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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Risk Management and Due Diligence	25%	- Customer Due Diligence (CDD/KYC) 1. Customer identification programs (CIP) 2. Enhanced due diligence (EDD) - Transaction monitoring and reporting 1. Monitoring systems and typologies 2. Suspicious Activity Reports (SAR/STR)
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
Detecting and Preventing Financial Crime	20%	- Investigations and enforcement 1. Regulatory investigations 2. Case management and documentation - Financial crime typologies 1. Fraud and corruption schemes 2. Trade-based money laundering
AML Compliance Framework	25%	- Compliance program components 1. Policies and procedures 2. Internal controls - Roles and responsibilities 1. Governance and oversight 2. Compliance officer duties

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q368-Q373):

NEW QUESTION # 368
Common risks and red flags associated with trade finance clients may include: (Choose four.)

A. bills of lading matching the description of goods, quantities, and values with transshipment details justified
B. invoices with prices that are much higher than market price
C. account activity that is not consistent with the purpose of the account
D. transaction structures that appear unnecessarily complex
E. fluctuations in the pricing of standard goods and services
F. trade documents, such as invoices and letters of credit, that are not clearly worded or are in foreign languages

Answer: C,D,F

Explanation:
Trade finance red flags include account activity inconsistent with the account's stated purpose, unnecessarily complex transaction structures, poorly worded or foreign-language trade documents that may obscure details, and invoices with prices significantly above market value, which can indicate trade-based money laundering or fraud.

NEW QUESTION # 369
Which of the following strategies is most effective for a global organization to manage risks related to anti-money laundering (AML) and sanctions compliance?

A. Applying global AFC and sanctions policies to ensure consistency without the need to adapt to local regulations.
B. Ensuring group policies cater to compliance with each country's specific AML and sanctions regulations.
C. Ensuring sanctions compliance by relying solely on international bodies like the UN because there is no requirement to adhere to local laws.
D. Ensuring group policies and procedures prioritize adherence to US regulations because they are the most influential worldwide.

Answer: B

Explanation:
A global organization must ensure its group policies accommodate compliance with each country's specific AML and sanctions regulations to effectively manage risks across multiple jurisdictions.

NEW QUESTION # 370
Which risks are specifically associated with the misuse of gaming accounts in financial crime?
(Choose three.)

A. Ensuring identity verification is completed prior to the onboarding of new customers
B. Structuring transactions to avoid reporting thresholds by keeping them under certain limits
C. Investing all gaming winnings into high-risk stocks to conceal funds
D. Providing false personal information to evade regulatory oversight
E. Using gaming accounts to transfer illicit funds between players undetected

Answer: B,D,E

Explanation:
Risks tied to the misuse of gaming accounts include transferring illicit funds between players undetected, structuring transactions to avoid reporting thresholds, and providing false personal information to evade KYC and regulatory oversight, all of which can facilitate money laundering and other financial crimes.

NEW QUESTION # 371
Which of the following corporate structures present a higher money laundering risk because of reduced transparency? (Select Three.)

A. A limited liability company incorporated in a foreign jurisdiction
B. A company with nominee shareholders and directors in a local jurisdiction
C. A private investment company incorporated in a tax haven jurisdiction with strict secrecy laws
D. A company with bearer shares incorporated in a tax haven jurisdiction
E. A private company that has no activity in a tax haven jurisdiction

Answer: A,B,D

NEW QUESTION # 372
Which of the following are part of a risk-based approach? (Select Three.)

A. Performing a comprehensive risk assessment to identify customer, transaction, and geographic risks
B. Focusing monitoring primarily on previously flagged customers while using standard controls for others
C. Choosing and applying effective controls that align with the identified risk levels
D. Allocating resources equally across all customer segments to ensure fairness
E. Determining detailed risk profiles for customers based on their activities and relationships

Answer: A,C,E

Explanation:
A risk-based approach is central to AML/CFT programs and includes:
* A: Creating detailed risk profiles for customers based on their behaviors and connections.
* C: Applying controls that are tailored to the actual risk (not a one-size-fits-all approach).
* D: Performing a thorough risk assessment, considering customer, transaction, and geographic factors.
"A risk-based approach involves risk profiling, tailored controls, and comprehensive risk assessment across key risk factors." (CAMS 6th Edition, Risk-Based Approach and Risk Assessment) Incorrect:
* B: Monitoring only flagged customers is not sufficient.
* E: Equal allocation of resources ignores differing risk levels.
References:
CAMS 6th Edition, AML Compliance Program
FATF Recommendation 1: Risk-Based Approach

NEW QUESTION # 373
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