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| Section | Weight | Objectives |
|---|
| Topic 1: Building an AFC Compliance Program | | |
| Topic 2: Global AFC Frameworks, Governance and Regulations | | - AML Regulatory Framework (Elective options: Canada, EU, UK, USA)
|
| Topic 3: Understanding Risks and Methods of Financial Crime | 30% | - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to real estate - 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 gatekeepers - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to gaming and gambling
|
| Topic 4: Tools and Technologies to Fight Financial Crime | | |
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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q137-Q142):
NEW QUESTION # 137
The goal of the Egmont Group of Financial Intelligence Units (FIUs) is to provide a forum for FIUs to: (Select Three.)
- A. Improve global cooperation between FIUs
- B. Securely share sensitive information in the fight against money laundering and the financing of terrorism
- C. Sign memoranda of cooperation that recognize and allow room for case-by-case solutions to specific problems
- D. Propose legislation to combat financial crime, including money laundering and the financing of terrorism
- E. Establish an environment to foster trust amongst countries
Answer: A,B,E
NEW QUESTION # 138
Which of the following is an important factor to consider when setting up an anti-financial crimes (AFC) compliance program governance structure?
- A. Establishing clear roles and responsibilities for AFC risk escalations and issues
- B. Designating a qualified board of directors to monitor day-to-day compliance
- C. Ensuring the structure is reviewed by an outside auditor or consultant
- D. Establishing a system of internal controls commensurate with the institution's size and complexity
Answer: A
Explanation:
One of the core components of a strong AFC (Anti-Financial Crimes) compliance program is establishingclear roles, responsibilities, and lines of accountability, especially forescalating and addressing AFC risks and compliance issues. This governance clarity ensures effective implementation, transparency in decision-making, and timely resolution of compliance concerns.
While external audits (option A) and internal controls (option B) are important,defining governance structure and escalation responsibilities (option D)is a foundational element.
Additionally, the board of directors (option C) provides oversight--not day-to-day compliance monitoring.
NEW QUESTION # 139
When a government imposes economic sanctions on a target the purpose is to:
- A. interests encourage non-governmental organizations to increase the provision of humanitarian and charitable aid to the target
- B. indicate that the use of military force is likely unless the state or non-state target complies with the government's
- C. alter the behavior of the state or non-state target that threatens the interests of that government or violates international norms
- D. protect the rights of the citizens of the state target against their own government and improve financial stability in the region.
Answer: C
NEW QUESTION # 140
A bank has joined a public-private partnership (PPP) to work with law enforcement and regulators on combating financial crime. However, the bank's data protection officer is concerned about sharing sensitive customer data, and the compliance officer is worried about potential delays in receiving useful information from the government. Which of the following best describes a benefit of PPPs in fighting financial crime?
- A. PPPs improve financial crime detection and prevention by sharing intelligence between banks and law enforcement.
- B. PPPs allow banks to manage their own suspicious activity report (SAR) filing process without the need to involve the Financial Intelligence Unit (FIU).
- C. PPPs maximize the efficiency of the bank's compliance program by providing real-time intelligence from law enforcement.
- D. PPPs help banks reduce compliance costs by automating information sharing.
Answer: C
NEW QUESTION # 141
Which of the following measures can help maintain the independence of BSA/AML compliance staff to ensure effective compliance controls?
- A. Establishing BSA/AML compliance staff reporting to the management of the business line in the first line of defense
- B. Providing BSA/AML compliance staff a reporting line to compliance or other second line of defense internal control function
- C. Providing BSA/AML compliance staff with a reporting line to the chief financial officer
- D. Ensuring BSA/AML compliance staff is primarily outsourced
Answer: B
Explanation:
BSA/AML compliance staff should report to the compliance function or another second line of defense internal control function to maintain independence from business line management, ensuring objective oversight and effective compliance controls.
NEW QUESTION # 142
......
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