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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: AML Compliance Framework	25%	- Roles and responsibilities 1. Governance and oversight 2. Compliance officer duties - Compliance program components 1. Internal controls 2. Policies and procedures
Topic 2: Detecting and Preventing Financial Crime	20%	- Investigations and enforcement 1. Case management and documentation 2. Regulatory investigations - Financial crime typologies 1. Trade-based money laundering 2. Fraud and corruption schemes
Topic 3: Money Laundering and Terrorist Financing Concepts	30%	- Global AML/CFT standards 1. FATF Recommendations 2. International regulatory frameworks - Definitions and stages of money laundering 1. Placement, layering, integration 2. Terrorist financing typologies
Topic 4: Risk Management and Due Diligence	25%	- Customer Due Diligence (CDD/KYC) 1. Enhanced due diligence (EDD) 2. Customer identification programs (CIP) - Transaction monitoring and reporting 1. Monitoring systems and typologies 2. Suspicious Activity Reports (SAR/STR)

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q391-Q396):

NEW QUESTION # 391
Which line of defense would be tasked with interpreting new AML regulations and revising training for client- facing relationship managers?

A. The first line
B. Senior management
C. The third line
D. The second line

Answer: D

Explanation:
The second line of defense is responsible for compliance functions, including interpreting new AML regulations and updating policies, procedures, and training programs. This ensures that client-facing staff, such as relationship managers, remain informed and aligned with regulatory expectations.

NEW QUESTION # 392
Which of the following conditions contribute to a politically exposed person (PEP) posing greater risk than a typical high-risk bank customer? (Select Two.)

A. PEPs may exploit embassy activities to conceal bribery and corruption transactions.
B. The family members and close associates of PEPs may be involved in illicit activities.
C. PEPs can have illegitimate fund sources but are legally protected from having their accounts closed for activities outside a bank's risk appetite.
D. PEPs are granted unlimited credit and financial immunity under international banking regulations.

Answer: A,B

Explanation:
PEPs are recognized by CAMS 6th Edition and FATF as posing elevated risk due to:
A). The family members and close associates of PEPs may be involved in illicit activities:"The risks extend beyond the PEP to family members and close associates, who may be used to conceal the movement of illicit funds."(CAMS 6th Edition, PEP Risk Factors; FATF Guidance) C). PEPs may exploit embassy activities to conceal bribery and corruption transactions:"PEPs may use their position or diplomatic privileges, such as embassy operations, to disguise or facilitate the movement of illicit funds."(CAMS 6th Edition, Corruption and PEP Risks) Incorrect Options:
B: There is no such legal provision granting PEPs financial immunity or unlimited credit.
D: Banks may (and often must) exit PEP relationships not in line with their risk appetite.
References:
CAMS 6th Edition, PEPs and Enhanced Due Diligence
FATF Guidance: PEPs (2013)

NEW QUESTION # 393
Which of the following risk factors are commonly associated with money laundering in insurance products? (Choose two.)

A. Using cryptocurrencies or other non-fiat currencies to fund an insurance policy
B. Surrendering a policy early to liquidate funds
C. Using a credit card to purchase an insurance policy
D. Focusing excessively on the investment performance of an insurance product

Answer: A,B

Explanation:
Early surrender of a policy can be used to quickly access and integrate illicit funds, while funding an insurance policy with cryptocurrencies or other non-fiat currencies can obscure the source of funds, both of which are recognized money laundering risk factors in insurance products.

NEW QUESTION # 394
What are the rules imposed by the Office of Foreign Assets Control (OFAC) for legal entities and persons related to the US? (Select Two.)

A. The head office of a foreign legal entity which has a branch in the US does not need to comply with OFAC rules.
B. A subsidiary of a legal entity of the US, which is formally registered in a foreign country, is exempt from OFAC rules.
C. A foreign individual visiting the US for a short vacation is obligated to follow OFAC rules.
D. Nationals of the US must comply with OFAC rules, regardless of where they are located in the world.
E. Any foreign corporation is also penalized if it conducts transactions with sanctioned countries under OFAC rules.

Answer: D,E

NEW QUESTION # 395
Which of the following is a key consideration for a global organization when managing AFC and sanctions compliance across multiple jurisdictions?

A. Ensuring group policies cater to compliance with each country's specific AML and sanctions regulations
B. Ensuring group policies and procedures prioritize adherence to US regulations because they are the most influential worldwide
C. Ensuring sanctions compliance by relying solely on international bodies like the UN because there is no requirement to adhere to local laws
D. Applying global AFC and sanctions policies to ensure consistency without the need to adapt to local regulations

Answer: A

Explanation:
Global organizations must ensure their policies and procedures comply with local laws and regulations in each country where they operate, even when maintaining group-wide consistency.
Relying solely on international or U.S. standards does not ensure compliance with all local requirements, which may be more stringent or specific.
"A global group-wide program should ensure adherence to local AML and sanctions laws and regulations in every jurisdiction in which it operates. Local adaptation of policies is essential to address jurisdiction-specific risks and legal requirements."

NEW QUESTION # 396
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