Free ACAMS CAMS Exam Dumps Questions & Answers

A compliance officer at a small local bank reads in the newspaper that a high ranking local public official, who is a long-standing account holder, is being investigated by the competent authorities for accepting bribes from a well-known construction company with offices in the town. The compliance officer immediately checks the official's account and other recently opened accounts at the bank. The official opened a new account at the bank a few weeks ago. The compliance officer's investigation of these accounts discloses that the official's longstanding account had no unusual activity and the recently opened account had no activity since it was opened. Which of the following should the compliance officer do next?

• A.  Meet with staff who opened the account to understand its nature and purpose.
• B.  Wait until the new account receives funds and confirm their source.
• C.  Call the competent authorities to assess the need to file a suspicious transaction report.
• D.  Call the official's office to confirm the need for multiple accounts.

A professional dealer in precious metals and stones in an EU country plans to implement measures to reduce the risk of being misused for money laundering purposes. Which measures are most relevant for achieving this goal? (Select Two.)

• A.  Stop accepting payments from persons other than the beneficiary.
• B.  Stop accepting cash payments in currencies other than Euro.
• C.  Limit direct contact between customer and employees.
• D.  Limit the acceptance of purchases without adequate customer identification information.
• E.  Only accept trades related to precious metal pool accounts maintained by sophisticated precious metal companies.

The most effective tool used to detect structured transactions is

• A.  Verification of the source of funds.
• B.  A software program that can link apparently unrelated transactions.
• C.  A comprehensive account-opening procedure.
• D.  An employee training program to detect suspicious transactions.

Which product is considered to be of highest money laundering risk?

• A.  Savings accounts
• B.  Credit cards
• C.  International wire transfers
• D.  Time deposit accounts

What are two reasons physical certificates present a money laundering risk to broker-dealers? (Choose two.)

• A.  The trade information on a physical certificate can be easily altered
• B.  Physical certificates do not expire and may be held by the owner for perpetuity
• C.  Physical certificates may be provided to nominees for deposit or settled in off-market transactions
• D.  There is little information readily available to the broker confirming the source of the funds