ACAMS Updated CAMS Exam Questions and Answers by dion

FIUsexchange information through secure platformsto investigate financial crime cases.

Option B (Correct):TheEgmont Secure Webis theprimary communication platformforFIUs globally.

Option A (Incorrect):MLATsallow forformal legal cooperationbut arenot an FIU-to-FIU communication tool.

Option C (Incorrect):INTERPOL databasestrackcriminal records, not financial intelligence data.

Option D (Incorrect):TheUN Sanctions Listprovidesentity restrictions, not an FIU data-sharing mechanism.

The first step in a financial investigation is to review and analyze allinternalsources of information related to the suspicious transaction.

Option C (Correct):Gathering and assessing internal data helps investigators establish a baseline for normal vs. suspicious customer behavior. This includes reviewing KYC (Know Your Customer) documentation, transaction history, and any previous alerts on the customer.

Option B (Incorrect):This is part of the investigation, but an investigator first needs togatherdata before determining consistency with expected behavior.

Option A (Incorrect):An FIU is typically contactedafterinternal analysis has been completed and a Suspicious Activity Report (SAR) is warranted.

Option D (Incorrect):External information is useful, but internal data should be reviewed first to confirm whether a case needs escalation.

A robust AML training program should incorporate the followingbest practicesto ensure awareness and ongoing engagement:

Option A – Tailored and regular training:

Training should berisk-based and role-specific, ensuring employees understand how AML applies to their function.

Option D – Variety and resources:

Use ofinteractive, digital, live, and scenario-based methodskeeps training effective and adaptable. Providing materials and resources supports continued learning.

Option E – Communication and measurement:

Ongoing AML awareness campaigns andfeedback mechanismshelp assess theeffectivenessof training and reinforce its importance.

Option Bis too vague and not recognized as a best practice.

Option C, while helpful, isnot sufficient alone—annual frequency without contextual or tailored content is inadequate.

 The Head of Compliance is responsible for overseeing and managing the AML compliance program of the organization. When an external auditor identifies a finding that indicates a failure to comply with a regulatory requirement, the Head of Compliance should take prompt and appropriate action to address the issue and prevent recurrence. The best course of action is to submit a corrective action plan with a target timeline to the auditor and the relevant regulator, demonstrating the organization’s commitment to remediate the finding and improve its AML complianceprogram. The corrective action plan should include the root cause analysis of the finding, the specific actions to be taken, the responsible parties, the expected outcomes, and the deadlines for completion. The Head of Compliance should also monitor the progress of the corrective action plan and report any updates or challenges to the auditor and the regulator.