CAMS EXAM WITH ALL CORRECT & 100% VERIFIED
ANSWERS|LATEST UPDATE|ALREADY GRADED A+
Moneyval ✔Correct Answer-Council of European committee of Experts on the Evaluation of AML
measures and the Financing of Terrorism
GAFISUD ✔Correct Answer-Financial Action Task Force on Money Laundering in South America
MENAFATF ✔Correct Answer-Middle East and North Africa Financial Action Task Force
EAG ✔Correct Answer-EurAsian Group
GIABA ✔Correct Answer-Intergovernmental Action Group against Money Laundering in Africa
Why is 'refining' critical to a money launderer's efforts? ✔Correct Answer-If one needs to transport
currency across borders, one needs to have the smallest package possible to avoid detection.
What does the 'SEC' (US Securities and Exchange Commission) do? Under what authority?
✔Correct Answer-Among other things, it regulates brokers and dealers, under authority of the
Securities Exchange Act of 1934.
Respondent Bank ✔Correct Answer-A bank which uses the services of another bank, such as check
clearing, wire transfers, etc. The bank providing the service is the 'Correspondent Bank'
What must a financial institution do if they have 'Exempt Accounts'? ✔Correct Answer-The exempt
accounts must be documented and the financial institution that secures the exemptions must still
monitor their financial transactions.
Who appoints a 'Federal Receiver' (US)? ✔Correct Answer-A US Federal Court
What was the effect of the 1988 Vienna Convention as it relates to extradtition? ✔Correct Answer-
If provided for money laundering to be an internationally extraditable offense.
In general terms, EDD requires what of a financial institution? ✔Correct Answer-To take additional
steps of examination and caution in identifying their customers and confirming that the customers'
activities and funds are legitimate.
What is the goal of the Egmont group? ✔Correct Answer-To provide a forum for FIU's (Financial
Intelligence Unit) to improve support to their respective national AML progrmans and development
protocols for the sharing of information.
What does an Extradition Treaty specify? ✔Correct Answer-The terms of such exchanges, the
persons subject to being exchanged, and the crimes for which exchanges will be permitted.
How does the Egmont group help its members? ✔Correct Answer-Expanding/Systemising the
exchange of financial intelligence, improving expertise/capabilities of their personnel, fostering
better communication by applying new technologies and sharing financial crimes investigations
information.
,What is the Federal Service for Financial Monitoring? ✔Correct Answer-The FIU of Russia
What is the Serious Organised Crime Agency (SOCA)? ✔Correct Answer-The FIU of the UK
In what country is the Egmont Group Secretariat now located? ✔Correct Answer-Canada
What is important about the US Money Laundering Control Act (MCLA)? ✔Correct Answer-It was
the first law in any country to make money laundering a crime.
What does the principal US money laundering law look for before implementing its 'Extraterritorial
Reach'? ✔Correct Answer-Transportation/transfer of funds (even clean) to/from the US, if done to
promote unlawful activity, or with knowledge that the funds are illicit, or to conceal/disguise the
nature, location, source, ownership, etc. of funds, or to avoid federal/state transaction reporting
requirements.
What criterion does the US need to enforce its 'Extraterritorial Reach'? ✔Correct Answer-The
principal US money laundering law can apply to a non-US citizen if the 'conduct' occurs 'in part' of
the US.
What does a 'Commission Rogatoire' normally specify? ✔Correct Answer-The nature of the
request, the relevant criminal charges in the requesting country, the legal provision under which the
request is made, and the information that is sought.
'Commission Rogatoire' known in English as? ✔Correct Answer-Letters Rogatory
Foriegn Shell Banks are vehicles for ______ & ______? ✔Correct Answer-Money Laundering and
Tax Evasion
US law prohibhits Foriegn Shell Banks from ____? ✔Correct Answer-Maintaining correspondent
accoutnts at US Financial Institutions (USA Patriot Act)
What is a Financial Intelligence Unit? ✔Correct Answer-An intelligence gathering law enforcement
or regulatory body that receives financial information form covered financial institutions, businesses
and persons in tis respective country.
What does FIU do? ✔Correct Answer-It analyzes and processes information and disseminates it to
appropriate government authorities in support of AML efforts and financial crime investigations.
What does FIU do beyond what FIU does? ✔Correct Answer-It conducts investigations in support
of a government's confiscation or seizure efforts.
Who conducts the Financial Sector Assessment Program (FSAP)? ✔Correct Answer-The
International Monetary Fund (IMF) and the world bank conduct the joint program.
What does Financial Sector AssessmentProgram (FSAP) do? ✔Correct Answer-Through the use of
experts, the program optimizes expert resources, reduces duplication of efforts and provides uniform
advice in financial sector work.
