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If you're looking for the prestigious AML certificate issued by a reputed international organization that specializes in and is dedicated to the detection and prevention of financial crime, then you should opt for the ACAMS Certified Anti-Money Laundering Specialist (CAMS) certification exam which ensures an individual's skill in the field of anti-money laundering.
Topics Covered
All in all, the CAMS exam is based on four domains. The first of which is Risks and Methods of Money Laundering & Terrorism Financing. This topic accounts for 26% of the exam items and consists of several subdomains. Thus, the following is a brief portion of the list of those subdomains: recognize ways of money laundering used by banks and similar institutions, by insurance companies, by broker-dealers, capital markets, or investment advisors. What's more, you need to also be aware of recognizing methods of money laundering utilized by organizations such as casinos or other game-related industries, by companies dealing with precious metals or other high-value goods, real estate, etc. In addition, here, you need to know more about the red flags, commercial transactions, human trafficking, and the like.
The second objective is Compliance Standards for Anti-money Laundering (AML) and Combating the Financing of Terrorism (CFT) which stands for 25% of all test content. In particular, this domain consists of 11 areas. So, to master this topic in full, you need to learn to recognize the main aspects of the EU Directives on money laundering, the USA PATRIOT Act, and the OFAC sanctions. On top of that, you need to touch on how to identify the FATF 40 Recommendations and how to deal with the aspects of the BASEL Committee Customer Due Diligence Principles including the coverage of Egmont Group objectives.
The third section the real exam tests individuals on are AML, CFT, and Sanctions Compliance Programs that covers 28% of the exam and consists of 31 subdomains. In all, under this category, you have to recognize the main items of an anti-money laundering training program and the part that senior management and director boards play in how an organization deals with anti-money laundering oversight. Then, you need to also be proficient in handling AML tools, governance, audits, and situation.
The last part covered is Conducting and Supporting the Investigation Process detailing 21% of the exam questions. All in all, such a portion focuses on recognizing suitable methods of conducting interviews for potential parties involved in an anti-money laundering event, dealing with public source information or other sources of information that may be available for use in an investigation given a specific scenario, accepting ways in which law enforcement organizations may request data from an institution with regards to money laundering, etc.
How to Get Certified
To obtain the ACAMS CAMS certificate individuals must take and successfully pass the affiliated namesake CAMS exam, which requires individuals to go through a three-step process. This has been outlined below:
- Submit an application
After gaining membership at ACAMS, individuals are required to submit an application form along with payment. To be eligible to send an application, individuals must meet the following requirements: hold an active ACAMS membership, have 40 ACAMS credits, possess an education (10 credits for associates, 20 credits for bachelors, 30 credits for masters, and 40 credits for JD, or PhD), possess work experience (10 credits for each year of work experience), and have training (1 credit for an hour of training in the field of financial crime).
- Be a member of ACAMS
Individuals may gain membership of ACAMS as individuals, as part of an enterprise, as public sector workers, or as part of a chapter. Members are required to make a standard membership payment.
- Take the actual CAMS exam
After an individual is found to be eligible and their application has been approved, they may go on to schedule their CAMS evaluation.
Latest CAMS Exam Cram - CAMS Learning Materials
If you prepare well in advance, you’ll be stress-free on the Certified Anti-Money Laundering Specialists CAMS exam day and thus perform well. Candidates can know where they stand by attempting the ACAMS CAMS practice test. It can save you lots of time and money. The question on the ACAMS CAMS Practice Test is quite similar to the ACAMS CAMS questions that get asked on the CAMS exam day.
ACAMS Certified Anti-Money Laundering Specialists Sample Questions (Q201-Q206):
NEW QUESTION # 201
What should an effective anti-money laundering training program include?
- A. Computer-based modules titles differently for each job description in the bank
- B. Real-life money laundering examples
- C. Lists of anti-money laundering regulations
- D. Random testing of employees to ensure proper understanding of policies
Answer: B
NEW QUESTION # 202
A compliance officer is conducting a review of the automated transaction monitoring system. What would be most likely to result in a change in the monitoring system parameters?
- A. Law enforcement issues a subpoena for a particular customer's account records
- B. The institution's creditworthiness thresholds change
- C. The national Financial intelligence Unit issues new risk indicators
- D. The local paper runs stories that sully the institution's reputation in the marketplace
Answer: C
NEW QUESTION # 203
According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?
- A. Hawala operators
- B. Commodities traders
- C. Money services businesses
- D. Real estate agents
Answer: D
NEW QUESTION # 204
You plan to build an application that will perform predictive analytics. Users will be able to consume the application data by using Microsoft Power BI or a custom website.
You need to ensure that you can audit application usage.
Which auditing solution should you use?
- A. Azure Active Directory (Azure AD) reporting
- B. Azure diagnostics logs
- C. Azure Storage Analytics
- D. Azure Application Insights
Answer: A
Explanation:
Explanation/Reference:
References:
https://docs.microsoft.com/en-us/azure/active-directory/reports-monitoring/concept-audit-logs
NEW QUESTION # 205
Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?
- A. Reviewing wire transfer screening processes to ensure that potential name hits are investigated promptly
- B. Examining Human Resources processes for conducting criminal background checks on executives
- C. Looking at copies of suspicious activity reports filed with regulators to ensure completeness
- D. Ensuring that all clients with foreign identification are subject to enhanced due diligence
Answer: D
Explanation:
Explanation
The OFAC sanctions screening audit program should include the requirement that all clients with foreign identification are subject to enhanced due diligence, as this provides an extra layer of protection against potential violations of OFAC sanctions.
Reference: CAMS VI manual, page 132, section 7.2.2.1.1 - "Testing for OFAC Sanctions Screening Audit." This section specifically states that the OFAC sanctions screening audit program should include ensuring that all clients with foreign identification are subject to enhanced due diligence.
NEW QUESTION # 206
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