Cams Exam Quesiton No 15

Question No 15:

A new customer approaches a bank to open a commercial account. The customer provides an address for the account located across the city from the branch. When asked by the account representative if the customer requires any additional banking services, the customer responds she is also interested in opening a personal investment account. The account representative refers the customer to their broker-dealer. The customer tells the firm representative she has never had a brokerage account before and has a few questions about how an investment account works. The customer asks how deposits can be made into her account, if there are any reporting requirements, and how to go about moving balances out of the account using wire transfers. No questions are asked about fees associated with these transactions. Which three items would be considered suspicious?

A. The customer asks many questions about the brokerage account, but none of them are related to investing.
B. The customer is opening a commercial account and at the same time a personal investment account.
C. The address of the account holder and the branch where the customer came to open the account are not close to each other.
D. That the customer appears unconcerned about the fees.

Answer: A, C, D

Rick McDonell, Former FATF Executive Secretary, Joins ACAMS

The Association of Certified Anti-Money Laundering Specialists (ACAMS) today announced the appointment of Rick McDonell that its Executive and as a new member of the Advisory Board of ACAMS director. McDonell is well known for his distinguished career as the FATF (Financial Action Task Force) Executive Secretary, a post he held since 2007.

The Association of Certified Anti-Money Laundering Specialists (ACAMS) today announced the appointment of Rick McDonell that its Executive and as a new member of the Advisory Board of ACAMS director.

McDonell is well known for his distinguished career as the FATF (Financial Action Task Force) Executive Secretary, a post he has held since 2007. Among his many accomplishments in FATF was to develop a new standardized assessment of the countries 'method'. This expanded being evaluated beyond the initial implementation of the FATF standards to examine their effectiveness in terms of support for a reduction in the levels of financial crime - a radical change, which allowed the strength of AML regimes can determine with clarity.

Under the direction of McDonell, FATF Global Network has also extended to nine regional FATF-style bodies (GREG), an important achievement ACAMS Association has members in over 160 countries, the majority of people in these regions.

Moreover, many years of direct experience working with regional organizations McDonell has given him a unique perspective on the global AML and financial crime challenges that face ACAMS members. In appointing McDonell, ACAMS will also be able to leverage that expertise to enhance its international educational programs that are prized for dealing with global challenges.

As Executive Secretary, McDonell ACAMS lead efforts "to expand government relations worldwide. This will involve the development of new regulations and enforcement of the standing committees, through which new possibilities of knowledge sharing among members working in the public and private sectors will be created. In addition, these permanent committees to provide advice to the ACAMS in the various laws and regulations on AML / Financial Crimes and penalties in ACAMS serves 160 countries.

Commenting on the appointment of McDonell, Chip Poncy, the former head of the US delegation to the FATF said: "Throughout Rick prestigious race in the fight against financial crime, has gained a truly global reputation as a pioneer in the expansion of AML / CFT and mission of financial integrity. Rick exudes a depth and a combination of knowledge, experience, humility and commitment that is rarely found in any profession and dedication to the AML / CFT mission made significant progress in interests of all stakeholders of financial integrity worldwide. The affiliation with ACAMS Rick is a wonderful partnership and allows the AML / CFT community will continue to benefit from its ongoing contributions to the important work ahead. "

ACAMS Chairman of the Advisory Board, Rick Petit added: "I am very happy to have join us Rick in ACAMS Rick brings a wealth of experience and expertise in establishing global standards for governments and financial institutions in the fight against money laundering. money and terrorist financing. Leadership Rick Financial Action Task Force, and before that one of the regional bodies of FATF, ACAMS members will provide valuable insights in the understanding of the current regulatory framework and the establishment of appropriate controls and effective AML. "

Angela Salter, Director of ACAMS Europe said: "It is an honor for ACAMS AML and community that Rick will bring his long experience of our ongoing efforts to ensure that members receive the highest levels of training, content and strategic advice to stop flow of illicit funds. " Salter added: "To be truly effective in the fight against money laundering and international financial crime, organizations need to share knowledge and collaborate with governments to develop policies that will give the correct results Rick cross ACAMS to accomplish this. better support for the international community AML, we are excited to work with him. "

"I am delighted to be joining ACAMS" McDonell said. "In my previous position with the FATF, I saw and admired the important role played worldwide ACAMS to provide a focal point for communication and public private sector, which is an essential element in the fight against money laundering and the financing of terrorism. I am excited to help further this goal through collaboration with members of the Board of Directors and equipment ACAMS in particular those dedicated professionals who are members of the ACAMS.

