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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Building an AFC Compliance Program
Tools and Technologies to Fight Financial Crime
Global AFC Frameworks, Governance and Regulations		- AML Regulatory Framework (Elective options: Canada, EU, UK, USA)
Understanding Risks and Methods of Financial Crime	30%	- Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to real estate - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to insurance products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to products within other financial sectors

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q88-Q93):

NEW QUESTION # 88
Which of the following are included in the 11 Immediate Outcomes outlined in the Financial Action Task Force (FATF) methodology for assessing technical compliance with the FATF Recommendations and the effectiveness of AML/CFT/CPF systems during mutual evaluations?
(Select Three.)

A. Those convicted of money laundering offenses are denied access to basic banking services
B. Supervisors regulate financial institutions and non-bank financial institutions and their risk-based AML/CFT programs
C. Financial intelligence information is collected by authorities and shared with the FATF for further investigation
D. Money laundering offenses are investigated and criminally prosecuted
E. International cooperation provides actionable information to use against criminals

Answer: B,D,E

NEW QUESTION # 89
A large international bank is conducting a comprehensive review of its risk management framework to ensure it effectively addresses various financial crime risks, including AML, CFT, sanctions, fraud, anti-bribery and corruption (ABC), and tax evasion.
The bank's compliance team is responsible for evaluating the current risk assessment processes, identifying potential gaps, and recommending enhancements to better mitigate these risks.
During this review, the team needs to consider the different types of risk assessments and how to integrate findings into the overall risk management strategy.
Which approach should the compliance team prioritize to enhance the bank's ability to identify, assess, and mitigate the identified risks?

A. Delegate the risk assessment process to individual business units to conduct independently and allow for specialized assessments tailored to each unit's specific activities
B. Focus primarily on AML risk assessments, as these are typically the most scrutinized by regulators, while addressing other financial crime risks only when issues are identified
C. Conduct a periodic enterprise-wide risk assessment that includes identifying inherent risks, evaluating the effectiveness of existing controls, and determining residual risks
D. Use a static risk assessment model that remains unchanged until a significant regulatory update occurs to ensure consistency in the evaluation process over time

Answer: C

Explanation:
Conducting a periodic enterprise-wide risk assessment (EWRA) is the most effective approach to identifying, assessing, and mitigating financial crime risks. It ensures all inherent risks across areas like AML, CFT, sanctions, fraud, ABC, and tax evasion are evaluated, existing controls are assessed, and residual risks are identified. This comprehensive view enables a cohesive and proactive risk management strategy aligned with regulatory expectations.

NEW QUESTION # 90
Which characteristic of accountants is most attractive to those looking to launder funds using an accountant or accountancy firm?

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

Answer: D

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 # 91
A customer regularly sends small international wires to multiple unrelated beneficiaries in conflict regions. Which risk is MOST concerning?

A. Tax optimization
B. Terrorist financing
C. Insider trading
D. Consumer lending abuse

Answer: B

Explanation:
Frequent small-value transfers to multiple beneficiaries in conflict regions are recognized terrorist financing red flags. Terrorist financing may involve modest transaction amounts designed to avoid detection. Institutions should evaluate transaction purpose, counterparties, customer occupation, and geographic risks to determine whether escalation or suspicious activity reporting is appropriate.

NEW QUESTION # 92
According to guidelines issued by Basel Committee on Banking Supervision relating to corporate governance principles for banks, what is the role of the board of directors in addressing an institution's AML oversight and governance?

A. The compliance function should report directly to the CEO concerning the bank's compliance with applicable laws, rules, and standards and only update the board of directors on the bank's efforts in managing compliance risk when required.
B. The board of directors should establish a compliance function and approve the bank's policies for identifying, assessing, monitoring, reporting, and advising on compliance risk.
C. The board of directors should be responsible for overseeing the management of the bank's compliance risk but not involved in establishing a compliance policy that explains the processes by which compliance risks are to be identified and managed throughout the organization.
D. The compliance function must have sufficient authority, stature, independence, and resources to be effective on its own and should not have access to the board of directors.

Answer: B

Explanation:
The Basel Committee on Banking Supervision (BCBS) requires that the board of directors establish and oversee the compliance function and approve the bank's AML/CTF compliance policies and procedures, including processes for identifying, assessing, monitoring, and reporting compliance risks.
"The board of directors should establish a compliance function and approve compliance policies and processes for identifying, assessing, monitoring, and reporting compliance risks throughout the organization."

NEW QUESTION # 93
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