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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: AML Compliance Framework	25%	- Compliance program components 1. Policies and procedures 2. Internal controls - Roles and responsibilities 1. Compliance officer duties 2. Governance and oversight
Topic 2: Detecting and Preventing Financial Crime	20%	- Investigations and enforcement 1. Case management and documentation 2. Regulatory investigations - Financial crime typologies 1. Trade-based money laundering 2. Fraud and corruption schemes
Topic 3: 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. Placement, layering, integration 2. Terrorist financing typologies
Topic 4: 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. Monitoring systems and typologies 2. Suspicious Activity Reports (SAR/STR)

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q208-Q213):

NEW QUESTION # 208
When making an independent determination on whether to close an account based on an internal Investigation, a financial institution (F1) should consider. (Select Five.)

A. the Fl's policies and procedures.
B. the customers personal relationships.
C. the frequency of account activity
D. the legal basis for closing the account.
E. correspondence with law enforcement
F. reputational risk.
G. the seriousness of the underlying conduct.

Answer: A,F

NEW QUESTION # 209
Which of the following describes a role of the Financial Action Task Force (FATF)?

A. Regulation of financial markets through directives and executive orders
B. Oversight of the Financial Intelligence Units in FATF Member countries
C. Providing a unique platform for information exchange regarding anti-money laundering efforts
D. Enhancement of international cooperation to foster anti-money laundering efforts via recommendations and guidance

Answer: D

Explanation:
* The FATF's core role is to enhance international cooperation against money laundering and terrorist financing through setting global standards ("Recommendations") and issuing guidance.
* "The FATF is an intergovernmental body whose purpose is the development and promotion of national and international policies to combat money laundering and terrorist financing."
* The FATF does not have authority to oversee FIUs, nor does it regulate financial markets directly.
References:
CAMS 6th Edition, FATF's Role and Structure
FATF Recommendations (Introduction section)

NEW QUESTION # 210
Which characteristic of accountants is most attractive to those looking to launder funds using an accountant or accountancy firm?

A. Accountants are able to create and structure companies, falsify accounts and manipulate financial statements
B. Accountants can prepare ledgers and spreadsheets, draft annual returns and make payments to government offices
C. Accountants are knowledgeable about financial management, including what to record over the course of the accounting year
D. Accountants can advise on the structuring of companies as well as ensure compliance with local tax regulations

Answer: A

Explanation:
Criminals may target accountants because they have the capability to create and structure companies, falsify accounts, and manipulate financial statements, which can be exploited to disguise illicit funds and facilitate money laundering.

NEW QUESTION # 211
Which of the below would be relevant money laundering red flags for life insurance companies? (Select Two.)

A. Paying premium several years in advance and terminating early for a refund
B. Beneficiary payouts to elderly people
C. High-premium life insurances that provide high payouts
D. Regularly switching policies and accepting penalties
E. Natural persons having more than one insurance policy

Answer: A,D

Explanation:
* Paying premium several years in advance and terminating early for a refund (A):"A typical red flag is when a policyholder pays large premiums up front and then seeks early termination to receive a refund.
This can be used to launder illicit funds by integrating them into the financial system and then retrieving 'clean' money."(CAMS 6th Edition, Life Insurance ML/TF Risks; FATF Guidance for a Risk-Based Approach for the Life Insurance Sector)
* Regularly switching policies and accepting penalties (D):"Frequent changes in insurance policies or products, even at a financial loss, are considered suspicious. This may indicate an attempt to obscure the money trail or integrate illicit proceeds."(CAMS 6th Edition, ML/TF Red Flags in Life Insurance) Incorrect Options:
* B: Having multiple policies is common and not itself a red flag.
* C: High premiums/payouts are not inherently suspicious.
* E: Beneficiary payouts to elderly people are not ML/TF red flags.
References:
CAMS 6th Edition, Life Insurance Red Flags
FATF Guidance for a Risk-Based Approach for the Life Insurance Sector

NEW QUESTION # 212
A global financial institution is conducting a comprehensive review of its due diligence processes to strengthen its defenses against financial crime. Recent incidents have highlighted vulnerabilities related to employee misconduct, including unauthorized transactions and sharing of sensitive customer information.
Additionally, the FI has faced issues with third-party vendors who failed to meet compliance standards, leading to increased regulatory scrutiny.
Which of the following measures would be most effective in addressing the bank's due diligence needs for employees, vendors, and third parties to mitigate insider threats and ensure compliance with AML regulations?

A. Relying on self-reported compliance certifications from vendors and employees to confirm adherence to AML standards on a periodic basis
B. Limiting the number of vendors and third parties in high-risk jurisdictions in order to reduce exposure to compliance risks
C. Implementing background checks for employees and vendors prior to onboarding or the start of engagement to identify any red flags
D. Establishing a surveillance program for employees, vendors, and third parties, including periodic risk assessments, access controls, and regular reviews of their compliance with AML policies

Answer: D

Explanation:
Establishing a surveillance program with periodic risk assessments, access controls, and regular compliance reviews for employees, vendors, and third parties is the most effective way to mitigate insider threats and ensure ongoing adherence to AML regulations. This proactive approach continuously monitors risk rather than relying solely on initial checks or self-certifications.

NEW QUESTION # 213
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