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ACAMS CAMS7 Exam Syllabus Topics:

SectionWeightObjectives
Topic 1: Understanding Risks and Methods of Financial Crime26%- Financial crime risks and consequences
  • 1. Institutional, individual, economic and social impacts
- Sanctions regimes and compliance risks
  • 1. UN, EU, OFAC frameworks
  • 2. Risk identification and mitigation
- Money laundering stages and techniques
  • 1. Placement, layering, integration
  • 2. Methods across financial sectors and businesses
- Terrorism financing and proliferation financing
  • 1. Distinctions from money laundering
  • 2. Sources and mechanisms
Topic 2: Global Anti-Financial Crime Frameworks, Governance and Regulations24%- Regional and national regulations
  • 1. EU AML Directives
  • 2. USA PATRIOT Act and extraterritorial laws
- Governance, accountability and ethics
  • 1. Ethical obligations and professional standards
  • 2. Roles of board, senior management and compliance function
- International standards and bodies
  • 1. FATF 40 Recommendations
  • 2. Basel Committee, Wolfsberg Group, UN conventions
Topic 3: Building and Managing Anti-Financial Crime Compliance Programs28%- Audit, testing and continuous improvement
- Training, awareness and internal communication
- Customer due diligence and know-your-customer
  • 1. politically exposed persons and high-risk clients
  • 2. CDD, EDD, beneficial ownership identification
- Program framework and policies
  • 1. Risk assessment and risk-based approach
  • 2. Policies, procedures and controls design
- Monitoring, reporting and record keeping
  • 1. Transaction monitoring and alert management
  • 2. Legal record retention requirements
  • 3. Suspicious activity reporting (SAR/STR)
Topic 4: Tools, Technologies and Investigations22%- Technology and systems
  • 1. Monitoring systems, screening tools, data analytics
  • 2. Cryptoasset and virtual asset compliance
- Remediation and response
  • 1. Corrective actions and regulatory engagement
- Investigation processes and evidence handling
  • 1. Case management and escalation
  • 2. Cooperation with authorities and information sharing

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q57-Q62):

NEW QUESTION # 57
Key functions of the Financial Action Task Force (FATF) include: (Select Three.)

Answer: B,C,D

Explanation:
The Financial Action Task Force (FATF) is the global standard-setter for AML/CFT and counter-proliferation financing. Its mandate is focused on standard-setting, assessment, and international coordination, not enforcement or prosecution.
One of FATF's primary functions is developing international standards, known as the FATF Recommendations, which form the basis of national AML/CFT regimes worldwide.
FATF also identifies high-risk and non-cooperative jurisdictions with strategic AML/CFT deficiencies and works with them to address these weaknesses. Public identification encourages reform and enhances global financial integrity.
Additionally, FATF maintains strong engagement with international organizations, regional bodies, and the private sector to promote consistent implementation of standards.
FATF does not prosecute countries or suspend membership based on evaluation outcomes.


NEW QUESTION # 58
The effectiveness of AML/CFT measures can be best measured by the extent to which systems and controls:

Answer: C

Explanation:
While regulatory compliance, cost efficiency, and operational considerations are important, the primary objective of AML/CFT measures is to reduce and manage the risks and threats of financial crime.
FATF emphasizes that effectiveness should be measured by outcomes, not merely by technical compliance.
An AML/CFT framework may fully comply with laws and still be ineffective if it fails to detect, deter, or disrupt money laundering and terrorist financing. Regulators increasingly focus on whether systems and controls actually identify suspicious activity, prevent misuse of the financial system, and support law enforcement efforts.
Minimizing operational burden and controlling costs are secondary considerations and must not compromise risk mitigation. A cost-effective system that fails to detect financial crime would not meet regulatory expectations.
Therefore, the true measure of effectiveness lies in how well systems and controls mitigate financial crime risks and threats in practice.


NEW QUESTION # 59
The Money Laundering Reporting Officer (MLRO) of a life insurance company is reviewing the product risk assessment methodology. Which of the following attributes of life insurance products would be attributed a higher risk rating? (Select Three.)

Answer: A,D,E

Explanation:
Life insurance products vary significantly in their exposure to money laundering risk. FATF guidance and insurance-sector AML standards emphasize that flexibility, liquidity, and cross- border features increase product risk.
Products that allow changes to beneficiaries after policy inception present higher risk because criminals may initially name a legitimate beneficiary and later substitute another party to obscure the true recipient of funds. This flexibility can be exploited to disguise beneficial ownership.
Products with cash surrender values are particularly vulnerable to money laundering. Criminals may place illicit funds into policies and later redeem them, creating an appearance of legitimate insurance proceeds. This characteristic is widely recognized as a high-risk factor.
International coverage, including cross-border health insurance features, increases geographic risk exposure, particularly when funds or claims involve higher-risk jurisdictions with weaker AML controls.
By contrast, annuities with deferred income streams typically limit liquidity, reducing laundering risk. Products that restrict fund transfers further reduce misuse potential and are considered lower risk.


NEW QUESTION # 60
According to the Financial Action Task Force's (FATF's) "Guidance for a Risk-Based Approach Life Insurance Sector," which of the following are money laundering red flags relating to the involvement of a third party in a life insurance product? (Select Two.)

Answer: A,C

Explanation:
FATF and CAMS 6th Edition highlight certain third-party activities as red flags for money laundering in the life insurance sector:
Payments are regularly received from third parties that have no apparent relationship with the policy holder (C):"Red flags include payments made by third parties, especially where there is no apparent connection between the third party and the policy holder."(FATF, Risk-Based Approach for Life Insurance Sector, Section IV: Red Flags; CAMS 6th Edition, Customer Due Diligence for Life Insurance) A customer names an apparently unrelated third party as a beneficiary (D):"Another warning sign is when beneficiaries have no apparent relation to the policyholder."(FATF, Ibid; CAMS 6th Edition, Life Insurance ML/TF Red Flags) Incorrect Options:
A: Consulting an attorney is not, by itself, a red flag.
B: Policy transfer may warrant review but is not specifically a red flag for third-party involvement.
References:
CAMS 6th Edition, Life Insurance ML/TF Risks
FATF, Guidance for a Risk-Based Approach for the Life Insurance Sector (October 2018)


NEW QUESTION # 61
What is the PRIMARY AML concern regarding prepaid cards?

Answer: C

Explanation:
Prepaid cards can present AML risks because they may facilitate rapid transfer or withdrawal of funds with reduced transparency, especially when customer identification requirements are weak.
Criminals may use prepaid products for structuring, cross-border movement of value, or layering illicit proceeds.


NEW QUESTION # 62
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