CAMS Exam Dumps - ACAMS AML Certifications Questions and Answers

Adaptable to new AFC typologies through continuous model training

Completely unbiased and without error through continuous model training

More consistent and reliable detection outcomes

Transparent and easy to explain algorithms for regulator and compliance purposes

Using predefined rules to flag specific transaction patterns

Randomly flagging transactions for further investigation

Statistical tuning of monitoring scenarios to improve accuracy

Using advanced machine learning models to detect outliers

Setting transaction thresholds for automated alerts

Periodic and ad hoc cooperation with the legal team to appropriately investigate and monitor the transactions of subjects of subpoenas or government inquiries

Periodic review of client profiles to ensure that the most up-to-date information is on file for high-risk clients in line with the bank's internal policies and procedures

Periodic review of suspicious activity reports (SARs) filed with FinCEN to determine whether any should be withdrawn

Periodic review of the transaction monitoring scenarios and their productivity to ensure that appropriate AML typologies are reflected

Regulatory authorities primarily work independently but share information when requested by international law enforcement agencies.

FIUs primarily handle reporting from financial institutions, while regulatory authorities and law enforcement agencies are limited to enforcing domestic AML laws without international cooperation.

Law enforcement agencies and FIUs only cooperate during domestic investigations, leaving cross-border investigations to international organizations like INTERPOL.

Regulatory authorities, law enforcement agencies, and FIUs share intelligence and coordinate efforts to streamline cross-border money laundering investigations, often through formal agreements.

Obtaining prior senior manager approval for all related transactions

Understanding the purpose of the business relationship

Performing adverse media searches on the customer

Identifying and verifying the customer's identity

integrates seamlessly with existing systems and processes.

meets budget and cost requirements.

automates all regulatory reporting requirements.

replaces manual compliance training for employees.

Developing a culture of compliance

Improving governance in the public sector by requesting feedback from financial institutions

Reducing transaction monitoring false positives for all financial institutions

Improving the quality and quantity of data available for analysis by sharing information

helping to identify high-risk sectors that require enhanced due diligence (EDO),

eliminating the need for sectoral risk assessments within the organization

guiding the allocation of resources for mitigating financial crime risks

requiring all organizations to apply standardized measures

automatically reducing the organization's responsibility for conducting its own risk assessment

The bank's designated AML compliance officer is likely to face criminal prosecution because the bank received a regulatory order

The bank's designated AML compliance officer and senior management can face civil prosecution but not criminal prosecution for violation of AML laws

The bank's designated AML compliance officer and senior management may face personal liability if they failed to take actions while aware of AML violations at the bank

The bank's designated AML compliance officer is the only individual in the company's senior management team that can face personal liability for violation of AML laws

Engagement of third-party art advisors as representatives at art auctions

High-quality single pieces of significant value sold on social media platforms

Use of art and antiquity experts to verify an item's authenticity

Paying fair market value or premium prices for valuable art, gems, or precious metals at auction

Use of art storage facilities located in tax-free zones