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NEW QUESTION 103
The marketing department presents a business plan targeting individuals holding important public positions.
What are some steps the financial institution should implement as part of the plan to target such individuals?
- A. Investigate the source of funds
- B. Determine if the client appears on the Basel Committee on Banking Supervision's list of public officials
- C. Take all reasonable steps to check the background of the individual based on public information
- D. Determine the purpose of the account
Answer: A,C,D
Explanation:
Explanation/Reference:
NEW QUESTION 104
What kind of person should perform the independent testing of an institution's anti-money laundering program?
- A. A former anti-money laundering officer from a similar institution
- B. A person who reports directly to the Board of Directors or a Board Committee
- C. A retired government regulator or federal law enforcement officer
- D. A certified specialist in the anti-money laundering field
Answer: D
NEW QUESTION 105
An anti-money laundering specialist working at a bank just received a legal request from a law enforcement agency mandating the release of all financial transaction records relating to an account at the bank. The specialist immediately recognizes the account as one owned by the bank Chief Executive Officer's brother.
During research to gather the requested documents, the specialist finds several internal memos he had sent to the bank president with concerns regarding possible suspicious activity relating to this account. The specialist recalls the bank president verbally responded to each memo with an explanation of the activity and indicated there was no cause for concern. What should the specialist do with respect to these internal memos?
- A. Call the law enforcement agent and suggest he modify the legal request to include these memos
- B. Place these memos in his personal files in case they are subsequently requested
- C. Ask the bank president to document his instructions to the specialist
- D. Advise the bank's senior legal advisor of the situation
Answer: D
NEW QUESTION 106
What is the primary action a financial institution should take before formulating its anti-money laundering program?
- A. It should ensure that its training modules for all employees cover all relevant AML issues
- B. It should determine how extensive and well-trained the compliance staff is
- C. It should consult with its correspondent banks to determine the nature and extent of their AML programs
- D. It should perform a comprehensive risk analysis
Answer: C
NEW QUESTION 107
The compliance officer for a bank is reviewing on-boarding documents for a new business account for a domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company. Only information on the nominee owners was provided, and none of the listed addresses are local. The purpose of the business and future expected activity were disclosed to include cash letters, money orders and international remittance transfers.
Which red flag identifies a heightened money laundering risk?
- A. The nature and purpose of the business include international remittance transfers
- B. The names provided at account opening are identified as the corporation's representative nominees
- C. Account signer's government issued identification lists addresses outside of where the branch account was opened
- D. Expected activity was advised to include cash letter and money orders
Answer: A
NEW QUESTION 108
When the minimum CDD standards of the home and host countries differ, the offices in the host countries should follow which requirements?
- A. The minimum required
- B. Local rules and regulations
- C. The higher standard of the two
- D. The CDD standards required by the home country
Answer: C
NEW QUESTION 109
An account officer who maintains an excellent relationship with the finance manager for a correspondent bank customer learns that many records for the correspondent bank have been requested by law enforcement. In the interest of maintaining a good relationship with the customer, the account officer sets up a meeting to discuss the legal request with the customer. The account officer intends to discuss points related to the investigation during this meeting. Which of the following should an anti-money laundering specialist recommend?
- A. Discuss all the points being investigated by law enforcement to ensure the correspondent bank is well prepared when approached.
- B. The meeting should be cancelled as he has already behaved inappropriately by alerting the customer to the investigation.
- C. Limit discussions about the investigation with the customer and be satisfied that he has provided proper notice to the customer.
- D. Let his manager know what conversations have taken place with the customer and document the account file accordingly.
Answer: C
NEW QUESTION 110
A data scientist deploys a deep learning model on an Fsv2 virtual machine.
Data analysis is slow.
You need to recommend which virtual machine series the data scientist must use to ensure that data analysis occurs as quickly as possible.
Which series should you recommend?
