposits

D.

Opening a savings account and makes frequent transfers from the checking account

Question # 3

The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-Money Laundering Principles for Private Banking.

Which three statements from the procedure are in line with Wolfsberg? (Choose three.)

A.

Where the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of funds and wealth of the Authorized Signatory should be undertaken.

B.

The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity.

C.

Where due diligence has been satisfactorily completed on all authorized signers, the responsible private banker may reduce the due diligence performed on the account holder and/or beneficial owner.

D.

The responsible private banker must obtain the necessary documentation establishing the authorized signer’s authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney).

E.

If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account.

Question # 4

A compliance officer for a casino may suspect money laundering if an individual:

A.

invokes reporting requirements through a lump sum payment.

B.

refers to casino associates by their first name.

C.

purchases a low volume of chips with cash and turns them in for a casino check.

D.

requests to have winnings transferred to a bank account of a third party.

Question # 5

Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers

A.

All persons and entities within the U.S.

B.

All U.S.-domiciled entities and their foreign branches

C.

All foreign-based entities that have U.S. customers

D.

All U.S. citizens