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ACAMS CAMS Exam Syllabus Topics:

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

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ACAMS Certified Anti-Money Laundering Specialists (the 6th edition) Sample Questions (Q29-Q34):

NEW QUESTION # 29
Which three methods are commonly used by an accountant to launder money? (Choose three.)

A. Overstating income to hide excess cash
B. Acting as a designee for someone who wishes to hide their identity
C. Representing a client court
D. Understanding income to take a tax loss
E. Acting as a conduit for transferring cash between accounts

Answer: A,B,E

Explanation:
Accountants can be involved in money laundering schemes in various ways, either knowingly or unknowingly. Some of the common methods that accountants can use to launder money are:
* Overstating income to hide excess cash: This method involves inflating the revenues or profits of a business to conceal the origin of illicit funds. For example, an accountant can create fake invoices or receipts to justify the deposit of cash from illegal sources into the business account. This can make the cash appear as legitimate income from the business operations.
* Acting as a conduit for transferring cash between accounts: This method involves using the accountant' s own account or a third-party account to move funds around and obscure the audit trail. For example, an accountant can receive cash from a client and deposit it into their own account, then transfer it to another account or withdraw it in a different location. This can make it difficult to trace the source and destination of the funds.
* Acting as a designee for someone who wishes to hide their identity: This method involves using the accountant's name or credentials to open accounts or conduct transactions on behalf of a client who wants to remain anonymous. For example, an accountant can act as a nominee director or shareholder for a shell company that is used to launder money. This can make it appear as if the accountant is the owner or beneficiary of the funds, while the actual owner or beneficiary is hidden.
References:
* Money Laundering: What It Is and How to Prevent It - Investopedia, The Process of Laundering Money
* Revealed: accountants aiding money laundering - Accountancy Age, Accountants' methods
* Accountants in the anti-money laundering front line, Accountants' obligations
https://www.ojp.gov/pdffiles1/Digitization/119840NCJRS.pdf

NEW QUESTION # 30
When hiring new employees, what should an institution do to ensure that the prospective employee is properly screened?

A. Evaluate, the level of training the candidate has had in preparation for the prospective position
B. Perform a criminal background check on the candidate
C. Contact the candidate's last school to ascertain the candidate graduated with a valid degree
D. Review the accuracy of the candidate's resume and written statements as to his or her background

Answer: B

NEW QUESTION # 31
Private investment companies are potentially vulnerable to money laundering because:

A. they exist in offshore jurisdictions with tight secrecy laws to protect the privacy of their owner(s).
B. It can be difficult to identify the people who are the ultimate beneficial owners.
C. they transact shares that are not traded on a stock exchange.
D. they are shell companies formed to maintain a client's confidentiality.

Answer: B

Explanation:
Explanation
Private investment companies (PICs) are potentially vulnerable to money laundering due to the difficulty in identifying the ultimate beneficial owners. PICs are often used to hold and manage private wealth, making them attractive targets for money launderers. Since these entities are privately held and not publicly traded, it can be challenging to identify the individuals who ultimately control or benefit from them. This makes it easier for money launderers to use them to disguise the origins of illicit funds.

NEW QUESTION # 32
Combating the Financing of Terrorism (CFT)]
What reputational risk consequence could a financial entity face for violating AML laws?

A. Loss of high-profile customers
B. Increased audit costs to monitor behavior
C. Monetary penalties
D. Seizure of assets

Answer: A

Explanation:
Reputational risk is the potential for negative publicity, public perception, or legal action to adversely affect a financial entity's image, brand, or customer loyalty1. Violating AML laws can have significant reputational risks for financial entities, as they may be perceived as facilitating or enabling money laundering, terrorist financing, or other illicit activities. This can result in a loss of trust, credibility, and revenue from existing and potential customers, especially those who are high-profile, sensitive, or socially responsible23. Moreover, violating AML laws can also attract negative media attention, regulatory scrutiny, and legal action, which can further damage the reputation of the financial entity and expose it to additional sanctions, fines, or penalties4.
:
1: ACAMS, CAMS Study Guide, 6th Edition, Chapter 1, page 16
2: ComplyAdvantage, 5 AML Reputational Risk Considerations for 2023, link
3: Exam-Answer, Reputational Risk Consequences for Violating AML Laws, link
4: Unit21, 8 AML Penalties, Fines, and Sanctions + Examples You Should Avoid, link Reference:https://www.ifc.org/wps/wcm/connect/e7e10e94-3cd8-4f4c-b6f8-1e14ea9eff80
/45464_IFC_AML_Report.pdf?MOD=AJPERES&CVID=mKKNshy

NEW QUESTION # 33
In general, what is an element that a financial institution or business does not have to specifically address in an anti-money laundering program?

A. A description of its OFAC program to address government watch list screening
B. An ongoing employee training program
C. A designated compliance officer with day-to-day oversight over the AML program
D. A system of internal policies, procedures and controls

Answer: A

Explanation:
According to the Bank Secrecy Act (BSA), a financial institution or business must establish an anti-money laundering (AML) program that includes at least four elements: (a) a system of internal policies, procedures and controls to prevent, detect and report money laundering and other illicit activities; (b) a designated compliance officer who is responsible for overseeing the implementation and effectiveness of the AML program; © an ongoing employee training program that covers the legal and regulatory obligations, the risks and red flags of money laundering, and the roles and responsibilities of the staff in the AML program; and (d) an independent audit function that tests and evaluates the adequacy and compliance of the AML program12.
While the Office of Foreign Assets Control (OFAC) is a key agency that enforces economic and trade sanctions against targeted foreign countries, entities and individuals, it is not part of the BSA or the AML program requirements. However, financial institutions and businesses are expected to comply with OFAC regulations and screen their customers and transactions against the OFAC lists of sanctioned parties. Failure to do so may result in civil or criminal penalties34. Therefore, it is advisable for financial institutions and businesses to have an OFAC program that is integrated with their AML program, but it is not a mandatory element that they have to specifically address in their AML program.
Reference:
1: Financial Crimes Enforcement Network (2020). Anti-Money Laundering Programs
2: ACAMS (2020). CAMS Certification Package (6th Edition)
3: Office of Foreign Assets Control (2023). Sanctions Programs and Country Information
4: Moses & Singer LLP (2023). Anti-Money Laundering, Bank Secrecy and OFAC Regulations

NEW QUESTION # 34
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