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To earn the CAMS certification, candidates must pass a rigorous exam that covers a wide range of topics related to AML, including the detection and prevention of money laundering, terrorist financing, and other financial crimes. CAMS exam consists of multiple-choice questions and is administered online or in-person at testing centers around the world. Candidates must also meet certain educational and experience requirements to be eligible to take the exam.
The CAMS Certification is highly valued by employers in the financial services industry, as it demonstrates a commitment to compliance and risk management. In addition, many regulatory agencies and law enforcement organizations recognize the CAMS certification as a mark of expertise in the AML field. Professionals who hold the CAMS certification may have access to more job opportunities, higher salaries, and greater career advancement prospects.
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The CAMS Certified Anti-Money Laundering Specialist certification path includes only one CAMS Certification Exam.
NEW QUESTION # 279
A legal instrument executed between two nations that governs cross-border information sharing is known as a:
Answer: E
Explanation:
Egmont Group Guidelines on Cross-Border FIU Information Sharing
Explanation:
A Mutual Legal Assistance Treaty (MLAT) is a formal agreement between two or more countries that facilitates cooperation in legal and law enforcement matters, including AML investigations.
Option D (Correct): MLATs allow governments to share financial intelligence, request legal assistance, and conduct joint investigations.
Option A (Incorrect): A Memorandum of Agreement (MOA) is typically a non-binding contract used for general business or governmental cooperation.
Option B (Incorrect): A Declaration of Understanding is an informal agreement and does not provide a legal framework for law enforcement cooperation.
Option C (Incorrect): A Memorandum of Understanding (MOU) is often used for informal cooperation but lacks the legal enforceability of an MLAT.
Option E (Incorrect): A Request for Urgent Information is not a recognized international legal instrument.
Best Practices for Cross-Border AML Cooperation:
Use MLATs to request access to financial records in foreign jurisdictions.
Collaborate with Financial Intelligence Units (FIUs) via the Egmont Group.
Leverage FATF's International Cooperation Review Group (ICRG) for guidance.
Reference:
FATF Recommendation 37 (International Cooperation & MLATs)
NEW QUESTION # 280
An organization's automated surveillance system identifies large fluctuations in customer activity. As a result of an audit, the compliance officer is informed that the system is not generating alerts when activity is consistently abnormal over a long period of time. Currently the organization is evaluating new alert scenarios in an attempt to address this problem.
Which type of scenario is helpful in mitigating this weakness?
Answer: A
NEW QUESTION # 281
You have Azure IoT Edge devices that collect measurements every 30 seconds.
You plan to send the measurements to an Azure IoT hub.
You need to ensure that every event is processed as quickly as possible.
What should you use?
Answer: D
Explanation:
Use Azure Notebooks to develop a machine learning module and deploy it to a Linux device running Azure IoT Edge.
You can use IoT Edge modules to deploy code that implements your business logic directly to your IoT Edge devices.
References:
https://docs.microsoft.com/en-us/azure/iot-edge/tutorial-deploy-machine-learning
NEW QUESTION # 282
A well-developed anti-money laundering compliance program is unlikely to achieve institutional goals without
Answer: B
Explanation:
According to the ACAMS CAMS Certification Study Guide, 6th Edition, one of the four pillars of an effective anti-money laundering compliance program is the training of appropriate employees on their responsibilities and the institution's policies and procedures. Training is essential to ensure that employees are aware of the risks of money laundering and terrorist financing, the applicable laws and regulations, the red flags and indicators of suspicious activity, and the reporting and record-keeping requirements. Without proper training, employees may not be able to perform their duties effectivelyand efficiently, and may expose the institution to legal, regulatory, reputational, and operational risks.
:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 2, Section 2.1.4, page 39.
ACAMS CAMS Certification Video Training Course, Module 2, Lesson 2.1.4.
NEW QUESTION # 283
A bank employee reviews wire transactions looking for indications of wire stripping.
Which two actions should the employee take to complete appropriate bank procedures? (Choose two.)
Answer: C,D
Explanation:
Wire stripping is a technique used by money launderers to remove or alter information that identifies the originator or beneficiary of a wire transfer, in order to avoid detection or tracing. To detect wire stripping, a bank employee should compare the wire transaction as it enters and after it leaves the bank, and look for any discrepancies or missing information in the fields related to the originator or beneficiary. The employee should also check for suspicious phrases usually used to conceal originator or beneficiary identity, such as "for further credit", "in favor of", "on behalf of", or "as instructed".
Reference:
CAMS Study Guide, 6th Edition, Chapter 3, Section 3.21
CAMS Study Guide, 6th Edition, Chapter 5, Section 5.31
ACAMS Chapter 3 Exam Questions, Question 792
FATF Guidance on Transparency and Beneficial Ownership, Section 3.23
NEW QUESTION # 284
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