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ACAMS CAMS7 Exam Syllabus Topics:

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

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q295-Q300):

NEW QUESTION # 295
An AML compliance officer for a large bank has recently received an internal audit report on the private banking unit. The report revealed that the unit staff were not following risk-based due diligence procedures, so that the unit was not operating effectively.
Which immediate actions should the AML compliance officer consider to address these findings? (Select Two.) Management Should implement a quality assurance program in the private banking unit

A. All employees should receive refresher AML training.
B. The board should review and approve a revised AML policy to change customer due diligence requirements in private banking.
C. Private bankers should receive training on AML procedures.
D. The legal department should conduct a review to assess potential legal consequences.

Answer: A,B

NEW QUESTION # 296
Section 319(a) of the USA PATRIOT Act:

A. Requires due diligence, and in certain situations enhanced due diligence (EDD), for foreign correspondent accounts, which includes virtually all account relationships that organizations can have with a foreign financial organization and private banking for non-citizens of the U.S.
B. Provides the U.S. Department of Treasury with the authority to apply graduated, proportionate measures against a foreign jurisdiction, foreign financial organization, type of international transaction, or type of account.
C. Allows the appropriate federal banking agency to require a financial organization to produce, within
120 hours, records or information related to the organization's AML compliance or related to a customer of the organization or any account opened, maintained, administered, or managed in the U.S.
by the financial organization.
D. Permits the U.S. Government to seize funds from a correspondent bank account in the U.S. that has been opened and maintained for a foreign bank in the same amount as has been deposited with the foreign bank.

Answer: D

NEW QUESTION # 297
Which of the below is a core function of a financial intelligence unit (FIU) as described in FATF Recommendation 29?

A. Serving as a national center for the collection and analysis of suspicious activity
B. Sponsoring the research and development of advanced technological surveillance tools to be used nationally
C. Prosecuting significant cases of money laundering or terrorist financing falling under national jurisdiction
D. Sharing real-time criminal intelligence gathered from national law enforcement agencies with the private sector

Answer: A

Explanation:
FATF Recommendation 29 states that an FIU should serve as a national center for the receipt and analysis of suspicious transaction reports and other information relevant to money laundering and terrorist financing.
"The FIU should serve as a national center for the receipt and analysis of suspicious transaction reports (STRs) and other information relevant to ML/TF, and for the dissemination of the results of that analysis."

NEW QUESTION # 298
Which of the following are potential financial crime-related red flags when obtaining client data? (Choose three.)

A. A client insists on using a personal bank account for business transactions despite being advised otherwise
B. The ultimate beneficial ownership is unclear
C. A client frequently submits financial statements much earlier than required appearing overly eager
D. A new client shows a preference for minimal direct interaction and relies primarily on indirect communication methods, citing convenience or time constraints
E. The client is a publicly listed company but very diversified

Answer: A,B,D

Explanation:
Red flags include using personal accounts for business transactions (which can obscure fund tracing), preferring minimal direct interaction (potentially avoiding scrutiny), and unclear ultimate beneficial ownership (which can conceal the true controllers of the entity and facilitate illicit activity).

NEW QUESTION # 299
The recently appointed senior money laundering reporting officer (MLRO) at a newly opened small digital bank has been instructed by the group chief compliance officer to implement an effective AML transaction monitoring system that can identify unusual and suspicious transactions.
What are important considerations for the project to select and implement the AML transaction monitoring system at the digital bank? (Select Two.)

A. Whether the monitoring system can be configured to enable the bank to execute trend analysis of transaction activity and to identify unusual business relationships and transactions
B. Whether the vendor has documented appropriate internal controls for designing system and data integration schema
C. Whether the monitoring system is adequate with respect to the bank's size, activities, complexity, and risks
D. Whether the permissions and user access settings for reviewing, investigating, and reporting details of alerts generated by the system are commensurate with those in use at other banks

Answer: A,C

Explanation:
* C: "The system must be adequate and proportionate to the bank's size, activities, complexity, and risk profile. A one-size-fits-all solution is not appropriate."
* D: "Effective monitoring systems should support the detection of unusual trends and business relationships, facilitating meaningful analysis and alerts."(CAMS 6th Edition, Transaction Monitoring System Requirements) Incorrect:
* A: Vendor internal controls are important, but not a top selection criterion for AML system effectiveness.
* B: Permissions should be appropriate for the bank's structure, not just compared to other banks.
References:
CAMS 6th Edition, Selecting and Implementing Monitoring Systems

NEW QUESTION # 300
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