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ACAMS CAMS Exam Syllabus Topics:

Section	Weight	Objectives
Conducting and Responding to Investigations	21%	- Investigation process and case management 1. Evidence gathering and analysis 2. Case documentation and reporting - Information sharing and cooperation 1. Domestic and international cooperation 2. Working with FIUs and law enforcement - Detection and red flags 1. Industry-specific red flags 2. Identifying suspicious activities and transactions - Disciplinary and remedial actions 1. Preventing recurrence 2. Corrective measures and sanctions
Compliance Standards for AML/CFT	25%	- Global regulatory frameworks 1. Basel Committee guidelines 2. Wolfsberg Principles 3. EU AML Directives 4. FATF 40 Recommendations 5. USA PATRIOT Act and national regulations - International organizations and bodies 1. Financial Action Task Force 2. Standard-setting bodies 3. Egmont Group of Financial Intelligence Units - Risk-based approach fundamentals 1. Principles of risk assessment 2. Application across jurisdictions
Risks and Methods of Money Laundering and Terrorist Financing	26%	- Money laundering stages and mechanisms 1. Terrorist financing methods 2. Placement, layering, integration 3. Trade-based money laundering - Sanctions and related risks 1. UN, EU, OFAC and other sanctions regimes 2. Consequences of non-compliance - Sector-specific vulnerabilities 1. Legal and professional service providers 2. Banking and deposit-taking institutions 3. Real estate 4. Money services businesses 5. Insurance sector 6. Gaming and casinos 7. Precious metals and high-value goods 8. Securities and capital markets
AML/CFT Compliance Programs	28%	- Customer due diligence requirements 1. Beneficial ownership identification 2. KYC/CDD and enhanced due diligence 3. Ongoing monitoring - Training, audit and independent review 1. Staff training programs 2. Internal and external audit functions 3. Continuous improvement - Core elements of compliance programs 1. Governance and oversight 2. Risk assessment and management 3. Policies, procedures and controls - Reporting and record-keeping 1. Suspicious activity reporting (SAR/STR) 2. Record retention requirements

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q361-Q366):

NEW QUESTION # 361
Which three do the Office of Foreign Asset Control regulations cover? Choose 3 answers

A. All foreign-based entities that have U.S. customers
B. All U.S. citizens
C. All U.S.-domiciled entities and their foreign branches
D. All persons and entities within the U.S.

Answer: B,C,D

Explanation:
Explanation
1. All U.S. persons
2. All persons and/or entities withing the U.S.
3. The U.S. entities and their foreign branches

NEW QUESTION # 362
The AML compliance officer of a financial institution (Fl) has been advised that the institution is being investigated by the country's financial intelligence unit (FIU). What should the AML compliance officer do?
(Select Two.)

A. inform senior leadership and the board of the investigation.
B. Share investigation results with other FIs to help them prepare.
C. Monitor the progress of the investigation by keeping clear records.
D. Send an informative communication to all employees about the investigation.
E. Provide all information to the FIU as soon as possible to avoid delays.

Answer: A,C

Explanation:
According to the Certified Anti-Money Laundering Specialist (CAMS) Sixth Edition manual, the AML compliance officer should inform senior leadership and the board of the investigation (page 124) and monitor the progress of the investigation by keeping clear records (page 127). Additionally, the AML compliance officer should provide all information to the FIU as soon as possible to avoid delays (page 126).
According to the CAMS Manual, when a financial institution is being investigated by the financial intelligence unit (FIU), the AML compliance officer should inform senior leadership and the board of the investigation and monitor the progress of the investigation by keeping clear records. The manual states:
"The AML compliance officer should inform senior leadership and the board of any investigations and then monitor the progress of the investigation by keeping clear records of what has been requested and submitted, deadlines and extensions granted, and any findings or reports received. This will allow the financial institution to respond effectively and efficiently to the investigation and take appropriate action if necessary." (CAMS Manual, Section 7.4.1 - Financial Intelligence Units, p. 366)

NEW QUESTION # 363
A bank has been fined for failing to take reasonable care to establish and maintain effective systems and controls for high-risk customers, including politically exposed persons (PEPs).
Which typical financial crime risks should the bank have addressed? (Choose three.)

