The Best New CAMS7 Study Notes | Professional CAMS7 Exam Simulator Free: Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition)

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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Global Anti-Financial Crime Frameworks, Governance and Regulations	24%	- International standards and bodies 1. Basel Committee, Wolfsberg Group, UN conventions 2. FATF 40 Recommendations - Regional and national regulations 1. USA PATRIOT Act and extraterritorial laws 2. EU AML Directives - Governance, accountability and ethics 1. Ethical obligations and professional standards 2. Roles of board, senior management and compliance function
Topic 2: Building and Managing Anti-Financial Crime Compliance Programs	28%	- Audit, testing and continuous improvement - Monitoring, reporting and record keeping 1. Legal record retention requirements 2. Transaction monitoring and alert management 3. Suspicious activity reporting (SAR/STR) - Program framework and policies 1. Policies, procedures and controls design 2. Risk assessment and risk-based approach - Customer due diligence and know-your-customer 1. CDD, EDD, beneficial ownership identification 2. politically exposed persons and high-risk clients - Training, awareness and internal communication
Topic 3: Tools, Technologies and Investigations	22%	- Remediation and response 1. Corrective actions and regulatory engagement - Investigation processes and evidence handling 1. Cooperation with authorities and information sharing 2. Case management and escalation - Technology and systems 1. Monitoring systems, screening tools, data analytics 2. Cryptoasset and virtual asset compliance
Topic 4: Understanding Risks and Methods of Financial Crime	26%	- Money laundering stages and techniques 1. Methods across financial sectors and businesses 2. Placement, layering, integration - Sanctions regimes and compliance risks 1. Risk identification and mitigation 2. UN, EU, OFAC frameworks - Financial crime risks and consequences 1. Institutional, individual, economic and social impacts - Terrorism financing and proliferation financing 1. Sources and mechanisms 2. Distinctions from money laundering

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q257-Q262):

NEW QUESTION # 257
Under the Egmont Group Principles, information exchange among financial intelligence units (FIUs) should be conducted:

A. Without the expectation of reciprocity on how the information will be used.
B. With set limits on the amount of financial and administrative information provided.
C. Only if the status of the foreign FIU is related to law enforcement.
D. Freely, spontaneously, and upon request, on the basis of reciprocity.

Answer: D

NEW QUESTION # 258
A financial institution is designing an enterprise-wide risk assessment (EWRA). According to the guidance issued by the Wolfsberg Group regarding a risk-based approach to identifying and managing money laundering risks, an effective approach should:

A. Use a framework provided by a third-party vendor and used by other FIs in the jurisdiction.
B. Include appropriate measures and controls to mitigate money laundering risks stemming from higher-risk customers, products, and geographies.
C. Focus on understanding the risks presented by new clients within the assessment period, and the controls to mitigate associated money laundering risks.
D. Focus on the inherent risk in the FI's product and service offerings and the controls to mitigate potential money laundering risks.

Answer: B

NEW QUESTION # 259
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?

A. The compliance function must have sufficient authority, stature, independence, and resources to be effective on its own and should not have access to the board of directors.
B. The compliance function should report directly to the CEO concerning the bank's compliance with applicable laws, rules, and standards and only update the board of directors on the bank's efforts in managing compliance risk when required.
C. The board of directors should be responsible for overseeing the management of the bank's compliance risk but not involved in establishing a compliance policy that explains the processes by which compliance risks are to be identified and managed throughout the organization.
D. The board of directors should establish a compliance function and approve the bank's policies for identifying, assessing, monitoring, reporting, and advising on compliance risk.

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 # 260
What should a financial institution (FI) do in response to a formal law enforcement request to produce documents?

A. Designate a person responsible for the internal investigation in preparation of documents for the request
B. Ask for an extension to review the FI's privacy policy and confidentiality policy before providing any information under the law enforcement request
C. Verify the officer's identification and ask for the law enforcement request to be served when the Chief Executive Officer is available to sign for it
D. Keep senior management informed at all times to strategically organize a defense to terminate the law enforcement request

Answer: A

NEW QUESTION # 261
Which persons must always comply with all Office of Foreign Assets Control (OFAC) regulations? (Select Three.)

A. Permanent US resident aliens regardless of location
B. US incorporated entities and their foreign branches
C. Non-US financial institutions that offer accounts in USD regardless of location
D. US citizens regardless of location
E. Merchants that offer US-origin goods for sale regardless of location

Answer: A,B,D

NEW QUESTION # 262
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