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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Global AFC Frameworks, Governance and Regulations		- AML Regulatory Framework (Elective options: Canada, EU, UK, USA)
Tools and Technologies to Fight Financial Crime
Understanding Risks and Methods of Financial Crime	30%	- Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to real estate - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to insurance products
Building an AFC Compliance Program

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q237-Q242):

NEW QUESTION # 237
Criminals may misuse financial statements prepared by accountants to hide illicit assets.
Which of the following scenarios poses the greatest risk of financial statement manipulation by criminals?

A. A lack of professional body oversight or required use of accounting and auditing standards in the country of incorporation of the entity
B. Criminals posing as individuals seeking financial advice to place assets out of reach to avoid future liabilities
C. Incomplete records being provided during bookkeeping, making them difficult to audit
D. Accountants being used as intermediaries to introduce criminals to financial institutions

Answer: A

Explanation:
* A: The absence of professional oversight or accounting/auditing standards creates a high-risk environment for financial statement manipulation. Without external checks or mandated standards, criminals can more easily falsify statements to hide illicit assets.
* "The lack of regulatory oversight and professional standards in accounting and auditing significantly increases the risk of manipulation and fraud in financial reporting."(CAMS 6th Edition, Professional Service Providers; FATF Guidance on the Risk-Based Approach for Accountants) References:
CAMS 6th Edition, Professional Service Providers
FATF, Risk-Based Approach for Accountants

NEW QUESTION # 238
Which of the following statements is true regarding Office of Foreign Assets Control (OFAC) sanctions?
(Select Two.)

A. OFAC sanctions automatically expire after five years unless renewed by Congress
B. Sanctions can only be placed on certain individuals in foreign countries as designated by OFAC
C. Sanctions can be either comprehensive or selective using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals
D. Blocked funds must be placed into an interest-bearing account on a financial institution's books

Answer: C,D

Explanation:
OFAC sanctions are a key element of the U.S. AML/CFT framework. According to the CAMS 6th Edition and OFAC regulations:
Blocked funds must be placed into an interest-bearing account on a financial institution's books (B):"Blocked property must be held in a separate interest-bearing account on the books of the U.S. financial institution." (CAMS 6th Edition, Sanctions Compliance; OFAC FAQs) Sanctions can be either comprehensive or selective using the blocking of assets and trade restrictions (C):
"OFAC administers both comprehensive and targeted (selective) sanctions programs to fulfill U.S. foreign policy and national security goals."(CAMS 6th Edition, Sanctions Compliance) Incorrect Options:
A: OFAC can sanction entities, vessels, and organizations-not just individuals or those in foreign countries.
D: There is no automatic expiration of OFAC sanctions after five years.
References:
CAMS 6th Edition, OFAC and Sanctions Programs
U).S. Treasury, OFAC FAQs

NEW QUESTION # 239
Section 319(a) of the USA PATRIOT Act:

A. Permits the U.S. Government to seize funds from a correspondent bank account in the U.S. that has been opened and maintained for a foreign bank in the same amount as has been deposited with the foreign bank.
B. Requires due diligence, and in certain situations enhanced due diligence (EDD), for foreign correspondent accounts, which includes virtually all account relationships that organizations can have with a foreign financial organization and private banking for non-citizens of the U.S.
C. Provides the U.S. Department of Treasury with the authority to apply graduated, proportionate measures against a foreign jurisdiction, foreign financial organization, type of international transaction, or type of account.
D. Allows the appropriate federal banking agency to require a financial organization to produce, within 120 hours, records or information related to the organization's AML compliance or related to a customer of the organization or any account opened, maintained, administered, or managed in the U.S. by the financial organization.

Answer: A

NEW QUESTION # 240
Which statement is the most accurate describing who must comply with Office of Foreign Assets Control (OFAC) sanctions?

A. All US citizens and permanent residents regardless of where they are located, all US incorporated entities excluding their foreign branches, and all individuals and entities within the United States
B. All US citizens except those with dual nationality, US permanent residents, all US incorporated entities, and all individuals within the United States
C. All US citizens and permanent residents regardless of where they are located, all US incorporated entities and their foreign branches, and all individuals and entities within the United States
D. All US citizens and permanent residents while located in the US, all US incorporated entities and their foreign branches, and all individuals within the United States

Answer: C

NEW QUESTION # 241
An insurance company receives an application for a high-value life insurance policy from a new non- resident client. The payout instruction is linked to an offshore trust in another jurisdiction to which the client has no obvious connection. The client insists on paying premiums via multiple transactions to
"avoid bank charges." The client is reportedly unemployed with minimal assets, which is inconsistent with the policy value.
Which financial crime risk should the insurance company be most concerned with?

A. Market abuse
B. Sanctions evasion
C. Money laundering
D. Fraud

Answer: C

Explanation:
This scenario presents multiple classic money laundering red flags, particularly within the life insurance sector, which is recognized by FATF as vulnerable to misuse due to its investment and payout features.
The use of an offshore trust in a jurisdiction with no clear link to the customer raises concerns about concealment of beneficial ownership and layering. Criminals frequently use trusts and offshore structures to obscure the origin and destination of illicit funds.
The client's request to split premium payments into multiple transactions to avoid bank charges is indicative of structuring, a known money laundering technique used to evade monitoring and reporting thresholds.
Furthermore, the lack of a legitimate source of wealth or income consistent with the high-value policy is a significant red flag. Purchasing high-value insurance products with no apparent financial means is a common placement method for laundering illicit proceeds.
While fraud or sanctions evasion could be relevant in other contexts, the combination of structuring, unexplained wealth, offshore structures, and non-residency most strongly indicates money laundering risk.

NEW QUESTION # 242
......

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