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Individuals must get recertified every three years if they wish to maintain their CAMS Certification. To get recertified, individuals must have maintained their ACAMS membership, provide proof of having continued their professional education, and submit an online application along with a recertification fee.

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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q784-Q789):

NEW QUESTION # 784
What three attributes do havens for money laundering and terrorist financing typically have? Choose 3 answers

A. Absence of an effective FIU
B. Limited types of institutions and persons covered by money laundering laws and regulations
C. Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering
D. A large number of predicate crimes for money laundering

Answer: A,B,C

Explanation:
Havens for money laundering and terrorist financing are jurisdictions that offer a high degree of anonymity, secrecy, and protection to criminals who seek to conceal or move their illicit funds. These havens typically have the following three attributes12:
Limited types of institutions and persons covered by money laundering laws and regulations. This means that only a narrow range of financial activities or entities are subject to anti-money laundering (AML) and combatting the financing of terrorism (CFT) obligations, such as customer due diligence, record-keeping, reporting, and supervision. For example, some havens may exclude lawyers, accountants, trust and company service providers, or non-bank financial institutions from AML/CFT requirements.
Little enforcement of the laws, weak penalties or provisions that make it difficult to confiscate or freeze assets related to money laundering. This means that the authorities in these havens lack the political will, resources, or capacity to effectively implement and enforce the AML/CFT laws and regulations. They may also impose low sanctions or fines for non-compliance, or create legal barriers or obstacles for the confiscation or freezing of assets that are the proceeds of, or used in, or intended or allocated for use in, money laundering, terrorist financing, or other crimes.
Absence of an effective FIU. This means that these havens do not have a central agency that is responsible for receiving, analyzing, and disseminating financial intelligence related to money laundering, terrorist financing, and other crimes. An effective FIU is essential for facilitating domestic and international cooperation and information exchange, as well as for supporting investigations and prosecutions of money laundering and terrorist financing cases.
References:
1: The IMF and the Fight Against Money Laundering and Terrorism Financing, 1 2: IX Special Recommendations, 2

NEW QUESTION # 785
Which is the most severe consequence for a financial institution if the regulator finds it is in breach of AML regulatory obligations?

A. Civil sanctions
B. Negative reputation
C. Monetary fines
D. Loss of license

Answer: D

Explanation:
Non-compliance with AML regulatory obligations can have severe consequences for financial institutions. Among these, the most severe consequence is the loss of license. When a financial institution fails to meet AML requirements, regulators may revoke its license to operate. Losing the license effectively shuts down the institution's ability to conduct business, impacting its existence and operations significantly12.
Reference:
1. Unit21 AML: 8 AML Penalties, Fines, and Sanctions + Examples You Should Avoid
2. Financial Crime Academy: Ensuring Compliance: The Power Of AML Regulatory Reporting

NEW QUESTION # 786
Law enforcement submitted a request to a bank for information regarding one of its customers.
How should the bank respond according to Financial Action Task Force Guidance?

A. Provide all information requested to support the investigation
B. Ensure that the request will not violate any local privacy regulations or legislation
C. Contact the customer informing the person of the investigation to ensure the bank provides correctinformation
D. Ensure the information is necessary to the investigation before responding to the request

Answer: B

Explanation:
According to the ACAMS Study Guide 6th Edition, Chapter 2, page 37, one of the red flags of money laundering or terrorist financing is the use of nominees, trusts, or third parties to hide the identity, ownership, or control of the funds or assets involved in the transaction. Nominees are individuals or entities that act on behalf of the actual or beneficial owners of a company, trust, or account, and may be used to conceal the source, destination, or purpose of the funds or assets. Nominees may also be used to evade taxes, sanctions, or regulatory requirements.
In this case, the compliance officer is unable to verify the identity of the beneficial owners of the company, and only information on the nominee owners was provided. This raises the suspicion that the company may be involved in money laundering or terrorist financing activities, and that the nominee owners may be acting as fronts or intermediaries for the actual or beneficial owners. The compliance officer should conduct further due diligence on the company, the nominee owners, and the beneficial owners, and report any suspicious or unusual activity to the relevant authorities.
ACAMS Study Guide 6th Edition, Chapter 2, page 37
Beneficial Ownership Meaning and Regulation - Investopedia
What is a nomineeshareholder? | LawBite

NEW QUESTION # 787
In the FATF 40 recommendations, the focus of AML efforts has been expanded beyond Financial Institutions.
Which three businesses and/or professions are covered? Choose 3 answers

A. casinos, when customers engage in financial transactions equal to or above a designated Threshold
B. Trust and company service providers
C. Dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold
D. Real estate agents when they are involved in transactions for clients concerning buying and selling properties

Answer: A,B,D

Explanation:
According to the FATF 40 recommendations, the focus of AML efforts has been expanded beyond financial institutions to include other businesses and professions that are vulnerable to money laundering and terrorist financing risks. These include:
* Casinos, when customers engage in financial transactions equal to or above a designated threshold.
Casinos are required to identify and verify the identity of their customers, keeprecords of transactions, report suspicious transactions, and implement internal controls and compliance programs to prevent money laundering and terrorist financing. The designated threshold is USD/EUR 3,000 or more1.
* Real estate agents, when they are involved in transactions for clients concerning buying and selling properties. Real estate agents are required to identify and verify the identity of their customers and beneficial owners, keep records of transactions, report suspicious transactions, and implement internal controls and compliance programs to prevent money laundering and terrorist financing. Real estate transactions can involve large amounts of money and complex legal arrangements that can be used to conceal the source or destination of illicit funds2.
* Trust and company service providers, when they prepare for or carry out transactions for a client concerning the creation, operation or management of legal persons or arrangements. Trust and company service providers are required to identify and verify the identity of their customers and beneficial owners, keep records of transactions, report suspicious transactions, and implement internal controls and compliance programs to prevent money laundering and terrorist financing. Trust and company service providers can facilitate the misuse of legal persons or arrangements, such as shell companies or trusts, to hide the true ownership and control of assets or funds3.
The other option, dealers in art, when they engage in any cash transaction with a customer at or above a designated threshold, is not covered by the FATF 40 recommendations. However, dealers in precious metals and stones are covered when they engage in any cash transaction with a customer at or above a designated threshold of USD/EUR 15,000 or more. Dealers in art may be subject to national or regional regulations that impose AML obligations on them, depending on the jurisdiction.
FATF Recommendation 22: Designated Non-Financial Businesses and Professions: Customer Due Diligence FATF Recommendation 23: Designated Non-Financial Businesses and Professions: Other Measures FATF Recommendation 24: Transparency and Beneficial Ownership of Legal Persons
[FATF Recommendation 25: Transparency and Beneficial Ownership of Legal Arrangements]

NEW QUESTION # 788
Which three criteria does a shell bank meet according to the Wolfsberg Principles on Correspondent Banking? Choose 3 answers.

A. It does not employ one or more individuals at its fixed address where it is authorized to conduct business or maintain operating records at that address
B. It is not subject to inspection by the banking authority that licensed it to conduct banking activities
C. It does not conduct business at a fixed address in a jurisdiction in which it is authorized to conduct business.
D. It is not subject to AML laws that require it to implement an AML program

Answer: A,C,D

NEW QUESTION # 789
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