HOT PASSING CAMS SCORE FEEDBACK - HIGH-QUALITY ACAMS CAMS STUDY MATERIAL: CERTIFIED ANTI-MONEY LAUNDERING SPECIALISTS

HOT Passing CAMS Score Feedback - High-quality ACAMS CAMS Study Material: Certified Anti-Money Laundering Specialists

HOT Passing CAMS Score Feedback - High-quality ACAMS CAMS Study Material: Certified Anti-Money Laundering Specialists

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ACAMS CAMS (Certified Anti-Money Laundering Specialists) Exam is a highly respected certification program that is designed to help professionals in the financial crime prevention field to demonstrate their expertise in the industry. Certified Anti-Money Laundering Specialists certification is recognized globally and is highly valued by employers in financial institutions, regulatory bodies, and law enforcement agencies. The CAMS certification is awarded by the Association of Certified Anti-Money Laundering Specialists (ACAMS) which is the largest international membership organization dedicated to enhancing the knowledge, skills, and expertise of AML/CTF professionals.

ACAMS CAMS (Certified Anti-Money Laundering Specialists) exam is a globally recognized certification for professionals in the anti-money laundering (AML) field. Certified Anti-Money Laundering Specialists certification demonstrates a deep understanding of the AML framework, laws, regulations, and best practices to detect and prevent money laundering and terrorist financing activities.

ACAMS CAMS Exam is a challenging and prestigious certification that is highly valued in the field of AML compliance. It is administered by the Association of Certified Anti-Money Laundering Specialists (ACAMS) and is recognized as the gold standard in AML certification. Passing the exam requires a significant amount of knowledge, experience, and dedication, but it can lead to new career opportunities and professional advancement.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q655-Q660):

NEW QUESTION # 655
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. Text Analytics, QnA Maker, and Computer Vision
  • C. Computer Vision, Speech to Text, and Text Analytics
  • 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 # 656
When a regulatory body requires international assistance in a money laundering inquiry, such assistance is typically obtained by

  • A. Filing a request under Egmont guidelines.
  • B. Communicating with the Head of Compliance for the financial institution.
  • C. Contacting the Financial Action Task Force, Organization for Economic Co-operation and Development, or other international organizations and seeking their intervention.
  • D. Submitting a request for overseas assistance to the corresponding supervisory body.

Answer: A

Explanation:
The Egmont Group of Financial Intelligence Units (FIUs) is a global network of FIUs that facilitates and promotes the exchange of information, knowledge, and cooperation among its members to combat money laundering, terrorist financing, and other financial crimes1. The Egmont Group has developed operational guidance for international cooperation and information exchange among FIUs, which includes channels, procedures, and forms for making and receiving requests2. Filing a request under Egmont guidelines is therefore a common and effective way for a regulatory body to obtain international assistance in a money laundering inquiry, as it ensures that the request is made through the appropriate and secure channel, and that it meets the standards and expectations of the requested FIU.
1: Home - Egmont Group
2: EGMONT GROUP OF FINANCIAL INTELLIGENCE UNITS OPERATIONAL GUIDANCE FOR ...


NEW QUESTION # 657
Which statements regarding the USA PATRIOT ACT best describe key aspects that have extraterritorial reach? (Choose three.)

  • A. It excludes as foreign FIs businesses that would be considered broker-dealers, money transmitters, and currency exchangers.
  • B. It allows federal banking supervisors to require records of the identity of the owners of a foreign bank from a Fl operating in the US.
  • C. It obliges the government to trace the origin of the funds when a seizure of assets occurs in a correspondent account that has been opened and maintained for a foreign bank in the US.
  • D. It allows for the US Attorney General to subpoena records from a foreign bank with US correspondent accounts, including those that are located outside the US.
  • E. It allows the Secretary of the Treasury to order a US financial institution (FI) to close a correspondent account when a subpoena has not been responded by a foreign bank in a timely manner.
  • F. It allows foreign banks to voluntarily designate a registered agent in the US to accept service of subpoenas.

