Online Access Free CAMS-FCI Exam Questions

Which main vulnerability has led to an increase in the ransomware attacks perpetuated on small businesses?

• A.Ability to pay larger ransoms
• B.Inability to recover the encrypted information
• C.Tendency not to contact law enforcement
• D.Weaker cybersecurity controls

A financial institution (Fl) has considered the available relevant factors in a transaction and has determined it will file a SAR^STR. Which is needed to support the contents of the report to the financial intelligence unit?

• A.Low evidentiary threshold about the suspicious activity
• B.Definitive proof that suspicious activity occurred
• C.No factual description of the suspicious activity
• D.Enough circumstantial evidence about the suspicious activity for a criminal proceeding

Which information is it best practice to share at the very beginning of a well-written SAR/STR narrative?

• A.A specific description of the involved accounts and transactions, including the origination and application of funds
• B.Any and all relevant facts about the parties who facilitated the suspicious activity or transactions
• C.Information about any follow-up actions conducted by the financial institution on the account
• D.The purpose of the SAR/STR narrative and a general description of the known or alleged violation

In the past 6 months, a small financial institution (Fl) has received regular remittances that are increasing in value from a country with high piracy activity. The Fl's AML officer (AMLO) has also noted that piracy in this country has increased in the same time frame. Which recommendation should the AMLO make?

• A.Upgrade the transaction monitoring system of the Fl to include more fields so that more in-depth information is collected about the inward remittances.
• B.Conduct an in-depth investigation into accumulated remittance information in the past year to find the trend of such transactions.
• C.Request the operations department to return inbound remittances when the sender of funds is from this country.
• D.File a SAR/STR to the appropriate AML authority immediately.

SAR/STR NARRATIVE
A SAR/STR has been submitted on five transactions conducted on the correspondent banking relationship with ABC Bank.
Client Information:
Remitter information: DEF Oil Resource Ltd. is the oldest member of the DEF Group. It was founded in 1977 as a general trading business with a primary focus on exports from Africa and North America. The group has business activities that span the entire energy value chain. Their core field of endeavor is centered within the oil and gas industry and its associated sub-sectors.
Beneficiary Information:
As per the response received from ABC Bank, it was determined that the beneficiaries are related to DEF Oil Resource Ltd. These were created by DEF Oil Resource Ltd. to purchase property in a foreign country on behalf of their senior management as part of a bonus scheme. The purpose behind this payment was for the purchase of property in another country.
Payment Reference:
ABCXXXXX31PZFG2H
ABCXXXXXX51PQGEH
ABCXXXXXX214QWVG
ABCXXXXXX41PSXA2
ABCXXXXXX815QWS3
Concerns:
* We are unsure about the country of incorporation of the beneficiaries.
* We are concerned about the transactional activity since the payment made towards entities (conducted on behalf of individuals) appears to be possible tax evasion.
* There appears to be an attempt to conceal the identity of individuals (senior management), which again raises concerns about the source of funds.
* Referring to the response received from ABC Bank, we are unclear about the ultimate beneficiary of funds.
* The remitter is involved in a high-risk business, (i.e., oil and crude products trading), and the beneficiary is involved in real estate business which again poses a higher risk.
When drafting the SAR/STR narrative, the investigator notes several payment references. What additional information should the investigator include in the narrative?

• A.Personal tax records pertinent to the owners to indicate tax evasion
• B.The suspicious accounts and transactions identified
• C.The investigator's concerns based on their subjective opinion
• D.All relevant tables, spreadsheets, and other supporting documentation