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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)
Tools and Technologies to Fight Financial Crime
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 insurance products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to real estate
Building an AFC Compliance Program

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CAMS7 Related Exams, CAMS7 Question Explanations

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q256-Q261):

NEW QUESTION # 256
An institution is looking to alter an existing threshold-based monitoring scenario because it is generating too many alerts that do not yield suspicious activity reports. Documentation submitted to the relevant committee for supporting this proposal should include details on: (Choose three.)

A. historical analysis proving that the current scenario generates a disproportionate number of false positives.
B. evidence that the increased residual risk arising from the change is within the bank's risk appetite.
C. how many resources are spent on the less productive lower threshold and the associated costs.
D. minutes of meeting held with the regulator where agreement was obtained that the higher threshold was justified.
E. approval by money-laundering reporting officer for the proposal.
F. the number of cases that will not be filed and the resources that can be freed up for other tasks.

Answer: A,B,C

Explanation:
The documentation should include evidence that the residual risk remains within the bank's risk appetite, analysis of resources spent and costs associated with the current lower threshold, and historical data showing the high false positive rate to justify altering the threshold while maintaining effective risk management.

NEW QUESTION # 257
When applying new technologies to AML, application programming interfaces (APIs) allow for:

A. Quick CDD and client traits analysis during onboarding
B. Different applications to connect and communicate
C. Authentication via artificial intelligence (AI) and biometrics
D. Digital identification on mobile devices

Answer: B

Explanation:
Application Programming Interfaces (APIs)are tools that enableinterconnectivity and data exchangebetween different software applications. In AML contexts, APIs are commonly used tointegrate third-party systems, such as screening tools, customer databases, and transaction monitoring platforms, ensuring real-time and accurate flow of information.
This technological capability supports enhancedautomation, agility, and efficiencyin AML processes.
Reference: ACAMS CAMS Study Guide - 6th Edition, Chapter:Technology and AML- Section:Emerging Technologies and APIs in Compliance

NEW QUESTION # 258
Which of the following statements is true regarding the 2012 Financial Action Task Force (FATF) 40 Recommendations and'or 11 Immediate Outcomes?

A. The cornerstone of the 40 Recommendations is the adoption of a risk-based approach by each jurisdiction
B. Each jurisdiction can reach out to the FATF for private access to the interpretive notes to the 40 Recommendations
C. The 40 Recommendations have not been updated to reflect the impact of new technology
D. The 11 Immediate Outcomes are recommendations specific to high-risk jurisdictions requiring enhanced monitoring.

Answer: A

NEW QUESTION # 259
What are the primary advantages of using open-source tools in financial crime investigations? (Choose two.)

A. Cost-effective access to a wide range of data
B. Enhanced ability to identity connections across various data sets
C. Ability to conduct investigations with minimal human oversight
D. Partial automation of data collection and analysis
E. Real-time monitoring of selected transactions and data sources

Answer: A,D

Explanation:
Open-source tools offer cost-effective access to diverse data sources, making them valuable for financial crime investigations. They also support partial automation of data collection and analysis, reducing manual effort and improving efficiency in identifying suspicious patterns or links.

NEW QUESTION # 260
Which of the following is a common strategy employed by non-governmental organizations (NGOs) to combat money laundering?

A. Directly prosecuting money launderers in court
B. Raising awareness about the issue of money laundering and its consequences
C. Providing financial assistance to governments to strengthen their anti-money laundering efforts
D. Helping Financial Intelligence Units (FIUs) to analyze the suspicious activity reports (SARs)

Answer: B

Explanation:
D: NGOs play an important role in raising awareness about money laundering, lobbying for strong AML/CFT laws, and educating the public and stakeholders about the risks and consequences.
"NGOs help combat money laundering primarily through advocacy, education, and raising public and industry awareness."(CAMS 6th Edition, Role of NGOs in AML/CFT) References:
CAMS 6th Edition, Awareness and Advocacy in AML/CFT
FATF, Outreach to NGOs

NEW QUESTION # 261
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