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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)
Understanding Risks and Methods of Financial Crime	30%	- Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to real estate - Financial Crime Risks related to insurance products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to VASPs, cryptoassets, and related products
Building an AFC Compliance Program
Tools and Technologies to Fight Financial Crime

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q123-Q128):

NEW QUESTION # 123
A law firm is involved in setting up complex offshore corporate structures for a client with minimal documentation of the source of funds. The firm does not question the client's transactions or report any suspicious activity.
What is the primary money laundering risk associated with this behavior by the law firm?

A. The law firm is acting as a gatekeeper, facilitating the movement and concealment of illicit funds through complex corporate structures
B. The law firm is avoiding fees by minimizing documentation for clients in high-risk jurisdictions
C. The law firm is engaging in aggressive tax planning to help the client avoid legal taxes
D. The law firm is providing routine legal services that include creating complex legal structures, and no further scrutiny is required

Answer: A

Explanation:
Law firms are classified as gatekeepers under FATF standards when they provide services such as company formation, trust creation, or management of client funds. These services can be misused to facilitate money laundering if proper due diligence is not conducted.
In this scenario, the law firm is establishing complex offshore structures with minimal documentation of source of funds and without questioning suspicious activity. This behavior directly enables the concealment of beneficial ownership and the layering of illicit proceeds, both core money laundering techniques.
Failing to apply scrutiny or report suspicious activity allows criminals to exploit legal services to move and disguise illicit funds under the appearance of legitimacy. This is a recognized vulnerability across multiple FATF typologies.
The behavior described is not merely aggressive tax planning or routine legal work; rather, it represents facilitation of illicit financial flows through professional services.

NEW QUESTION # 124
Which obliged entities or gatekeepers may be required to perform customer due diligence (CDD)?
(Select Four.)

A. City court judges
B. Accountants and auditors
C. Real estate agents
D. Notaries involved in real estate transactions
E. Casino security guards
F. Dealers in precious metals and stones

Answer: B,C,D,F

Explanation:
FATF standards identify several designated non-financial businesses and professions (DNFBPs) as obliged entities due to their exposure to money laundering risks. These gatekeepers are required to perform customer due diligence (CDD).
Notaries involved in real estate transactions play a critical role in property transfers and are required to identify parties and beneficial owners. Dealers in precious metals and stones handle high-value, portable assets attractive to criminals. Real estate agents facilitate property purchases often used to launder large sums of money. Accountants and auditors may assist in financial structuring, tax planning, or company formation and must conduct CDD when providing covered services.
Casino security guards and judges are not obliged entities under AML/CFT frameworks.

NEW QUESTION # 125
Which of the following is a benefit of an institution implementing machine learning to identify suspicious transactions?

A. Completely unbiased and without error through continuous model training
B. Adaptable to new AFC typologies through continuous model training
C. Transparent and easy to explain algorithms for regulator and compliance purposes
D. More consistent and reliable detection outcomes

Answer: B

Explanation:
A key benefit of machine learning in identifying suspicious transactions is its adaptability to new anti- financial crime typologies through continuous model training, enabling the system to evolve with emerging threats and patterns.

NEW QUESTION # 126
Which of the following statements best describes the financial crime risk associated with gatekeepers?

A. Gatekeepers have specialized knowledge that can be abused to facilitate the movement of illicit funds and conceal the Involvement of their clients in illicit schemes.
B. Gatekeepers are entrusted with prominent functions and code of conduct that can assist laundering Illicit funds.
C. Gatekeeper positions ate of a secretive nature, often making it difficult to verify (heir source of wealth.
D. Gatekeepers have unique relationship structures, making it difficult to determine beneficial ownership

Answer: A

NEW QUESTION # 127
Which factor would MOST likely trigger escalation to an AML investigations team?

A. Expected payroll deposits
B. Regular utility payments
C. Transactions inconsistent with customer behavior and unsupported by documentation
D. Routine ATM withdrawals

Answer: C

Explanation:
Unusual activity lacking a clear business or economic purpose is a core AML red flag.
Investigations teams review escalated alerts to determine whether suspicious activity exists, whether additional information is needed, and whether regulatory reporting obligations should be fulfilled.

NEW QUESTION # 128
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