Answer: D,E,F

Explanation:
The USA PATRIOT Act is a comprehensive legislation that was enacted in response to the terrorist attacks of September 11, 2001, and aimed to strengthen the US government's ability to prevent, detect, and prosecute money laundering and terrorist financing. Among its many provisions, the USA PATRIOT Act contains several sections that have extraterritorial reach, meaning that they apply to foreign entities or activities that have a nexus with the US. Three of these sections are:
Section 319(b), which allows for the US Attorney General or the Secretary of the Treasury to issue a subpoena or other legal order to any foreign bank that maintains a correspondent account in the US, requiring the production of records relating to such account or any account at the foreign bank, including records maintained outside the US12. This section also allows foreign banks to voluntarily designate a registered agent in the US to accept service of such subpoenas or orders12.
Section 313, which prohibits US financial institutions from establishing, maintaining, administering, or managing correspondent accounts for foreign shell banks, which are banks that have no physical presence in any country and are not affiliated with a regulated financial group34. This section also requires US financial institutions to take reasonable steps to ensure that their correspondent accounts with foreign banks are not being used to provide banking services indirectly to foreign shell banks34.
Section 311, which authorizes the Secretary of the Treasury to designate foreign jurisdictions, financial institutions, classes of transactions, or types of accounts as being of "primary money laundering concern" and to impose special measures to address such concerns . These special measures may include requiring US financial institutions to obtain and retain information on the beneficial owners of foreign accounts, prohibiting or imposing conditions on the opening or maintaining of correspondent or payable-through accounts for foreign financial institutions, or requiring US financial institutions to identify the customers of their foreign correspondent account holders . The Secretary of the Treasury may also order a US financial institution to terminate a correspondent account within 10 days if the foreign bank fails to comply with a subpoena or other request for information under Section 319(b) .
References:
1: USA PATRIOT Act, Section 319(b)
2: ACAMS, CAMS Certification Package - 6th Edition, Chapter 4, page 121
3: USA PATRIOT Act, Section 313
4: ACAMS, CAMS Certification Package - 6th Edition, Chapter 4, page 120
5: USA PATRIOT Act, Section 311
6: ACAMS, CAMS Certification Package - 6th Edition, Chapter 4, page 119 Reference:
https://www.jonesday.com/-/media/files/publications/2007/10/extraterritorial-application-of-the-usa-patriot-ac/fi
https://www.lawfareblog.com/long-arm-us-law-patriot-act-anti-money-laundering-act-2020-and-foreign-banks


NEW QUESTION # 658
Upon a routine account review a money laundering investigator identified a number of large round dollar wire transfer deposits into a business account owned by a local auto repair shop. The wire transfers all originated from a country that is a known financial secrecy haven with poor anti-money laundering controls. The investigator concludes there appears to be no legitimate business purpose for the wire transfers and files a suspicious transaction report. The owner of the auto repair shop is popular in the community and is a wellknown philanthropist.
To whom should the investigator escalate these concerns?

  • A. Chairman of the Board
  • B. The bank anti-money laundering officer
  • C. Audit committee
  • D. The owner of the auto repair shop

Answer: B

Explanation:
The investigator should escalate these concerns to the bank anti-money laundering officer, who is responsible for overseeing the implementation and effectiveness of the bank's AML/CFT policies and procedures, as well as ensuring compliance with relevant laws and regulations. The bank anti-money laundering officer can then decide on the appropriate course of action, such as conducting further investigation, reporting to the regulators, or terminating the relationship with the customer. The other options are not suitable for escalating these concerns, as they may not have the authority, expertise, or responsibility to handle such matters.
References:
* ACAMS, CAMS Examination Study Guide, 6th Edition, Chapter 4, pp. 113-114
* FATF Guidance: The Role of Hawala and Other Similar Service Providers in Money Laundering and Terrorist Financing, October 20131, p. 19
* Basel Committee on Banking Supervision, Sound management of risks related to money laundering and financing of terrorism, June 20172, p. 10


NEW QUESTION # 659
Combating the Financing of Terrorism (CFT)]
Which action does the Financial Action Task Force (FATF) recommend be taken against jurisdictions that have strategic deficiencies?

  • A. Apply counter-measures
  • B. Conduct due diligence
  • C. Create an action plan to address the deficiencies without the support of the FATF
  • D. Add the jurisdiction to the United Nations' list of sanctioned jurisdictions

Answer: A

Explanation:
Reference:http://www.fatf-gafi.org/publications/high-risk-and-other-monitored-jurisdictions/documents
/publicstatement-october-2018.html
"Countries can be subject to comprehensive or targeted sanctions. Comprehensive sanctions prohibit virtually all transactions with a specific country. Targeted sanctions prohibit transac-tions with specified industries, entities or individuals listed on OFAC's Specially Designated Nationals and Blocked Parties List. Failure to comply may result in criminal and civil penalties. FATF also maintains a list of jurisdictions identified as high-risk and noncooperative, whose AML/CFT regimes have strategic deficiencies and are not at international standards. As a result, FATF calls on its members to implement COUNTERMEASURES against the jurisdiction, such as financial institutions applying enhanced due diligence to business relationships and transactions with natural and legal persons from the identified jurisdiction in an attempt to persuade the jurisdiction to improve its AML/CFT regime."


NEW QUESTION # 660
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