- A. B
- B. ND
- C. DC
- D. Ev3
Answer: B
Explanation:
The N-series is a family of Azure Virtual Machines with GPU capabilities. GPUs are ideal for compute and graphics-intensive workloads, helping customers to fuel innovation through scenarios like high-end remote visualisation, deep learning and predictive analytics.
The ND-series is focused on training and inference scenarios for deep learning. It uses the NVIDIA Tesla P40 GPUs. The latest version - NDv2 - features the NVIDIA Tesla V100 GPUs.
References:
https://azure.microsoft.com/en-in/pricing/details/virtual-machines/series/
NEW QUESTION 111
Which of the following is the most likely reason for the Financial Action Task Force to remove a jurisdiction from the Non-Cooperative Countries and Territories list?
- A. Receiving a favorable mutual evaluation.
- B. Joining the Wolfsburg Group.
- C. Conducting successful annual self-assessments.
- D. Entering into a mutual legal assistance treaty.
Answer: D
NEW QUESTION 112
You need to meet the testing requirements for the data scientists.
Which three actions should you perform? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.
- A. Get the docker image from mcr.microsoft.com/azure-cognitive-services/sentiment:latest
- B. Get the docker image from mcr.microsoft.com/azure-cognitive-services/luis:latest
- C. Export the staging version of the Language and Understanding (LUIS) app
- D. Deploy a Kubernetes cluster to Azure Stack
- E. Export the production version of the Language Understanding (LUIS) app
- F. Deploy an Azure Kubernetes Service (AKS) cluster to the East US 2 region
- G. Deploy an Azure an Azure Container Service cluster to the West Europe region
Answer: B,C,D
Explanation:
Scenario: Data scientists must test Butler by using ASDK.
Note: Contoso wants to provide a new version of the Bookings app that will provide a highly available, reliable service for booking travel packages by interacting with a chatbot named Butler.
E: The ASDK (Azure Stack Development Kit) is meant to provide an environment in which you can evaluate Azure Stack and develop modern applications using APIs and tooling consistent with Azure in a non-production environment.
Microsoft Azure Stack integrated systems range in size from 4-16 nodes, and are jointly supported by a hardware partner and Microsoft.
F: The Language Understanding (LUIS) container loads your trained or published Language Understanding model, also known as a LUIS app, into a docker container and provides access to the query predictions from the container's API endpoints.
Use the docker pull command to download a container image from the mcr.microsoft.com/azure-cognitive- services/luis repository:
docker pull mcr.microsoft.com/azure-cognitive-services/luis:latest
G: You can test using the endpoint with a maximum of two versions of your app. With your main or live version of your app set as the production endpoint, add a second version to the staging endpoint.
Reference:
https://docs.microsoft.com/en-us/azure-stack/asdk/asdk-what-is
https://docs.microsoft.com/en-us/azure/cognitive-services/luis/luis-container-howto
https://docs.microsoft.com/en-us/azure/cognitive-services/luis/luis-concept-test Integrate AI models into solutions Question Set 1
NEW QUESTION 113
After an institution files an STR with regard to a particular account, a law enforcement agent requests the institution to keep the account open until advised otherwise by law enforcement.
What steps should the institution take?
- A. The institution should request a written letter From the law enforcement ( agency signed by anappropriate authorized signature
- B. The institution should keep the account open only if doing so comports with the bank's ownAML procedures
- C. The institution should follow the request of the law enforcement agent and keep the accountopen
- D. The institution should close the account in order not to be caught in the middle of a lawenforcement investigation
Answer: A
NEW QUESTION 114
Which primary international authoritative body designates sanctions?
- A. Organizationof Economic Co-operation and Development (OECD)
- B. Financial Action Task Force (FATF)
- C. United Nations (UN)
- D. International Monetary Fund (IMF)
Answer: C
NEW QUESTION 115
Why do government entities around the world believe that a risk-based approach to AML/CFT compliance is a preferable prescriptive measure?