What is the goal of FSAP? ✔Correct Answer-Helps to identify financial system strengths and
vulnerabilities and to reduce the potential for crisis.
, What is a 'NCCT'? ✔Correct Answer-Non-Coperative countries and Territories. Country or territory
that has been designated by the FATF as non-cooperative with international AML principles and
procedures.
FATF Sepcial Recommendation on Terrorist Financing -- SR One -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Take immediate steps to ratify and implement the UN
instruments.
FATF Sepcial Recommendation on Terrorist Financing -- SR Two -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Criminalize the financing of terrorism, terrorist acts and
terrorist organisations.
FATF Sepcial Recommendation on Terrorist Financing -- SR Three -- (you should NOT need to know
this by # for the exam) ✔Correct Answer-Freeze and confiscate terrorist assets.
FATF Sepcial Recommendation on Terrorist Financing -- SR Four -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Report suspicious transactions linked to terrorism.
FATF Sepcial Recommendation on Terrorist Financing -- SR Five -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Provide the widest possible range of assistance to other
countries' law enforcement and regulatory authorities for terrorist financing investigations.
FATF Sepcial Recommendation on Terrorist Financing -- SR Six -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Impose AML requirements on alternative remittance systems.
FATF Sepcial Recommendation on Terrorist Financing -- SR Seven -- (you should NOT need to know
this by # for the exam) ✔Correct Answer-Strengthen customer identification measures in
iternational and domestic wire transfers.
FATF Sepcial Recommendation on Terrorist Financing -- SR Eight -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Ensure that entities, in particular non-profit organizations,
cannot be misused to finance terrorism.
FATF Sepcial Recommendation on Terrorist Financing -- SR Nine -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Have measures in place to detect the physical corss-border
transportation of currency and bearer negotiable instruments, including a declaration system.
Who issues the Internationa Narcotics Control Strategy Report (INCSR) and how often? ✔Correct
Answer-The US State Dept issues the report annually.
What does theInternationa Narcotics Control Strategy Report (INCSR) entail? ✔Correct Answer-A
detailed report on the narcotics trade and a lengthy narrative on the status of the related money
laundering issues in most nations.
What is one of the cental stragetic tools required for effective action against money laundering?
✔Correct Answer-Confiscation
Under the US Bank Secrecy Act, SAR filings are confidential and the institutions employees cannot
____? ✔Correct Answer-'Tip Off' a customer that a report has been filed. Failure to maintain
confidentiality is a violation of law.
ANSWERS|LATEST UPDATE|ALREADY GRADED A+
Moneyval ✔Correct Answer-Council of European committee of Experts on the Evaluation of AML
measures and the Financing of Terrorism
GAFISUD ✔Correct Answer-Financial Action Task Force on Money Laundering in South America
MENAFATF ✔Correct Answer-Middle East and North Africa Financial Action Task Force
EAG ✔Correct Answer-EurAsian Group
GIABA ✔Correct Answer-Intergovernmental Action Group against Money Laundering in Africa
Why is 'refining' critical to a money launderer's efforts? ✔Correct Answer-If one needs to transport
currency across borders, one needs to have the smallest package possible to avoid detection.
What does the 'SEC' (US Securities and Exchange Commission) do? Under what authority?
✔Correct Answer-Among other things, it regulates brokers and dealers, under authority of the
Securities Exchange Act of 1934.
Respondent Bank ✔Correct Answer-A bank which uses the services of another bank, such as check
clearing, wire transfers, etc. The bank providing the service is the 'Correspondent Bank'
What must a financial institution do if they have 'Exempt Accounts'? ✔Correct Answer-The exempt
accounts must be documented and the financial institution that secures the exemptions must still
monitor their financial transactions.
Who appoints a 'Federal Receiver' (US)? ✔Correct Answer-A US Federal Court
What was the effect of the 1988 Vienna Convention as it relates to extradtition? ✔Correct Answer-
If provided for money laundering to be an internationally extraditable offense.
In general terms, EDD requires what of a financial institution? ✔Correct Answer-To take additional
steps of examination and caution in identifying their customers and confirming that the customers'
activities and funds are legitimate.
What is the goal of the Egmont group? ✔Correct Answer-To provide a forum for FIU's (Financial
Intelligence Unit) to improve support to their respective national AML progrmans and development
protocols for the sharing of information.
What does an Extradition Treaty specify? ✔Correct Answer-The terms of such exchanges, the
persons subject to being exchanged, and the crimes for which exchanges will be permitted.
How does the Egmont group help its members? ✔Correct Answer-Expanding/Systemising the
exchange of financial intelligence, improving expertise/capabilities of their personnel, fostering
better communication by applying new technologies and sharing financial crimes investigations
information.
