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CAMS-FCI Exam Dumps : Advanced CAMS-Financial Crimes Investigations

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Advanced CAMS-Financial Crimes Investigations Questions and Answers

Question 1

An analyst reviews an alert for high volume Automated Clearing House (ACH) activity in an account. The analyst's initial research finds the account is for a commercial daycare account that receives high volumes of large government-funded ACH transactions to support the programs. The account activity consists of checks (cheques) made payable to individual names in varying dollar amounts. One check indicates rent to another business.

An Internet search finds that the daycare company owner has previous government-issued violations for safety and classroom size needs, such as not having enough chairs and tables per enrollee. These violations were issued to a different daycare name.

Simultaneous to this investigation, another analyst sends an email about negative news articles referencing local child/adult daycare companies misusing governmental grants. This prompts the financial institution (Fl) to search all businesses for names containing daycare' or 'care1. Text searches return a number of facilities as customers at the Fl and detects that three of these businesses have a similar transaction flow of high volume government ACH funding with little to no daycare expenses.

During the investigation, it was determined that some of the checks were issued to a mother-in-law of a PEP and deposited into her account with the Fl. This customer was not found on the Fl's PEP list How should the investigator proceed in this situation"? (Select Two.)

Options:

A.

Conduct the investigation as usual, since the activity in question is not directly connected to the PEP.

B.

Reter the newly identified customers account for closure due to the high risk associated with the potential PEP.

C.

Use this case as an example to train employees to recognize potential PEPs during their investigation process.

D.

Send a referral to Sanctions/List Screening, or similar department/responsible individual, to ensure that the customer due diligence information is up to date.

E.

File a SAR/STR due to the potential involvement of a PEP.

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Question 2

A retail bank prepares a yearly AML risk assessment. Which inherent risk factor is likely the most relevant?

Options:

A.

The provision of remote check deposit services

B.

The provision of cash services

C.

The provision of payable through accounts

D.

The provision of brokerage services

Question 3

A client with many personal and business deposits with the financial institution (Fl) seeks a business loan. The client wants to guarantee the loan with a trust for which they are the beneficiary.

An investigator examines the trust. The trust has many layers, including shell companies in known tax havens. The client's ultimate beneficial ownership claim cannot be validated, and the loan is denied.

Two months later, the Fl receives a law enforcement (LE) request on one of the client's business accounts. While reviewing the business account, the Fl receives another LE request on the same account from another agency. The requested information is shared.

Three months later, a branch manager receives a request to open a business deposit account related to a complex trust. The manager forwarded the request because of the complexity. The trust was the same as the previously examined trust, but the request came from a different client. The second client also has many accounts with the Fl. Further inspection finds links between the second client and the Paradise Papers. The Papers state the client led illegal activities and committed tax evasion.

What steps should the investigator take to review the accounts held by the second client who is listed in the Paradise Papers? (Select Two.)

Options:

A.

Recommend a SAR/STR be filed regarding the second client's use of a questionable trust to open an account.

B.

Review all accounts being reviewed by AML investigators over the past year that have opened trust accounts.

C.

Inform Fl management of deficiencies in their AML program because the second client's activities were not detected.

D.

Monitor all accounts and entities related to the second client

E.

Inform Fl management of the start of a serious risk-based investigation that could result in losses and reputation risk.