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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
AML Compliance Framework	25%	- Compliance program components 1. Policies and procedures 2. Internal controls - Roles and responsibilities 1. Governance and oversight 2. Compliance officer duties
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)
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. Terrorist financing typologies 2. Placement, layering, integration
Detecting and Preventing Financial Crime	20%	- Financial crime typologies 1. Fraud and corruption schemes 2. Trade-based money laundering - Investigations and enforcement 1. Regulatory investigations 2. Case management and documentation

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q322-Q327):

NEW QUESTION # 322
How do national risk assessments (NRAs) and sectoral risk assessments influence a financial institution's (FI's) internal AML/CFT risk assessment?

A. If a sectoral risk assessment is published, the FI must implement it directly across all subsidiaries and branches without modification
B. An FI must demonstrate that the risks identified in its AML/CFT risk assessment are aligned with the NRA and sectoral risk assessments and that these risks are managed effectively
C. An FI must strictly adopt the exact risk factors, weightings, and methodologies from the NRA and sectoral risk assessment without adjustment
D. An FI's AML/CFT risk assessment must be written and approved by the board of directors exactly as specified in the NRA and sectoral risk assessment

Answer: B

Explanation:
FATF standards require financial institutions to adopt a risk-based approach (RBA) that is informed by national and sectoral risk assessments. These assessments identify key threats, vulnerabilities, and typologies within a jurisdiction or industry and provide essential context for institutional risk management.
Financial institutions must reference and align their internal AML/CFT risk assessments with the findings of NRAs and sectoral assessments. This means demonstrating awareness of identified risks and showing how these risks are mitigated through policies, controls, and procedures.
However, institutions are not required to copy or mechanically apply the exact methodologies, weightings, or conclusions of these assessments. Each institution must tailor its risk assessment to its own business model, customer base, products, services, and geographic exposure.
Board oversight is required, but NRAs do not dictate how internal assessments must be written or approved. The key regulatory expectation is alignment, awareness, and effective risk management--not rigid adoption.

NEW QUESTION # 323
Criminals may misuse financial statements prepared by accountants to hide illicit assets.
Which of the following scenarios poses the greatest risk of financial statement manipulation by criminals?

A. A lack of professional body oversight or required use of accounting and auditing standards in the country of incorporation of the entity
B. Incomplete records being provided during bookkeeping, making them difficult to audit
C. Accountants being used as intermediaries to introduce criminals to financial institutions
D. Criminals posing as individuals seeking financial advice to place assets out of reach to avoid future liabilities

Answer: A

Explanation:
* A: The absence of professional oversight or accounting/auditing standards creates a high-risk environment for financial statement manipulation. Without external checks or mandated standards, criminals can more easily falsify statements to hide illicit assets.
* "The lack of regulatory oversight and professional standards in accounting and auditing significantly increases the risk of manipulation and fraud in financial reporting."(CAMS 6th Edition, Professional Service Providers; FATF Guidance on the Risk-Based Approach for Accountants) References:
CAMS 6th Edition, Professional Service Providers
FATF, Risk-Based Approach for Accountants

NEW QUESTION # 324
While gaming platforms are typically used for recreational purposes, they can potentially be used for terrorist financing through games in which players can:

A. buy in-game items with virtual in-game currencies.
B. trade in-game items with other players that can be exchanged for fiat currency
C. obtain in-game materials by performing in-game activities.
D. exchange in-game items with other players.

Answer: B

Explanation:
Terrorist financing can be facilitated on gaming platforms particularly through the trading of in-game items for fiat currency. This mechanism allows for the movement of value outside the formal financial system, potentially evading detection and reporting requirements.
"One of the key ML/TF risks in online gaming is the ability to convert virtual assets or in-game items into real-world (fiat) currency, thereby providing a channel for laundering money or funding terrorist activities." (CAMS 6th Edition, Chapter: Risks and Methods of Money Laundering and Terrorist Financing; FATF, Virtual Assets Guidance 2019) Incorrect Options:
* A: Buying in-game items with in-game currency does not in itself facilitate terrorist financing.
* B: Exchanging items between players may be a step in layering but is not direct TF unless items are traded for fiat.
* D: Obtaining items by in-game activity is standard gameplay and not a TF method.
References:
CAMS Study Guide 6th Edition, Risks in Gaming and Virtual Worlds
FATF Guidance for a Risk-Based Approach to Virtual Assets (2019)

NEW QUESTION # 325
When a financial institution (FI) is considering providing traditional banking services to a virtual asset service provider (VASP), consideration should be given to whether the FI: (Select Two.)

A. consistently reviews transactions between fiat and virtual currencies.
B. owns virtual currencies itself.
C. has a general understanding of virtual assets.
D. implements enhanced KYC measures.

Answer: C,D

Explanation:
* A: FIs should ensure they have a general understanding of virtual assets and VASP operations to assess risks accurately.
* C: Enhanced KYC measures are recommended for VASPs due to their higher ML/TF risk profile.
* "FIs must understand the business model and risk of VASPs and apply enhanced due diligence as required by FATF and regulatory guidance."(CAMS 6th Edition, Virtual Assets and VASPs; FATF Guidance) Incorrect:
* B: While monitoring transactions is important, it's not a primary initial consideration for onboarding.
* D: The FI's own holdings are not relevant to due diligence on VASPs.
References:
CAMS 6th Edition, Virtual Assets and VASPs
FATF, Guidance for a Risk-Based Approach to Virtual Assets and VASPs

NEW QUESTION # 326
Which techniques are most commonly used in a rules-based approach to transaction monitoring for detecting suspicious activities? (Choose two.)

A. Using predefined rules to flag specific transaction patterns
B. Using advanced machine learning models to detect outliers
C. Setting transaction thresholds for automated alerts
D. Randomly flagging transactions for further investigation
E. Statistical tuning of monitoring scenarios to improve accuracy

Answer: A,C

Explanation:
A rules-based approach to transaction monitoring relies on predefined rules that flag specific patterns and on setting thresholds that trigger automated alerts when exceeded. These techniques are fundamental to identifying potentially suspicious activities in a structured, deterministic way.

NEW QUESTION # 327
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