,What is the Federal Service for Financial Monitoring? ✔Correct Answer-The FIU of Russia
What is the Serious Organised Crime Agency (SOCA)? ✔Correct Answer-The FIU of the UK
In what country is the Egmont Group Secretariat now located? ✔Correct Answer-Canada
What is important about the US Money Laundering Control Act (MCLA)? ✔Correct Answer-It was
the first law in any country to make money laundering a crime.
What does the principal US money laundering law look for before implementing its 'Extraterritorial
Reach'? ✔Correct Answer-Transportation/transfer of funds (even clean) to/from the US, if done to
promote unlawful activity, or with knowledge that the funds are illicit, or to conceal/disguise the
nature, location, source, ownership, etc. of funds, or to avoid federal/state transaction reporting
requirements.
What criterion does the US need to enforce its 'Extraterritorial Reach'? ✔Correct Answer-The
principal US money laundering law can apply to a non-US citizen if the 'conduct' occurs 'in part' of
the US.
What does a 'Commission Rogatoire' normally specify? ✔Correct Answer-The nature of the
request, the relevant criminal charges in the requesting country, the legal provision under which the
request is made, and the information that is sought.
'Commission Rogatoire' known in English as? ✔Correct Answer-Letters Rogatory
Foriegn Shell Banks are vehicles for ______ & ______? ✔Correct Answer-Money Laundering and
Tax Evasion
US law prohibhits Foriegn Shell Banks from ____? ✔Correct Answer-Maintaining correspondent
accoutnts at US Financial Institutions (USA Patriot Act)
What is a Financial Intelligence Unit? ✔Correct Answer-An intelligence gathering law enforcement
or regulatory body that receives financial information form covered financial institutions, businesses
and persons in tis respective country.
What does FIU do? ✔Correct Answer-It analyzes and processes information and disseminates it to
appropriate government authorities in support of AML efforts and financial crime investigations.
What does FIU do beyond what FIU does? ✔Correct Answer-It conducts investigations in support
of a government's confiscation or seizure efforts.
Who conducts the Financial Sector Assessment Program (FSAP)? ✔Correct Answer-The
International Monetary Fund (IMF) and the world bank conduct the joint program.
What does Financial Sector AssessmentProgram (FSAP) do? ✔Correct Answer-Through the use of
experts, the program optimizes expert resources, reduces duplication of efforts and provides uniform
advice in financial sector work.
What is the goal of FSAP? ✔Correct Answer-Helps to identify financial system strengths and
vulnerabilities and to reduce the potential for crisis.
, What is a 'NCCT'? ✔Correct Answer-Non-Coperative countries and Territories. Country or territory
that has been designated by the FATF as non-cooperative with international AML principles and
procedures.
FATF Sepcial Recommendation on Terrorist Financing -- SR One -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Take immediate steps to ratify and implement the UN
instruments.
FATF Sepcial Recommendation on Terrorist Financing -- SR Two -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Criminalize the financing of terrorism, terrorist acts and
terrorist organisations.
FATF Sepcial Recommendation on Terrorist Financing -- SR Three -- (you should NOT need to know
this by # for the exam) ✔Correct Answer-Freeze and confiscate terrorist assets.
FATF Sepcial Recommendation on Terrorist Financing -- SR Four -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Report suspicious transactions linked to terrorism.
FATF Sepcial Recommendation on Terrorist Financing -- SR Five -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Provide the widest possible range of assistance to other
countries' law enforcement and regulatory authorities for terrorist financing investigations.
FATF Sepcial Recommendation on Terrorist Financing -- SR Six -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Impose AML requirements on alternative remittance systems.
FATF Sepcial Recommendation on Terrorist Financing -- SR Seven -- (you should NOT need to know
this by # for the exam) ✔Correct Answer-Strengthen customer identification measures in
iternational and domestic wire transfers.
FATF Sepcial Recommendation on Terrorist Financing -- SR Eight -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Ensure that entities, in particular non-profit organizations,
cannot be misused to finance terrorism.
FATF Sepcial Recommendation on Terrorist Financing -- SR Nine -- (you should NOT need to know this
by # for the exam) ✔Correct Answer-Have measures in place to detect the physical corss-border
transportation of currency and bearer negotiable instruments, including a declaration system.
Who issues the Internationa Narcotics Control Strategy Report (INCSR) and how often? ✔Correct
Answer-The US State Dept issues the report annually.
What does theInternationa Narcotics Control Strategy Report (INCSR) entail? ✔Correct Answer-A
detailed report on the narcotics trade and a lengthy narrative on the status of the related money
laundering issues in most nations.
What is one of the cental stragetic tools required for effective action against money laundering?
✔Correct Answer-Confiscation
Under the US Bank Secrecy Act, SAR filings are confidential and the institutions employees cannot
____? ✔Correct Answer-'Tip Off' a customer that a report has been filed. Failure to maintain
confidentiality is a violation of law.
