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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Detecting and Preventing Financial Crime	20%	- Investigations and enforcement 1. Case management and documentation 2. Regulatory investigations - Financial crime typologies 1. Fraud and corruption schemes 2. Trade-based money laundering
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. Suspicious Activity Reports (SAR/STR) 2. Monitoring systems and typologies
Money Laundering and Terrorist Financing Concepts	30%	- Definitions and stages of money laundering 1. Placement, layering, integration 2. Terrorist financing typologies - Global AML/CFT standards 1. FATF Recommendations 2. International regulatory frameworks
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

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q246-Q251):

NEW QUESTION # 246
During a routine periodic KYC refresh of a policyholder and client of an insurance company, updated business registry documentation has highlighted that the policyholder's business has changed addresses five times during the last year and that the ultimate beneficial owner (UBO) changed two weeks ago. What actions should be taken immediately?

A. Investigate the changes of address and change of UBO and in the meantime freeze the client's policy
B. Request the relationship manager set up a meeting with the policyholder to update their address and submit details of the new UBO in the name of good customer service
C. File a suspicious transaction report because the insurance company was not made aware of the business' change of UBO
D. Investigate the changes of address and change of UBO and in the meantime decline payment and withdrawal instructions from the policy until completion of the investigation and next steps are agreed upon

Answer: D

Explanation:
The combination of frequent address changes and a recent change in the ultimate beneficial owner raises potential red flags that warrant immediate investigation. To mitigate risk, the insurance company should investigate these changes and temporarily decline any payment or withdrawal instructions until the review is complete and appropriate steps are agreed upon. This ensures both regulatory compliance and protection against potential misuse of the policy.

NEW QUESTION # 247
Which techniques are most commonly used in a rules-based approach to transaction monitoring for detecting suspicious activities? (Choose two.)

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

Answer: B,D

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 # 248
Which of the following are considered best practices regarding senior management involvement in a financial crime compliance program? (Choose two.)

A. Setting tone from the top
B. Mandatory attendance and review of all financial crime trainings
C. Setting clear criteria for escalations to senior management
D. Mandatory participation in all regulatory inspections

Answer: A,C

Explanation:
Best practices for senior management involvement include setting the tone from the top to promote a strong compliance culture and establishing clear criteria for escalations, ensuring that significant financial crime issues are promptly brought to their attention for action.

NEW QUESTION # 249
A compliance manager at a virtual asset service provider (VASP) is evaluating its business and its impact on AML policies. Which of the following features of the VASP's business would be of greatest concern? (Select Four.)

A. Operating a network of crypto ATMs charging high fees
B. Onboardlng of clients who are residents abroad. Including those with politically exposed person (PEP) status
C. Allowing clients lo transact anonymity-enhanced tokens
D. Enabling transfer of tokens from one blockchain to another
E. Lack of adequate IP address tracking capabilities
F. Offering services to VASPs established in jurisdictions that are not FATF compliant

Answer: B,C,E,F

NEW QUESTION # 250
It is important to validate the "conceptual soundness" of an AML model in order to:

A. Validate the statistical significance of the model's predictive capabilities
B. Assess whether the model's methodology and assumptions are logical and appropriate for detecting money laundering
C. Verify alignment with regulatory guidance and industry best practices
D. Demonstrate compatibility with current technological infrastructure

Answer: B

Explanation:
Conceptual soundness validation is a foundational element of AML model governance and is emphasized in regulatory guidance on model risk management. It focuses on whether the design, logic, assumptions, and methodology of a model are appropriate for its intended purpose.
Validating conceptual soundness ensures that the model's underlying framework makes sense for identifying money laundering and terrorist financing risks. This includes evaluating scenario logic, risk factors, thresholds, segmentation, and assumptions used in detection.
Statistical validation and performance testing are separate steps that assess outcomes and predictive power, while technology compatibility relates to system implementation rather than conceptual design. Alignment with regulatory guidance is important, but it is not the core objective of conceptual soundness testing.
Regulators expect institutions to demonstrate that their AML models are fit for purpose before relying on them operationally.

NEW QUESTION # 251
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