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The Certified Anti-Money Laundering Specialist (CAMS) certification is a globally recognized credential for professionals working in the anti-money laundering (AML) field. The CAMS exam is designed to test a candidate's knowledge and understanding of AML laws, regulations, and best practices. It is one of the most prestigious certifications in the AML industry, and it is highly valued by employers and regulatory agencies around the world.
ACAMS CAMS certification exam is a valuable credential for any AML professional looking to enhance their knowledge and expertise in the field. Certified Anti-Money Laundering Specialists certification is recognized globally as the gold standard for AML certifications and is highly respected by regulators, law enforcement agencies, and financial institutions. Passing the CAMS Exam demonstrates an individual's commitment to professional excellence and their dedication to staying current with the latest AML trends and regulations.
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ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q404-Q409):
NEW QUESTION # 404
How does the Financial Action Task Force (FATF) communicate its findings regarding jurisdictions with strategic anti-money laundering / Counter Financing of Terrorism deficiencies?
- A. By issuing two formal documents three times per year
- B. By issuing documentation to the private sector
- C. By issuing four formal documents to the deficient jurisdictions
- D. By issuing informal communication to FATF members
Answer: C
NEW QUESTION # 405
A law enforcement action alleged that, over the course of two months, defendants engaged in a series of copper, gold, crude oil, and natural gas futures transactions on an electronic trading platform.
One defendant repeatedly bought future contracts at low prices from another party and immediately sold them back at higher prices, effectively ensuring that one defendant made profits while the other took losses, even though there was no actual market risk involved.
What is the name of this typology?
- A. Short position
- B. Bid-ask spread
- C. Wash trading
- D. Reverse flip
Answer: C
Explanation:
Wash trading is a form of market manipulation where two parties coordinate to create artificial trading activity, often for money laundering, tax fraud, or price manipulation.
Why Option C (Wash Trading) is Correct:
No real market risk is taken-transactions are simply cycled between the same parties.
Creates an illusion of liquidity or inflates asset prices artificially.
Common in commodities, stocks, cryptocurrency, and futures markets.
Red flag for money laundering: Criminals may use wash trading to layer illicit funds through financial markets.
Why Other Options Are Incorrect:
Option A (Short Position): A short position involves selling an asset one does not own and repurchasing it later at a lower price-this does not describe the described scheme.
Option B (Reverse Flip): A reverse flip is a real estate money laundering typology, not applicable here.
Option D (Bid-Ask Spread): This refers to the difference between the highest price a buyer is willing to pay and the lowest price a seller will accept, but it does not involve fraudulent trading.
AML Risks in Wash Trading:
Can be used to move illicit funds through financial markets.
Artificially increases trading volume and market price manipulation.
Frequently flagged in AML transaction monitoring systems.
Best Practices for Detecting Wash Trading:
Monitor repetitive trading between related entities.
Look for circular transactions with no economic justification.
Use AI-based transaction monitoring to detect high-frequency wash trades.
Reference:
FATF Report on Money Laundering in Capital Markets
SEC & CFTC Enforcement on Wash Trading Cases
Wolfsberg Group Market Manipulation Risk Guidelines
NEW QUESTION # 406
Which action indicates possible Penza scheme activity?
- A. An unlicensed investment advisor offers profits other investments cannot guarantee
- B. A licensed investment advisor lures aging/retired professionals to invest in securities
- C. A licensed seller offers higher profit on investments in a high risk country
- D. A unlicensed investment advisor offers returns that are competitive with industry benchmarks
Answer: A
Explanation:
A Penza scheme, also known as a Ponzi scheme, is a form of fraud that lures investors and pays profits to earlier investors with funds from more recent investors1 The scheme relies on attracting new investors with unrealistic promises of high returns and low risk, while using their money to pay off the previous investors2 An unlicensed investment advisor who offers profits other investments cannot guarantee is likely to be involved in a Penza scheme, as this is a common way to entice unsuspecting victims3 The other options are not necessarily indicative of a Penza scheme, as they could be legitimate or involve other types of fraud.
References: 1 Ponzi scheme - Wikipedia; 2 Ponzi Schemes: Definition, Examples, and Origins - Investopedia; 3 What is Ponzi Scheme? - Sanction Scanner
NEW QUESTION # 407
The bank for International Settlements provides the secretariat for which organization?
- A. The Basel Committee
- B. The Egmont Group
- C. FATF
- D. The Wolfsberg Group
Answer: A
Explanation:
Reference:http://www.bis.org/bcbs/about.htm(4th
para)
Basel Committee on Banking Supervision (Basel Committee) The Basel Committee was established by the G-
10's central bank of governors in 1974 to promote sound supervisory standards worldwide. Its secretariat is appointed by the Bank for International Settlements in Basel, Switzerland.
NEW QUESTION # 408
In May 2002, the Wolfsberg Principles on Private Banking were revised and included a section that prohibits the use of internal non-client accounts in a manner that would prevent officials from appropriate monitoring movements of funds or keep clients from being linked to the movement of funds on their behalf.
What is another name for these internal, non-client accounts?
- A. Concentration accounts
- B. Trust accounts
- C. Pay through accounts
- D. Correspondent accounts
Answer: A
Explanation:
Concentration accounts are internal accounts used by financial institutions to aggregate funds from or for various clients or other accounts. They are also known as omnibus accounts or suspense accounts. The use of concentration accounts may obscure the audit trail and the identity of the clients involved in the transactions. Therefore, the Wolfsberg Principles on Private Banking, which are a set of voluntary guidelines for preventing money laundering and terrorist financing in the private banking sector, prohibit the use of concentration accounts in a way that would prevent appropriate monitoring or identification of the clients or their funds12.
References:
1: Wolfsberg Anti-Money Laundering Principles for Private Banking (2012), Section 4.3 2: The Wolfsberg Principles - an analysis, Journal of Money Laundering Control, Vol. 7 No. 3, 2004, pp. 237-240 Reference: http://www.wolfsberg-principles.com/privat-banking.html (1.2.2, 5th bullet)
NEW QUESTION # 409
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