McDonell continues: "I also was impressed with the overall scope of the Association and the high quality events and training offered to the world that support and enhance our common mission to provide AML and professional CTF and the industry at large with the information of the highest quality and training. I'm happy to be part of the organization and for the pursuit of our common goal to stop the illegal movement of funds. "

Fight against money laundering: the Montreal DFSAC and ACAMS Join Forces

The Council of Trade in Financial Services (CCSF) and the Montreal Chapter of the Association of Certified Anti-Money Laundering Specialists (ACAMS Montreal Section) decided to join forces in the fight against money laundering and products the financing of terrorist activities.

It was at the initiative of the Montreal Section ACAMS that the dialogue has begun between the two groups. These discussions confirmed the complementary nature of the mission of both organizations. The Regional Council rootedness, with its 20 twenty regional delegations, and expertise that has been developed for continuous training on money laundering proves a good addition for Section ACAMS Montreal.

"The fight against money laundering is a major modern challenge, because the risks are significant for both financial institutions and the people who work there. In many cases, people are inhabited by a false sense of security. They are unaware of the risks they take, and that, even if they are in good faith, "said Linda Caron, co-chair of the ACAMS Montreal Section.

Section ACAMS Montreal and Council are currently defining the details of a preferred membership program. A symposium on the theme "Together protect the professional financial services" will also take place in Laval on 26 and 27 May 2016 during the annual meeting of the Council.

"The Council's mission is to ensure in particular the protection of all professionals in financial services, said Mario Grégoire, President of DFSAC. In this sense, recycling of proceeds of crime, and its potentially dire consequences for professionals who are trapped might happen a first-order threat to our members and the Council cares. Joining forces with the Montreal Section ACAMS is therefore part of the vast enterprise in which awareness has committed money laundering Council to protect professionals. "

Cams Exam Quesiton No 14

Question No 14:

Dirty money, derived from criminal activities of Belgian Criminal A, is sent to a foreign bank account of Corporation B. Then in Belgium, a new investment Company C is incorporated. Criminal A is appointed as a director of Company C. Company C borrows money from the foreign Company B and buys real estate in Belgium. The real estate is rented to third parties. Director (Criminal) A also rents an apartment in the building. With the funds generated by the rent,
Company C pays off the loan to Corporation B, and the salary of Director A. Criminal A now converted his dirty money in legal funds. This laundering method is commonly referred to as what?

A. Offsetting real estate transactions.
B. Loan back.
C. Cuckoo smurfing.
D. Loan manipulation.

Answer: B

Cams Exam Quesiton No 13

Question No 13:

Which statement is true regarding the risk of Politically Exposed Persons (PEPs)?

A. PEPs provide access to third parties on whom the financial institution has not conducted sufficient due diligence.
B. PEPs have significantly greater exposure to the politically corrupt funds, including accepting bribes or misappropriating government funds.
C. PEPs are foreign customers who inherently present additional risk as they are engaged in cross-border transactions.
D. PEPs generally do not pose enhanced risks to an institution due to their political standing; rather, PEPs increase the prestige of an institution.

Answer: B

Cams Exam Quesiton No 12

Question No 12:

The greatest risk for money laundering is for casinos that?

A. Provide their customers with a wide array of gambling services.
B. Operate in a non-Egmont member country.
C. Allow customers with credit balances to withdraw funds by check in another jurisdiction.
D. Only send suspicious transaction reports to the financial intelligence unit of the country it operates in.

Answer: C

CUNA Bank Secrecy Act Conference awarded ACAMS accreditation

Credit Union National Association is proud to announce that the bank secrecy law CUNA Conference, in collaboration with the National Association of Country Credit Union Supervisors (NASCUS) was officially accredited by the Association against money laundering Certified Specialists (ACAMS). Those attending the conference now earn credits for certification Wash ACAMS AML specialist (CAMS) designation.

"This accreditation is validation of our efforts to provide comprehensive training laundering money for credit unions," says Tracy Blaske, director of instructional design for compliance in COT. "ACAMS thank for this honor and will continue to refine and improve the banking secrecy law CUNA Conference in the coming years."

CUNA Bank Secrecy Act Conference and November 15-18 this year, 2015, in Fort Lauderdale, Florida-participants will receive 20 credits for the CAMS designation. CAMS is widely regarded as the gold standard of AML certifications and is recognized by private institutions, governments and law enforcement.

Hosted in collaboration with the National Law Association of South Credit Union Supervisors (NASCUS) secret CUNA Bank Conference includes four days of high-impact sessions that contain critical current information about the Bank Secrecy Act (BSA) compliance. Participants joined representatives of key government agencies and state attorneys and examiners.