- A. It allows the creation of hard and fast rules that must be followed
- B. It is easier for examiners to make subjective criticisms
- C. It is more flexible, effective and proportionate
- D. It allows institutions to focus their attention on only high risk customers
Answer: C
NEW QUESTION 116
What is a major money laundering risk associated with a number of prepaid cards as opposed to credit or debit cards?
- A. The anonymous access to funds
- B. The risk of losing the prepaid cards
- C. The inability to load the card with cash
- D. The global access to cash through ATMs
Answer: A
NEW QUESTION 117
What should senior management do in order to promote a culture of anti-money laundering compliance?
- A. They should include compliance with AML procedures as condition of employment
- B. They should attend all training sessions with front-line employment
- C. They should base employee compensation on the amount of suspicious activity they detect
- D. They should have close ties with the independent auditors of the AML program
Answer: A
NEW QUESTION 118
How should a financial institution respond to a verbal request from a law enforcement agency to keep an account open to assist in an investigation?
- A. Request a search warrant from the local court
- B. Agree to keep the account open
- C. Request a subpoena to maintain the account
- D. Request a letter on the agency's letterhead
Answer: D
Explanation:
Explanation
Explanation/Reference: http://files.acams.org/pdfs/English_Study_Guide/Chapter_5.pdf (12)
NEW QUESTION 119
A comprehensive set of risk-based guidelines for maintaining business relationships is being developed.
Which situation indicates that the institution should terminate the relationship with a client?
- A. The client conducts international financial transactions exceeding U.S. $500 million.
- B. The client exceeds the criteria of an acceptable risk model created by another institution that is not similar in size and complexity.
- C. The client exceeds the criteria of an acceptable risk model created by the institution and does not perform acceptable remedial actions.
- D. The client does business in countries with active terrorist organizations.
Answer: C
NEW QUESTION 120
What do Financial Action Task Force (FATF)-style regional bodies do for their members to help combat money laundering and terrorist financing?
- A. They assist member countries in penalizing entities that violate FATF standards and recommendations
- B. They provide technical assistance to members in implementing FATF recommendations
- C. They supervise member country financial institutions relating to anti-money laundering and terrorist financing
- D. They work with members on areas of concern outside of anti-money laundering and terrorist financing
Answer: C
Explanation:
Explanation/Reference: https://www.fatf-gafi.org/media/fatf/documents/brochuresannualreports/FATF30-(1989-2019).pdf
NEW QUESTION 121
How should a financial institution deter money laundering through new accounts? Choose 3 answers
- A. Seek to determine the source of deposited funds
- B. Query owner's names against FATF database
- C. Document the identity of the party opening the account
- D. Determine the beneficial owner(s) of the account
Answer: A,C,D
NEW QUESTION 122
The anti-money laundering compliance officer for a small money transmitter has several agent locations in the same geographic area in the United States. The customers are immigrants from Country A and the majority of the funds are remitted to Country A.
In a meeting with one of the agents, it is recently discovered that two new customers have been coming in three times a week and sending funds to the same recipient in Country B. Each cash transaction always totals exactly $8,000.
What should alert the agent to possible money laundering activity by the two customers?
- A. Each of their transactions is just below the cash reporting threshold
- B. They have been coming in three times a week
- C. It is unusual for customers to remit to Country B
- D. They remit funds to the same person
Answer: D
NEW QUESTION 123
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Who should take the CAMS exam
The CAMS certification is an internationally-recognized credential that identifies persons who earn it as possessing specialized AML knowledge. AML professionals who earn the CAMS designation position themselves to be leaders in the business and to expertise professional growth. If a candidate wants significant improvement in career growth needs enhanced knowledge, skills, and talents. The CAMS certification provides proof of this advanced knowledge and skill. If a person fulfills the following eligibility requirements of the CAMS exam then he should take this exam.
- Document a minimum of 40 qualifying credits based on education, other professional certification and professional expertise in the field.
- Submit supporting documents.
- Provide three professional references.
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