[Q10-Q33] Get 100% Passing Success With True CAMS Exam! [Nov-2023]

Q10. Which event occurs most frequently in money laundering in the insurance industry?

Q11. What are three factors a financial institution should examine with regard to a new customer who is opening up a new account? Choose 3 answers

Q12. You deploy an infrastructure for a big data workload.
You need to run Azure HDInsight and Microsoft Machine Learning Server. You plan to set the RevoScaleR compute contexts to run rx function calls in parallel.
What are three compute contexts that you can use for Machine Learning Server? Each correct answer presents a complete solution.
NOTE: Each correct selection is worth one point.

Q13. When should new business products to evaluated for AML concerns?

Q14. An anti-money laundering audit identifies a significant weakness in how transaction monitoring alerts are cleared. Audit sampling identified potentially suspicious activity that was cleared as not suspicious.
Management accepts the audit finding and develops a remediation plan.
What is the role of the auditor during the correction phase?

Q15. To ensure that an institution’s anti-money laundering program is current, which step should be taken?

Q16. Under the USA PATRIOT Act, in which scenario would the US not have jurisdiction?

Q17. In which three situations is correspondent banking most vulnerable to money laundering? Choose 3 answers

Q18. Potential indicators of money laundering associated with Trust and Company Service Providers include:
(Select Two.)

Q19. According to the Financial Action Task Force 40 Recommendations, simplified customer due diligence or reduced measures could be acceptable for which three types of products or transactions? Choose 3 answers

Q20. A U.K. real estate agent has three foreign clients interested in purchasing an apartment building, valued at £30 million, in the outskirts of London as an investment property. The clients are not willing to have their names provided to the bank. The clients want the purchase to be made in the names of three private companies for privacy reasons. The plan is to wire the funds into an account held in the name of another private company at a bank in London.
Which red flag should stop the agent from discussing this potential purchase further?

Q21. A corporate services provider in a European Union (EU) country has a prospect from an African country who deals in oil and gas. The prospect intends to develop an oil terminal in his home country with a $75 million dollar loan secured by a third party, which is a trust formed in a Caribbean island with a holding company based in a European secrecy haven. A young lady is presented as an ultimate beneficial owner who has gained her wealth through a fitness studio in her home country.
What are two red flags that could indicate money laundering or financing terrorism? (Choose two.)

Q22. In reviewing recent transaction activity, a compliance officer for a money transmitter notices that several customers are each remitting the same amount of money but much more frequently.
How should the institution respond?

Q23. A junior account manager within an international private bank in Country A was asked by one of his valued customers, who has held an account for several years in the institution, about depositing a large sum of cash into her account. The junior account manager informed his customer that his bank does not accept cash. The junior account manager later reviewed a customer activity report and noticed a number of smaller dollar wires from banks in neighboring Country B, which has lax currency controls, had totaled about as much as the customer intended to deposit. What should the junior account manager do?

Q24. The branch manager notices that a number of customers come in weekly and always use the same teller to process their deposits. The manager notices that the customers and the teller, who are from the same ethnic group, are speaking in a foreign language and every once in a while the customers from local ethnic restaurants will bring the teller lunch. The commercial customers that visit the teller generally deposit the same amount of cash each time they come in.
How should the branch manager respond to this activity?

Q25. What are some red flags financial institutions should be aware of when trying to verify the identity of a customer? Choose 3 answers

Q26. Which three are examples of best practices terms of ensuring an adequate AML program?

Q27. You are designing an AI workflow that will aggregate data stored in Azure as JSON documents.
You expect to store more than 2 TB of new data daily.
You need to choose the data storage service for the data. The solution must minimize costs.
Which data storage service should you choose?

Q28. According to the Financial Action Task Force Special Recommendations on Terrorist Financing, what should an anti-money laundering specialist do if the specialist has reasonable grounds to suspect funds are linked or related to terrorist acts?

Q29. A branch manager for a small community bank has a new customer who deposits four EUR 50,000 checks into one account. Shortly thereafter, the customer goes to another branch and asks to transfer all but EUR 1,500 to three accounts in different foreign jurisdictions.
Which suspicious activity should be the focus of the suspicious transaction report?

Q30. When an institution receives a document request from law enforcement with regard to an STR that the institution has filed, what should institution do?

Q31. You have an AI application that uses keys in Azure Key Vault.
Recently, a key used by the application was deleted accidentally and was unrecoverable.
You need to ensure that if a key is deleted, it is retained in the key vault for 90 days.
Which two features should you configure? Each correct answer presents part of the solution.
NOTE: Each correct selection is worth one point.

Q32. Which statement is true about banking regulatory agencies having the authority to obtain information from regulated institutions?

Q33. Under the Egmont Group Principles, information exchange among financial intelligence units (FlUs) should be conducted: