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CAMS With Complete Solutions Latest Update
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CAMS With Complete SolutionsLatest Update
Affidavit Answer: A written statement given under oath before an officer
of the court, notary public, or other
authorized person. It is commonly used as the factual basis for an application
for a search,
arrest or seizure warrant.
Alternative Remittance System (ARS) Answer: Underground banking or
Informal Value Transfer Systems (IVTS). Often associated with ethnic
groups from the Middle East, Africa or Asia, and commonly involves the
transfer of values
among countries outside of the formal banking system. The remittance entity
can be an ordinary
shop selling goods that has an arrangement with a correspondent business in
another country.
There is usually no physical movement of currency and a lack of formality with
regard to
verification and record- keeping. The money transfer takes place by coded
information that is
passed through chits, couriers, letters, faxes, emails, text messages, or online
chat systems,
followed by some form of telecommunications confirmations.
,Anti-Money Laundering International Database (AMLID) Answer: A
compendium of analyses of anti-money laundering laws and regulations,
including two
general classes of money laundering control measures—domestic laws and
international
cooperation—as well as information on national contacts and authorities. A
secure, multilingual
database, AMLID is an important reference tool for law enforcement officers
involved in
cross-jurisdictional work.
Anti-Money Laundering Program Answer: The system designed to assist
institutions in their fight against money laundering and terrorist
financing. In many jurisdictions, government regulations require financial
institutions, including
banks, securities dealers and money services businesses, to establish such
programs. At a
minimum, the anti-money laundering program should include:
1. Written internal policies, procedures and controls;
2. A designated AML compliance officer;
3. On-going employee training; and
4. Independent review to test the program
Arrest Warrant Answer: A court order directing a law enforcement officer
to seize and detain a particular person and
require them to provide an answer to a complaint or otherwise appear in court.
,Asia/Pacific Group on Money Laundering (APG) Answer: A Financial
Action Task Force (FATF)-style regional body consisting of jurisdictions in the
Asia/Pacific Region.
Asset Protection Answer: A process that includes reorganizing how assets
are held so as to make them less vulnerable
should a claim be made against a person. Asset protection is also a term used
by tax planners
for measures taken to protect assets from taxation in other jurisdictions.
Asset Protection Trusts (APTs) Answer: A special form of irrevocable trust
usually created (i.e., settled) offshore for the principal
purposes of preserving and protecting part of one's wealth from creditors. Title
to the asset is
transferred to a person named the trustee. APTs are generally used for asset
protection and are
usually tax neutral. Their ultimate function is to provide for the beneficiaries.
Some proponents
advertise APTs as allowing foreign trustees to ignore U.S. court orders and to
simply transfer
the trust to another jurisdiction in response to legal action threatening the
trust's assets.
Automated Clearing House (ACH) Answer: An electronic banking
network that processes large volumes of both credit and debit transactions
that originate in batches. ACH credit transfers include direct deposit payroll
payments
, and payments to contractors and vendors. ACH debit transfers include
consumer payments
on insurance premiums, mortgage loans and other kinds of expenses.
Automated Teller Machine (ATM) Answer: An electronic banking outlet
that allows customers to complete basic transactions without the
assistance of a bank employee. ATMs generally dispense cash, allow check and
cash deposits
and transfers to be made, as well as balance inquiries.
Bank Draft Answer: Vulnerable to money laundering because it represents
a reputable international monetary
instrument drawn on a reputable institution, and is often made payable—in
cash— upon presentation
and at the issuing institution's account in another country.
Bank Secrecy Answer: Refers to laws and regulations in countries that
prohibit banks from disclosing information
about an account—or even revealing its existence—without the consent of the
account holder.
Impedes the flow of information across national borders among financial
institutions and their
supervisors. One of FATF's 40 Recommendations states that countries should
ensure that
secrecy laws do not inhibit the implementation of the FATF
Recommendations.
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