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Acams CAMS-FCI Exam Questions
- Topic 1: Leading Complex Investigations: This section of the exam measures the skills of senior financial crime investigators and covers advanced techniques for managing and directing intricate financial crime investigations. The four-hour online certificate course delves into strategies for coordinating multi-faceted cases, managing resources effectively, and navigating the complexities of cross-border investigations.
- Topic 2: Financial Crime Typologies Intermediate: This domain is targeted at experienced financial crime analysts and encompasses a four-hour online certificate course that explores various financial crime typologies at an intermediate level. The section covers emerging trends in money laundering, terrorist financing, and other financial crimes.
- Topic 3: Reporting Suspicious Activity: This section of the exam is designed for Financial Crime and compliance reporting officers and includes a four-hour online certificate course focusing on the intricacies of reporting suspicious activity.
- Topic 4: Governance of an AFC Investigations Unit: This domain is aimed at compliance professionals who assess candidates' understanding of the governance structures necessary for an effective Anti-Financial Crime (AFC) investigations unit.
Free Acams CAMS-FCI Exam Actual Questions
Note: Premium Questions for CAMS-FCI were last updated On Nov. 18, 2024 (see below)
Which test should be included in a bank's Office of Foreign Assets Control sanctions screening audit program?
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.
An investigator receives an alert documenting a series of transactions. A limited liability corporation (LLC) wired 59.000,000 USD to an overseas account associated with a state-run oil company. A second account associated with the state-run oil company wired 600,000,000 USD to the LLC. The LLC then wired money to other accounts, a money brokerage firm, and real estate purchases.
The investigator initiated an enhanced KYC investigation on the LLC. The financial institution opened the LLC account a couple of weeks prior to the series of transactions. The names associated with the LLC had changed multiple times since the account opened. A search of those names revealed relations with multiple LLCs. Public records about the LLCs did not show any identifiable business activities.
Open-source research identified mixed reports about the brokerage firm. The firm indicated it purchased mutual funds for its clients and dispensed returns to clients.
Media reports claimed the firm laundered money by holding for a fee before returning it to investors.
The investigator discovers that the bank has no records pertaining to ownership of the LLC. What would this mean for the bank and/or investigator?
The bank is out of compliance with CIP regulations because it did not obtain the minimum identifying information from the customer prior to opening the account, as required by 31 CFR 1020.220(a)(2)(i)(A). The bank should have obtained the name, date of birth, address, and identification number of the customer, as well as verified the identity of the customer to the extent reasonable and practicable. The lack of ownership data may also indicate a violation of beneficial ownership regulations, but that is not the primary issue in this case.
A country that does not have strong predicate offenses and is lax in prosecuting AML cases could suffer which social/economic consequence?
A country that does not have strong predicate offenses and is lax in prosecuting AML cases could suffer increased organized crime and corruption as a social/economic consequence. 'Weaknesses in the AML/CFT regime can lead to a range of economic and social consequences, including...increased crime and corruption.' (CAMS Manual, 6th Edition, page 32)
A bank's transaction surveillance system triggers an alert for a deposit of 250.000 USO into a client's account. According to the bank's KYC information, the client works for a financial advisory firm, and earns approximately 100,000 USD per year. Which actions should be taken? (Select Three.)
File the suspicious transaction immediately to the financial intelligence unit.
According to the Certified Anti-Money Laundering Specialist (CAMS) Manual , 6th edition, if a bank's transaction surveillance system triggers an alert for a deposit of 250.000 USD into a client's account, the bank should take the following actions:
Request information and documentation from the client on the background of the transaction (CAMS Manual, 6th edition, page 46).
Contact the client advisor to learn if he has any insight on the transaction background (CAMS Manual, 6th edition, page 47).
Review the transaction background in the bank's transaction platform (CAMS Manual, 6th edition, page 47).
Discarding the alert as a false positive hit and reviewing the alert if the deposit is made in cash should not be done.
The bank should request additional information and documentation from the client to better understand the nature of the transaction. Additionally, the bank should reach out to the client advisor to learn if they have any insight on the transaction background. Finally, the bank should review the transaction background in the bank's transaction platform to determine if any additional alerts or anomalies are present. (CAMS Manual, 6th Edition, Pages 117-118)
Which reputations risk consequence could a financial entity face for violating AML laws?
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