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ACAMS CAMS7 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Building an AFC Compliance Program
Topic 2: Understanding Risks and Methods of Financial Crime30%- Financial Crime Risks related to gatekeepers
- Financial Crime Risks related to gaming and gambling
- Financial Crime Risks related to trusts and company service providers
- Financial Crime Risks related to VASPs, cryptoassets, and related products
- Financial Crime Risks related to real estate
- Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms
- Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers
- Financial Crime Risks related to insurance products
- Financial Crime Risks related to products within other financial sectors
Topic 3: Tools and Technologies to Fight Financial Crime
Topic 4: Global AFC Frameworks, Governance and Regulations- AML Regulatory Framework (Elective options: Canada, EU, UK, USA)

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ACAMS CAMS7 Exam Flashcards - CAMS7 Online Training Materials

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q261-Q266):

NEW QUESTION # 261
A high volume of incoming wire transfers generates an alert about a client. The funds are immediately debited by cash withdrawals and outgoing wire transfers.
Which information should be reviewed first to investigate this alert/case?

Answer: B


NEW QUESTION # 262
According to guidelines issued by Basel Committee on Banking Supervision relating to corporate governance principles for banks, what is the role of the board of directors in addressing an institution's AML oversight and governance?

Answer: D

Explanation:
The Basel Committee on Banking Supervision (BCBS) requires that the board of directors establish and oversee the compliance function and approve the bank's AML/CTF compliance policies and procedures, including processes for identifying, assessing, monitoring, and reporting compliance risks.
"The board of directors should establish a compliance function and approve compliance policies and processes for identifying, assessing, monitoring, and reporting compliance risks throughout the organization."


NEW QUESTION # 263
Which of the following are important AML controls for a compliance manager of a regulated asset management company in the European Union to implement? (Select Two.)

Answer: B,E

Explanation:
Understanding the source and origin of assets (C):According to the CAMS 6th Edition (Chapter: Customer Due Diligence and Enhanced Due Diligence) and the EU 4th & 5th AML Directives, regulated entities are required to take adequate measures to understand the source of funds and the origin of assets of their customers, especially when there are higher risk factors such as large transactions or PEPs."Firms must identify the source and origin of assets to ensure they are not the proceeds of crime or corruption, particularly for higher-risk customers."(CAMS 6th Edition, CDD/EDD Requirements; EU Directive 2015/849, Article 20) Performing negative news checks of prospective customers (D):Adverse media screening is an essential part of the onboarding process for identifying potential risks related to money laundering, terrorist financing, or reputational harm."Negative news or adverse media checks form a vital component of the due diligence process, helping organizations detect links to criminal or suspicious activities."(CAMS 6th Edition, CDD
/EDD Requirements)
Incorrect Options:
A: Onboarding interviews may be part of EDD, but are not a standard or required AML control.
B: PEPs are not to be automatically rejected; instead, enhanced due diligence should be applied.
E: Producing financial stability reports is not an AML control, but may be relevant for credit or investment assessment.
References:
CAMS Study Guide 6th Edition, Customer Due Diligence
EU 4th AML Directive (Directive 2015/849/EU)
EU 5th AML Directive (Directive 2018/843/EU)


NEW QUESTION # 264
The first line of defense is responsible for:

Answer: B

Explanation:
The First Line of Defense (1LoD) consists of customer-facing business units (e.g., relationship managers, front-office staff, and operational teams). Their primary responsibility in financial crime risk management is to implement AML/CFT controls as part of daily operations. This includes Collecting complete customer information.
The First Line of Defense is responsible for conducting Know Your Customer (KYC) and Customer Due Diligence (CDD) during onboarding and throughout the customer relationship.
Ensuring that all relevant customer details (e.g., identity, business purpose, ownership structure) are accurately collected and documented is crucial for mitigating financial crime risks.


NEW QUESTION # 265
A compliance officer at a large bank has been tasked with investigating a series of unusual transactions involving a long-time customer. The customer has made several large cash deposits into multiple accounts within a short period, raising red flags. After gathering and analyzing transaction data, reviewing customer records, and cross-referencing external sources, the compliance officer determines that there is a reasonable suspicion of money laundering. As part of documenting this investigation, the compliance officer must decide how and when to escalate the matter internally and whether to file a suspicious activity report (SAR).
What is the next critical step in this process?

Answer: D

Explanation:
Once there is reasonable suspicion of money laundering, the next critical step is to draft and file a suspicious activity report (SAR) with the relevant financial intelligence unit within the required regulatory timeframe.
The SAR should contain a clear chronology of transactions, relevant customer details, and the rationale for suspicion to support potential investigation by authorities.


NEW QUESTION # 266
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