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ACAMS CAMS7 Exam Syllabus Topics:

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

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q361-Q366):

NEW QUESTION # 361
Which non-governmental bodies typically issue information and guidance related to AML/CFT issues? (Choose two.)

A. Transparency International
B. Tax Justice Network
C. Financial Action Task Force (FATF)
D. Wolfsberg Group

Answer: A,D

Explanation:
The Wolfsberg Group and Transparency International are non-governmental organizations that provide information and guidance on AML/CFT matters, helping institutions and policymakers strengthen financial crime prevention practices.

NEW QUESTION # 362
The chief compliance officer at a global bank that operates in the US, EU, and other countries is responsible for navigating the US and EU regulations related to anti-money laundering (AML) and sanctions as well as any local regulations in the countries where it operates.
What should be the primary compliance concern of the bank?

A. The EU's sanctions regime is stricter than that of the US Office of Foreign Assets Control (OFAC), so the bank must prioritize compliance with EU regulations over US laws and train the staff in Europe accordingly
B. US and EU regulations require the bank to build separate compliance teams, making it necessary to establish completely separate systems for US and EU operations
C. Balancing compliance with the US BSA and OFAC sanctions while ensuring adherence to EU AML directives and the GDPR, which complicates cross-border data sharing
D. US anti-money laundering regulations are stricter than the EU AML Directives, making it easier for the global bank to be compliant in the EU

Answer: C

Explanation:
The primary compliance concern is balancing compliance with the US Bank Secrecy Act (BSA) and OFAC sanctions while also ensuring adherence to EU AML directives and GDPR requirements. GDPR's strict data protection rules can complicate cross-border information sharing, making it challenging to align compliance across multiple jurisdictions.

NEW QUESTION # 363
News published in Country A reports that a politically exposed person (PEP) had received a bribe from a transnational company headquartered in a developing country of approximately USS1.5 million deposited into on account at a financial institution (Fl> located in Country B Both countries are members of the Egmont Group The account where the money was deposited belongs to the PEP's immediate family member. To corroborate the facts, the PIU of Country A sent a formal request via secure communication channels for further information from its counterpart FIU in Country B.
According to Egmont principles, the FIU of Country B can:

A. deny the request if the FIU of Country B has not received a suspicious activity report (SAR) from the Fl where the account was opened.
B. direct the FIU of Country A to the Fl where the account was opened for further information.
C. provide the information available to them because the exchange is between two FlUs that are members of the Egmont Group, and the formal request was made using secure communication channels.
D. provide the requested information only if a memorandum of understanding (MoU) is signed between Country A and Country

Answer: C

NEW QUESTION # 364
Which of the following are AML risks associated with onboarding a high-risk customer? (Select Two.)

A. Reduced regulatory scrutiny compared to low-risk customers
B. Increased likelihood of engaging in financial crimes
C. Enhanced customer due diligence requirements
D. Greater potential for laundering illicit proceeds

Answer: B,D

Explanation:
High-risk customers present elevated money laundering and terrorist financing risks, requiring careful consideration before onboarding. FATF guidance emphasizes that higher-risk relationships demand stronger controls due to their increased vulnerability to misuse.
One key risk is the greater potential for laundering illicit proceeds. High-risk customers may operate in sectors, jurisdictions, or business models that are frequently abused for financial crime, increasing the likelihood that illicit funds could pass through the institution.
Another significant risk is the increased likelihood of involvement in financial crimes, either directly or indirectly. This may include exposure to corruption, fraud, sanctions evasion, or organized crime networks.
Enhanced due diligence is not a risk but rather a risk-mitigating control imposed by regulators. Reduced regulatory scrutiny is incorrect, as high-risk customers are subject to greater-not lesser-oversight.

NEW QUESTION # 365
Why are shell companies frequently associated with money laundering schemes?

A. They always operate illegally
B. They simplify payroll administration
C. They can obscure ownership and financial flows
D. They reduce currency conversion fees

Answer: C

Explanation:
Shell companies may be used legitimately, but criminals often exploit them to hide beneficial ownership, disguise transaction origins, and move funds across jurisdictions. Complex corporate structures can impede transparency and complicate investigations, especially when combined with nominee directors or secrecy jurisdictions.

NEW QUESTION # 366
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