Cams Exam Quesiton No 11

Question No 11:

What is the Right of Reciprocity in the field of international cooperation against money laundering?

A. The legal principle that financial institutions that have referred customers to other financial institutions can share information about these customers with the other institutions.
B. A rule of the Basel Committee allowing properly regulated financial institutions of another member state of the Basel Committee to do business without additional supervision to the degree that the other state grants the same right. |
C. The right of each FATF member country to delegate prosecution of a case of money laundering to another member that is already investigating the same case.
D. Rule in the law of a country allowing its authorities to cooperate with authorities of other countries to the degree that their law allows them to do the same.

Answer: D

Cams Exam Quesiton No 10

Question No 10:

Which of the following should an anti-money laundering specialist include on an internal investigation log?

A. Notes relating to a background check of a prospective employee of the company.
B. Supporting documentation and materials for denying service to a client with a bad credit rating.
C. Notes pertaining to activity that is unusual, but for which a Suspicious Transaction Report has not been filed.
D. Reference to a memorandum to the company's corporate management relating to budgetary and similar concerns.

Answer: C

ACAMS launches Cyprus Chapter

The Association of Certified Anti-Money Laundering Specialists (ACAMS) announces its investment in support of the AML professional sector and preventing financial crimes in Cyprus.

As part of its strategy to expand services to existing members of the EU, ACAMS has formed a strategic partnership with the European Training Institute for Management and Finance (EIMF) to support AML professionals Cypriots are preparing for washing Money Certified Specialist (CAMS®) rating.

CAMS®, ​​Certified Anti-Money Laundering Specialist credential is considered the global standard for AML certifications by internationally recognized financial institutions, governments and regulators. These CAMERAS earn positioned as industry leaders and are highly valued by employers with wages 42% higher than their non-certified colleagues, according to the Survey of Compensation ACAMS AML / CFT / CPF 2015.

The official launch of the ACAMS chapter of Cyprus will be the Wednesday, November 4 at a party AML / CFT and VIP presentations at the Hilton Hotel, Nicosia network. Overnight, ACAMS, Stelios Georgakis, deputy director of the AML / CFT the Central Bank of Cyprus Supervision Department, and Mr. Andreas Andreou, vice president Cyprus Securities and Exchange Commission (CySEC) recognizes the industry's commitment Cyprus AML / CFT .

Its mission is to promote compliance education, to share ideas about the future and indicate the measures of the financial community of Cyprus is to meet the challenges of the constantly changing landscape of financial regulation today.

"AML, CTF and the identification of financial crime and prevention are global problems. We are very pleased with the unprecedented level of enthusiasm and support we have received from Cyprus AFC sector, both pledging to assist our initial training and the number of professionals who have already signed to join the local branch of ACAMS Cyprus. This is a clear indication that the professional community of Cyprus AFC is determined to shed its old image as a region where international money launderers can function and is determined both to encourage bank transparency and to implement all corporate governance requirements laid down in the fourth EU directive, "said Angela Salter, Head of ACAMS Europe.

Speaking on behalf of Mr. Marios Siathas EIMF said: "We are proud to have been chosen as a partner ACAMS, the largest and most respected provider of combating money laundering globally education The EIMF as a specialized institute. in training for the sector of financial and professional services in Cyprus, delivering high quality of all programs ACAMS either for the CAMS certification or CPD training for already certified specialists will be ensured. Furthermore, as the training partner ACAMS Cyprus, EIMF always support the local chapter of ACAMS.

Other training partnerships developed by ACAMS in Europe have proved a great success for many years, training locally relevant CAMERAS together internationally recognized qualification. More recently, ACAMS held eight years, in collaboration with training institutions Luxembourg House: ATTF (Agency for Transfer of Financial Technology) and IFBL (Bank Training Institute, Luxembourg), with more than 160 candidates have now CAMERAS reached the degree.

Gregory Dellas, director of risk management AML, international banking services, Bank of Cyprus and the chapter president ACAMS newly appointed Cyprus said, "I am very excited about the launch of our own, and in the chapter on local ACAMS opportunity to work with peers around the Cyprus AFC sector to share knowledge and experiences and develop best practices through local learning. ACAMS AML Cyprus Chapter welcomes all professional and general for the Cyprus government compliance, regulators local, industry and professional practice. "

Red AML / CFT Presentations and VIP night ACAMS 'will be Wednesday, November 4 at the Hilton Hotel in Nicosia.