A. Assessing the level of money laundering risk posed by prospective and existing high-risk customers
B. Ensuring that resources in its compliance and AML areas kept pace with the bank's growth
C. Assessing and reviewing the minutes of the relevant committee responsible for onboarding customers
D. Gathering sufficient information to establish the source of funds and source of wealth
E. Ensuring an employee is responsible for liaison with the authorities on matters related to countering the finance of terrorism

Answer: A,B,D

Explanation:
For high-risk customers, including PEPs, the bank should have gathered adequate information on the source of funds and wealth, assessed the money laundering risk of each customer, and ensured compliance and AML resources scaled with business growth to maintain effective systems and controls.

NEW QUESTION # 364
Enhanced due diligence (EDD) may be bypassed for which situation?

A. On-boarding a casino headquartered in the EU or US that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures.
B. On-boarding a reputable Politically Exposed Person (PEP) from the EU onto the wealth management arm of a US financial institution (FI).
C. On-boarding a branch or majority-owned subsidiary of an EU or US FI located in a high-risk third country that fully complies with group-wide policies and procedures.
D. On-boarding a subsidiary in a high-risk country with a complex ownership structure of a long-standing and reputable customer based in the EU or US.

Answer: A

Explanation:
Enhanced due diligence (EDD) is a set of additional measures that must be applied by financial institutions (FIs) in higher-risk situations, such as when dealing with customers or transactions from high-risk third countries, customers who are politically exposed persons (PEPs), or customers who present a higher risk of money laundering or terrorist financing. EDD may include obtaining more information on the customer's identity, source of funds, source of wealth, business relationships, and purpose of the transaction, as well as conducting more frequent and intensive ongoing monitoring of the customer's activities.
However, EDD may be bypassed for certain situations where the risk of money laundering or terrorist financing is low, and where the customer is subject to adequate supervision and regulation in the EU or the US. According to the CAMS Study Guide - 6th Edition1, one such situation is when on-boarding a casino that is part of an international hotel chain, provides less than 50% of overall revenue and that fully complies with group-wide policies and procedures. This is because such a casino is likely to have a low risk profile, as it is not the main source of income for the hotel chain, and it adheres to the same standards and controls as the rest of the group. Therefore, EDD may not be necessary for this situation, and the FI may apply simplified due diligence (SDD) instead.
The other situations listed in the question are not eligible for bypassing EDD, as they involve higher-risk factors, such as dealing with customers or entities from high-risk third countries, customers with complex ownership structures, or customers who are PEPs. These situations require FIs to apply EDD measures to mitigate the risk of money laundering or terrorist financing.
CAMS Study Guide - 6th Edition, Chapter 3, Section 3.4, page 84
White Paper on KYC - Enhanced Due-Diligence, page 2
Anti-money laundering - a guide to customer due diligence, page 3
Enhanced Due Diligence for High-risk Customers, page 1

NEW QUESTION # 365
Which red flag indicates high potential for money laundering in a real estate purchase?

A. The purchaser had a previous bankruptcy
B. The purchaser owns a cash intensive business
C. The purchaser is a nominee
D. The purchaser is not a resident where the property is located

Answer: C

Explanation:
The purchaser being a nominee is a red flag that indicates high potential for money laundering in a real estate purchase. A nominee is a person or entity that acts on behalf of another person or entity, usually to conceal the identity or beneficial ownership of the real owner. Money launderers may use nominees to purchase real estate with illicit funds, and then transfer the property to the real owner or sell it for a profit. This way, they can obscure the source and ownership of the funds, and integrate them into the legitimate economy12.
Reference:
ACAMS, CAMS Examination Study Guide, 6th Edition, Chapter 3, pp. 77-78
FATF, Money Laundering and Terrorist Financing through the Real Estate Sector, June 20073, pp. 19-20

NEW QUESTION # 366
......

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