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Updated ACAMS CAMS-FCI exam practice material in 3 different formats
If you're looking to advance your career, passing the ACAMS CAMS-FCI Certification Exam is crucial. As with any certification exam, success requires time and effort. While there are many online study materials available, not all of them are accurate or reliable. Many professionals struggle with managing their time and studying effectively, making it difficult to pass the Advanced CAMS-Financial Crimes Investigations (CAMS-FCI) Exam.
ACAMS Advanced CAMS-Financial Crimes Investigations Sample Questions (Q59-Q64):
NEW QUESTION # 59
An investigator at a corporate bank is conducting transaction monitoring alerts clearance.
KYC profile background: An entity customer, doing business offshore in Hong Kong, established a banking business relationship with the bank in 2017 for deposit and loan purposes. It acts as an offshore investment holding company. The customer declared that the ongoing source of funds to this account comes from group-related companies.
* X is the UBO. and owns 97% shares of this entity customer;
* Y is the authorized signatory of this entity customer. This entity customer was previously the subject of a SAR/STR.
KYC PROFILE
Customer Name: AAA International Company. Ltd
Customer ID: 123456
Account Opened: June 2017
Last KYC review date: 15 Nov 2020
Country and Year of Incorporation: The British Virgin Islands, May 2017 AML risk level: High Account opening and purpose: Deposits, Loans and Trade Finance Anticipated account activities: 1 to 5 transactions per year and around 1 million per transaction amount During the investigation, the investigator reviewed remittance transactions activities for the period from Jul
2019 to Sep 2021 and noted the following transactions pattern:
TRANSACTION JOURNAL
Review dates: from July 2019 to Sept 2021
For Hong Kong Dollars (HKD) currency:
Incoming transactions: 2 inward remittances of around 1.88 million HKD in total from different third parties Outgoing transactions: 24 outward remittances of around 9 4 million HKD in total to different third parties For United States Dollars (USD) currency:
Incoming transactions: 13 inward remittances of around 3.3 million USD in total from different third parties Outgoing transactions: 10 outward remittances of around 9.4 million USD in total to different third parties.
RFI Information and Supporting documents:
According to the RFI reply received on 26 May 2021, the customer provided the bank with the information below:
1) All incoming funds received in HKD & USD currencies were monies lent from non-customers of the bank.
Copies of loan agreements had been provided as supporting documents. All of the loan agreements were in the same format and all the lenders are engaged in trading business.
2) Some loan agreements were signed among four parties, including among lenders. borrower (the bank's customer), guarantor, and guardian with supplemental agreements, which stated that the customer, as a borrower, who failed to repay the loan Based on the KYC profile and the transaction journal, the pattern of activity shows a deviation in:
- A. customer risk rating
- B. U.S. currency incoming vs. outgoing transaction rales.
- C. product risk rating.
- D. expected vs. actual activity.
Answer: D
Explanation:
Explanation
The correct answer is A because the expected account activities were 1 to 5 transactions per year and around 1 million per transaction amount, but the actual activity showed much more frequent and varied transactions in different currencies and amounts. This indicates a deviation from the customer's profile and risk level.
References: Advanced CAMS-FCI Study Guide, page 16
NEW QUESTION # 60
A U.S. financial institution (Fl) receives a grand jury subpoena for a corporate client's account. The Fl should:
- A. file a SAR/STR.
- B. review the corporate account's activity and transactions.
- C. request the client's consent for the disclosure of account information.
- D. provide the client with a copy of the subpoena.
Answer: B
Explanation:
Explanation
The Fl should review the corporate account's activity and transactions. This is because a grand jury subpoena is a legal request for information or testimony that may be used in a criminal investigation or prosecution. The Fl should review the account for any suspicious or unusual activity that may be related to the subpoena or indicate money laundering, terrorist financing, or other financial crimes. The Fl should also document its review and retain any relevant records.
References: Leading Complex Investigations Certificate, Module 3, page 14.
NEW QUESTION # 61
While each is potentially important, which allows an investigations analyst to better write a SAR/STR narrative that is useful to law enforcement? (Select Two.)
- A. Ensuring all information in the SAR/STR is complete and accurate based on what the institution knows
- B. Including a detailed description of the known or suspected criminal violation or suspicious activity
- C. Including an explanation of the internal process that brought the transaction to the attention of the analyst
- D. Including contact information for individuals at other institutions with whom correspondence has occurred
- E. Including information about the general activity trends in the area where the suspicious transactions were conducted
Answer: A,B
Explanation:
Explanation
A SAR/STR narrative that is useful to law enforcement should include a detailed description of the known or suspected criminal violation or suspicious activity, as well as ensure that all information in the SAR/STR is complete and accurate based on what the institution knows. These elements help law enforcement to understand the nature and scope of the suspicious activity, and to follow up with further investigation if needed. The other options are not essential for a useful SAR/STR narrative, as they either provide irrelevant or redundant information, or could compromise the confidentiality of the report.
NEW QUESTION # 62
A government entity established a trust to provide social welfare programs. The entity wants cash payments made to persons without supporting documentation. These persons would oversee the allocation of funds to beneficiaries without complying with internal disbursement of government funds controls. Which is the main premise for filing a SAR/STR?
- A. Trust service providers are not obliged by law to follow government internal controls.
- B. The entity is not implementing adequate internal controls according to what is expected, and mishandling of funds could be occurring.
- C. Cash disbursements are not allowed for social welfare programs.
- D. Social welfare programs are difficult to document because the beneficiaries are from the informal sector.
Answer: B
Explanation:
Explanation
The main premise for filing a SAR/STR is that the entity is not implementing adequate internal controls according to what is expected, and mishandling of funds could be occurring. This raises suspicion that the entity may be involved in corruption, fraud, or diversion of funds for illicit purposes. Trust service providers are obliged by law to follow government internal controls, as they are subject to AML/CFT regulations and supervision. Cash disbursements are allowed for social welfare programs, but they should be properly documented and verified. Social welfare programs are not necessarily difficult to document, as there are ways to identify and monitor the beneficiaries, such as biometric data or unique identifiers.
NEW QUESTION # 63
A financial institution (Fl) has considered the available relevant factors in a transaction and has determined it will file a SAR
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