CHAPTER 4:Conducting and Responding to Investigations

Welcome to the overview of the fourth and final chapter of the CAMS Study Guide. This chapter is the shortest of all chapter but a very important one. This chapter is not that difficult to follow, although they are some technical concepts but it understands to follow. The main thing is to remember that this chapter follows in order or steps and our article will help you to comprehend these stages.

 

If you have directly landed to this chapter you may want to go out previous articles before starting this on:

Preparing for CAMS Exam

CAMS Study Guide Chapter 1 Review

CAMS Study Guide Chapter 2 Review

CAMS Study Guide Chapter 3 Review

Let’s Us Dive In:

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  1. Sources of Investigations:

This section talks about how the internal investigation for suspicious transaction starts in financial institutions. It explains that sources of information that trigger investigations like Transaction Monitoring, Front Staff, Internal Hotlines, adverse media. Further, it explains how the investigation process should be carried in the organization by collecting all necessary documents, contacting concerned employees and so on.

Point To Remember:

This section is quite straight forward, you will not face any difficulty in understanding it.

 

  1. Response to Government Investigations:

This section talks about how the organization should act when received with a warrant or subpoena received from regulatory bodies for investigation. How should the organization internally prepare to face these kinds of investigations?

Point To Remember:

You need to understands the steps that should be usually followed by the organization after receiving a government search warrant or subpoena. For e.g. first, they should collect all the necessary information, documents, files, then after, they should interview the relevant employees. The main important thing, legal counsel is necessary before you pass any information to legal authorities.

 

  1. Tools for Investigations:

This part explains how a financial institution should use the internet to carry out an investigation.

Point To Remember:

Although, bit technical at sometimes, this section is quite easy to follow. They are certain case studies regarding searching for information on the internet that you may find interesting but mind you they can be asked as a scenario-based question in the exam.

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  1. STR Filing:

This component talks about how the STR decision mechanism should be established in the organization, how it should be reported of FIU and subsequently to management. Finally, one should ensure only quality STR should be reported to FIU so that FIU can understand STR and act on it.

Point To Remember:

This section is not confusing, could be easily understood.

 

  1. Closing Account:

It specifies different factors that need to be considered before closing the account which you need to remember. For e.g. after filing STR, if you think that if you let the account to operate, it will pose a huge reputation or regulatory risk to the organization, then you might want to close that account.

 

  1. Law Enforcement Investigations and Organization Response

This section talks about how the investigations are carried by law enforcement, what are steps they perform while carrying investigation. Further, factors they consider while deciding prosecuted the organization. On the other side of the coin, it goes on explaining how the organization should deal with these inquiries from law enforcement when they should take ask for the legal counselor. How to prepare the documents to be present to law enforcers. If law enforcers want to interview the employees, how should an organization should prepare its employees? Finally,  how the organization decides whether they should carry their own internal investigation before dealing with law enforcement.

Point To Remember:

Although content looks substantial, it is not that difficult to follow. The main components in this section are written in certain order so you need to focus on the major content only.

 

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  1. AML/CFT Corporation:

This part states how the money laundering and terrorist financing information is shared among different countries to catch culprits through the use of mutual treaties, extradition process.

Point To Remember:

You need to remember the general procedure that is laid out by these treaties for sharing information.

 

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  1. Financial Intelligence Unit:

This final section talks about the 3 main function that is carried out by FIU: Collect, Analysis and dissemination. Further, it introduces some FIU in different countries. FATF recommendations regarding what should be the activities of the FIU should incorporate.

Point To Remember:

You need to understand different underlying concepts of what are FAFT recommendation, what are steps followed at the time of sharing information between FIUs.

 

With this article, we have come to end of 4 part series of CAMS Study Guide Chapter Review.

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WE ARE PLEASE TO INFORM YOU THAT, WE HAVE COMPLETED ARTICLE SERIES AND YOUTUBE SERIES OF OVERVIEW OF ALL CHAPTERS OF CAMS STUDY GUIDE. THEY CAN BE ACCESSED BY CLICKING FOLLOWING LINKS.

Chapter 1: Risks and Methods of Money Laundering and Terrorist Financing

Chapter 2 : International AML/CFT Standards

Chapter 3: Anti-Money Laundering/Counter-Terrorist Financing Compliance Programs

Chapter 4: Conducting and Responding to Investigations

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