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ACAMS CAMS7 Exam Syllabus Topics:

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

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q332-Q337):

NEW QUESTION # 332
Which attributes are typically used to assess the vulnerability to money laundering risk of products offered by an insurer? (Choose three.)

A. Liquidity
B. Length of waiting period
C. Purpose and intended use
D. Customer anonymity or third-party transactions
E. Age of the beneficiary

Answer: A,C,D

Explanation:
The vulnerability of insurance products to money laundering is typically assessed based on purpose and intended use, liquidity (how easily funds can be accessed or moved), and customer anonymity or use of third- party transactions, as these factors can be exploited to disguise illicit funds.

NEW QUESTION # 333
The UN Security Council's primary role in imposing sanctions is that it has the authority to:

A. conduct research on and analyze the impacts of sanctions to improve the effectiveness of sanctions regimes.
B. impose sanctions to maintain or restore international peace and security.
C. impose sanctions on economic targets to maintain or restore financial stability within a country.
D. impose sanctions on countries that lack AML/CFT controls.

Answer: B

Explanation:
The United Nations Security Council (UNSC) is the only body with the legal authority under international law to impose binding sanctions on countries, entities, or individuals.
"The Security Council's primary function in imposing sanctions is to maintain or restore international peace and security. These sanctions are legally binding on all UN member states."

NEW QUESTION # 334
Money services businesses (MSBs), payment service providers, and e-commerce platforms usually have a high volume of daily transactions.
What are the risks associated with these types of businesses? (Choose two.)

A. KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive
B. The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume
C. Criminals can make use of identify fraud to fulfill KYC processes for layering purposes
D. These businesses are highly regulated and therefore have no reason to be non-compliant as this would put them at risk of sanctions and fines
E. These businesses are all cash intensive, increasing the risk of financial crime

Answer: A,C

Explanation:
E-commerce platforms face KYC challenges due to a global and diverse customer base, making due diligence complex, while criminals may exploit identity fraud to pass KYC checks and facilitate layering in money laundering schemes. These factors increase the financial crime risks for such businesses.

NEW QUESTION # 335
A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele's high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems. How would these controls impact the assessment of residual risk?

A. The residual risk would be significantly reduced due to the effectiveness of the controls in place
B. The residual risk would remain high due to the inherent nature of the private banking business
C. The residual risk would be eliminated entirely because the controls are sufficient to mitigate all potential risks
D. The residual risk would be moderately reduced, but further controls may be necessary to achieve an acceptable level

Answer: A

Explanation:
Strong CDD, EDD, and advanced transaction monitoring can significantly reduce residual risk in high-risk areas like private banking. While no control fully eliminates risk, effective implementation and ongoing oversight can bring the residual risk down to an acceptable level from its initially high inherent risk.

NEW QUESTION # 336
An agent of a wealthy individual residing in Country A, which is on the EU list of high-risk third jurisdictions, approaches a notary in Country B, which is in the EU. The agent wants to complete a disposal of assets recently acquired at auction by the wealthy individual through an offshore company. The agent also has a power of attorney to act on behalf of the offshore company issued by a respectable law firm from Country C, which is also in the EU. The agent asks the notary to proceed with the disposal as quickly as possible without paying any specific attention to related costs or taxes to be paid as a result of this transaction. The notary notices the intended transfer price is significantly lower than the one recorded at auction, but the agent does not want to discuss this matter and claims that it is not covered by the power of attorney.
Which red flags should the notary consider? (Select Two)

A. The power of attorney was issued by a law firm in a different EU country from where the transaction took place.
B. The agent requested a disposal of assets at a lower price than recently acquired.
C. The agent acted on behalf of an individual residing in a country which is on the EU's list of high-risk jurisdictions
D. The assets acquired through an auction were put in the name of an offshore company

Answer: B,C

Explanation:
A: Selling assets at a significant loss, especially shortly after purchase, is a classic red flag for asset laundering and value manipulation, which can be used to disguise the true nature of proceeds.
C: Transactions involving individuals from high-risk jurisdictions, as identified by the EU and FATF, warrant heightened scrutiny due to increased ML/TF risk.(CAMS 6th Edition, Red Flags for Complex Asset Transactions; EU List of High-Risk Third Countries) B and D may contribute to complexity but are not the primary red flags in this scenario.
References:
CAMS 6th Edition, Red Flags in Notarial and Legal Transactions
EU AML Directives and High-Risk Country Lists

NEW QUESTION # 337
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