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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Money Laundering and Terrorist Financing Concepts	30%	- Global AML/CFT standards 1. International regulatory frameworks 2. FATF Recommendations - Definitions and stages of money laundering 1. Placement, layering, integration 2. Terrorist financing typologies
AML Compliance Framework	25%	- Compliance program components 1. Internal controls 2. Policies and procedures - Roles and responsibilities 1. Governance and oversight 2. Compliance officer duties
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. Monitoring systems and typologies 2. Suspicious Activity Reports (SAR/STR)
Detecting and Preventing Financial Crime	20%	- Investigations and enforcement 1. Regulatory investigations 2. Case management and documentation - Financial crime typologies 1. Trade-based money laundering 2. Fraud and corruption schemes

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q347-Q352):

NEW QUESTION # 347
During which process must a country demonstrate to the Financial Action Task Force (FATF) that it has an effective framework to protect the financial system from abuse?

A. Formal assessment
B. Mutual evaluation
C. Technical analysis
D. Regulatory overview

Answer: B

Explanation:
In a mutual evaluation, a country must demonstrate to the FATF that it has an effective framework to protect its financial system from abuse. This process assesses both technical compliance with FATF Recommendations and the effectiveness of the country's AML/CFT measures.

NEW QUESTION # 348
An employee at a financial institution (Fl) suspects that one of their co-workers is involved in a financial investment scam syndicate. Which step should be taken next by the employee who has the suspicion?

A. Conduct an open-source intelligence investigation using artificial intelligence tools to gain more information on the activities of the suspected employee
B. Report the suspected employee to the line manager of the F1 to take the required action
C. Use the Fl's whistle blowing channel to report the suspected employee
D. Question their co-worker to determine If their suspicions are correct before reporting to the Fl's Human Resources department
E. Warn colleagues and customers of the F1 that the employee's suspicious financial investment proposals could be a scam

Answer: C

NEW QUESTION # 349
An agent of a wealthy individual residing in Country A, which is on the EU list of high-risk third jurisdictions, approaches a notary in Country B, which is in the EU. The agent wants to complete a disposal of assets recently acquired at auction by the wealthy individual through an offshore company. The agent also has a power of attorney to act on behalf of the offshore company issued by a respectable law firm from Country C, which is also in the EU. The agent asks the notary to proceed with the disposal as quickly as possible without paying any specific attention to related costs or taxes to be paid as a result of this transaction. The notary notices the intended transfer price is significantly lower than the one recorded at auction, but the agent does not want to discuss this matter and claims that it is not covered by the power of attorney.
Which red flags should the notary consider? (Select Two)

A. The power of attorney was issued by a law firm in a different EU country from where the transaction took place.
B. The agent requested a disposal of assets at a lower price than recently acquired.
C. The assets acquired through an auction were put in the name of an offshore company
D. The agent acted on behalf of an individual residing in a country which is on the EU's list of high-risk jurisdictions

Answer: B,D

Explanation:
A: Selling assets at a significant loss, especially shortly after purchase, is a classic red flag for asset laundering and value manipulation, which can be used to disguise the true nature of proceeds.
C: Transactions involving individuals from high-risk jurisdictions, as identified by the EU and FATF, warrant heightened scrutiny due to increased ML/TF risk.(CAMS 6th Edition, Red Flags for Complex Asset Transactions; EU List of High-Risk Third Countries) B and D may contribute to complexity but are not the primary red flags in this scenario.
References:
CAMS 6th Edition, Red Flags in Notarial and Legal Transactions
EU AML Directives and High-Risk Country Lists

NEW QUESTION # 350
Which of the following is a common strategy employed by non-governmental organizations (NGOs) to combat money laundering?

A. Directly prosecuting money launderers in court
B. Providing financial assistance to governments to strengthen their anti-money laundering efforts
C. Raising awareness about the issue of money laundering and its consequences
D. Helping Financial Intelligence Units (FIUs) to analyze the suspicious activity reports (SARs)

Answer: C

Explanation:
* D: NGOs play an important role in raising awareness about money laundering, lobbying for strong AML
/CFT laws, and educating the public and stakeholders about the risks and consequences.
* "NGOs help combat money laundering primarily through advocacy, education, and raising public and industry awareness."(CAMS 6th Edition, Role of NGOs in AML/CFT) References:
CAMS 6th Edition, Awareness and Advocacy in AML/CFT
FATF, Outreach to NGOs

NEW QUESTION # 351
What is the primary advantage of using a risk-based approach in allocating compliance resources?

A. It ensures focus on high-risk areas while maintaining operational efficiency.
B. It eliminates the need for periodic audits of low-risk customers.
C. It standardizes compliance processes across all regions.
D. It reduces the overall cost of compliance programs.

Answer: A

Explanation:
The CAMS 6th Edition highlights that a risk-based approach enables organizations to efficiently allocate compliance resources, focusing efforts on areas presenting the highest risk, thereby ensuring both regulatory compliance and operational effectiveness.
"A risk-based approach allows firms to concentrate resources and controls where the risk of ML/TF is highest, while applying simplified measures to lower-risk areas. This enhances both effectiveness and efficiency." (CAMS 6th Edition, AML Compliance Program: Risk-Based Approach) Incorrect Options:
* A: Cost savings may occur, but it is not the main advantage.
* B: Audits may still be required, just less frequently for low-risk customers.
* D: Risk-based approaches are tailored, not standardized, across regions.
References:
CAMS Study Guide 6th Edition, AML Compliance Program, "Risk-Based Approach" FATF Recommendation 1: Assessing risks and applying a risk-based approach

NEW QUESTION # 352
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