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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Tools, Technologies and Investigations	22%	- Remediation and response 1. Corrective actions and regulatory engagement - Investigation processes and evidence handling 1. Case management and escalation 2. Cooperation with authorities and information sharing - Technology and systems 1. Monitoring systems, screening tools, data analytics 2. Cryptoasset and virtual asset compliance
Topic 2: Global Anti-Financial Crime Frameworks, Governance and Regulations	24%	- Regional and national regulations 1. EU AML Directives 2. USA PATRIOT Act and extraterritorial laws - International standards and bodies 1. FATF 40 Recommendations 2. Basel Committee, Wolfsberg Group, UN conventions - Governance, accountability and ethics 1. Roles of board, senior management and compliance function 2. Ethical obligations and professional standards
Topic 3: Building and Managing Anti-Financial Crime Compliance Programs	28%	- Customer due diligence and know-your-customer 1. CDD, EDD, beneficial ownership identification 2. politically exposed persons and high-risk clients - Program framework and policies 1. Policies, procedures and controls design 2. Risk assessment and risk-based approach - Training, awareness and internal communication - Monitoring, reporting and record keeping 1. Suspicious activity reporting (SAR/STR) 2. Transaction monitoring and alert management 3. Legal record retention requirements - Audit, testing and continuous improvement
Topic 4: Understanding Risks and Methods of Financial Crime	26%	- Terrorism financing and proliferation financing 1. Sources and mechanisms 2. Distinctions from money laundering - Money laundering stages and techniques 1. Methods across financial sectors and businesses 2. Placement, layering, integration - Sanctions regimes and compliance risks 1. Risk identification and mitigation 2. UN, EU, OFAC frameworks - Financial crime risks and consequences 1. Institutional, individual, economic and social impacts

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q394-Q399):

NEW QUESTION # 394
An internal audit team is reviewing the anti-financial crime (AFC) program of its firm. Which of the following attributes of the third line of defense would be most critical to ensure unbiased and effective oversight?

A. Independent testing
B. Periodic training of the function
C. Qualification of the team
D. Consistency of approach

Answer: A

Explanation:
Independent testing is critical for the third line of defense to provide unbiased and effective oversight, ensuring that reviews and audits are objective and free from influence by the first or second lines of defense.

NEW QUESTION # 395
Which key performance indicators (KPIs) should be considered in the context of ML/TF transaction monitoring? (Select Three.)

A. Number of transactions by top customers
B. Number of alerts by region
C. Average time to review an alert
D. Number of alerts raised for review or reporting
E. Number of days required to hire new staff

Answer: B,C,D

Explanation:
Key performance indicators (KPIs) are essential for evaluating the effectiveness and efficiency of transaction monitoring systems within an AML/CFT program. Regulators expect institutions to monitor how well their systems identify, prioritize, and resolve suspicious activity.
The number of alerts raised provides insight into system sensitivity and potential over- or under- alerting. Tracking alerts by region helps institutions identify geographic risk concentrations and emerging threats. The average time to review an alert measures operational efficiency and whether investigations are conducted promptly, as required by regulatory expectations.
Hiring timelines and transaction volumes by top customers are operational or business metrics and do not directly assess transaction monitoring effectiveness.

NEW QUESTION # 396
A financial institution plans to implement adverse media screening with Artificial Intelligence (AI)/Machine Learning (ML) capabilities During testing, the system produces high volumes of irrelevant news articles for review. What is the best way to address this issue?

A. Increase the frequency of updates to media sources
B. Narrow the media sources to avoid unrelated articles
C. Rely on manual filtering by investigators
D. Adjust AI/ML models to focus on high-risk keywords/phrases from reputable media sources

Answer: D

Explanation:
The most effective way to reduce irrelevant results in AI/ML-driven adverse media screening is to fine-tune the models to prioritize high-risk keywords and reliable sources. This improves precision by filtering out noise and directing focus toward content that is more likely to indicate financial crime risk.

NEW QUESTION # 397
A financial institution's transaction monitoring system flags an unusually high volume of international wire transfers originating from a small business account. The transfers are being sent to multiple jurisdictions known for limited regulatory oversight. Additionally, an employee reports suspicious behavior from the account holder during an in-person visit, where they requested a large cash withdrawal without providing a clear business justification. As part of the investigation, the compliance team must assess whether this activity is suspicious and determine the appropriate next steps. Which of the following steps should be taken first in the investigation process to properly gather information and assess whether the transactions are suspicious?

A. Review the transaction history of the account to identify patterns, including the frequency, destination, and purpose of the wire transfers
B. Notify senior management and suggest account closure due to potential risks
C. Contact the customer directly to ask for clarification on the reason for the large cash withdrawal
D. Immediately file a suspicious activity report (SAR) based on the employee's report of suspicious behavior

Answer: A

Explanation:
A: The first step in any suspicious activity investigation is to review the transaction history and other relevant account information to establish context, identify patterns, and determine if the behavior is consistent with known typologies of money laundering.
"The initial phase of an AML investigation is to review relevant account information and transaction activity to assess whether a SAR filing is warranted." This approach ensures that any subsequent decisions, such as escalation, SAR filing, or customer outreach, are based on a comprehensive understanding of the facts.

NEW QUESTION # 398
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 standardizes compliance processes across all regions.
C. It eliminates the need for periodic audits of low-risk customers.
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 # 399
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