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ACAMS CAMS7 Exam Syllabus Topics:

Section	Weight	Objectives
Topic 1: Tools and Technologies to Fight Financial Crime
Topic 2: Global AFC Frameworks, Governance and Regulations		- AML Regulatory Framework (Elective options: Canada, EU, UK, USA)
Topic 3: Understanding Risks and Methods of Financial Crime	30%	- Financial Crime Risks related to insurance products - Financial Crime Risks related to trusts and company service providers - Financial Crime Risks related to products within other financial sectors - Financial Crime Risks related to gatekeepers - Financial Crime Risks related to gaming and gambling - Financial Crime Risks related to MSBs, PSPs, and ecommerce platforms - Financial Crime Risks related to VASPs, cryptoassets, and related products - Financial Crime Risks related to Politically Exposed Persons (PEPs) and high-risk customers - Financial Crime Risks related to real estate
Topic 4: Building an AFC Compliance Program

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q318-Q323):

NEW QUESTION # 318
A bank has been fined for failing to take reasonable care to establish and maintain effective systems and controls for high-risk customers, including politically exposed persons (PEPs).
Which typical financial crime risks should the bank have addressed? (Choose three.)

A. Gathering sufficient information to establish the source of funds and source of wealth
B. Ensuring an employee is responsible for liaison with the authorities on matters related to countering the finance of terrorism
C. Assessing the level of money laundering risk posed by prospective and existing high-risk customers
D. Assessing and reviewing the minutes of the relevant committee responsible for onboarding customers
E. Ensuring that resources in its compliance and AML areas kept pace with the bank's growth

Answer: A,C,E

Explanation:
For high-risk customers, including PEPs, the bank should have gathered adequate information on the source of funds and wealth, assessed the money laundering risk of each customer, and ensured compliance and AML resources scaled with business growth to maintain effective systems and controls.

NEW QUESTION # 319
What are the roles of a government Financial Intelligence Unit (FIU)? (Select Three.)

A. Analyze all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions
B. Disseminate analysis of suspicious transaction and suspicious activity reports to foreign judicial systems to enhance their anti-money laundering and terrorist financing investigations and prosecutions
C. Receive reports of suspicious transactions and suspicious activities from reporting institutions or obliged institutions
D. Disseminate the analysis of suspicious transaction and suspicious activity reports to local law enforcement agencies and foreign FIUs to combat money laundering
E. Investigate and where appropriate prosecute all suspicious transaction and suspicious activity reports received from reporting institutions or obliged institutions

Answer: A,C,D

NEW QUESTION # 320
Which changes at a financial institution (FI) should trigger an enterprise-wide reassessment of its inherent AML risk exposure? (Select Three.)

A. Changes in the individuals overseeing the FI's product lines and sales strategies
B. Restructuring of the FI's risk and compliance functions
C. Mergers or acquisitions
D. Use of new technologies for delivering existing products
E. Introduction of new products or services

Answer: C,D,E

NEW QUESTION # 321
According to the Financial Action Task Force's (FATF's) "Guidance for a Risk-Based Approach Life Insurance Sector," which of the following are money laundering red flags relating to the involvement of a third party in a life insurance product? (Select Two.)

A. Payments are regularly received from third parties that have no apparent relationship with the policy holder.
B. A customer names an apparently unrelated third party as a beneficiary.
C. A customer transfers the policy to another insurance company unaffiliated with the original policy issuer.
D. A customer engages an attorney to consult on the issuance of the policy.

Answer: A,B

Explanation:
FATF and CAMS 6th Edition highlight certain third-party activities as red flags for money laundering in the life insurance sector:
Payments are regularly received from third parties that have no apparent relationship with the policy holder (C):"Red flags include payments made by third parties, especially where there is no apparent connection between the third party and the policy holder."(FATF, Risk-Based Approach for Life Insurance Sector, Section IV: Red Flags; CAMS 6th Edition, Customer Due Diligence for Life Insurance) A customer names an apparently unrelated third party as a beneficiary (D):"Another warning sign is when beneficiaries have no apparent relation to the policyholder."(FATF, Ibid; CAMS 6th Edition, Life Insurance ML/TF Red Flags) Incorrect Options:
A: Consulting an attorney is not, by itself, a red flag.
B: Policy transfer may warrant review but is not specifically a red flag for third-party involvement.
References:
CAMS 6th Edition, Life Insurance ML/TF Risks
FATF, Guidance for a Risk-Based Approach for the Life Insurance Sector (October 2018)

NEW QUESTION # 322
A large international bank's chief compliance officer (CCO) is exploring ways to enhance the bank's ability to identify suspicious activities by using intelligence data more effectively. One potential solution is to engage in public-private partnerships (PPPs) to leverage shared intelligence and enhance collaboration with government agencies.
The bank considers joining a PPP initiative with the local Financial Intelligence Unit (FIU) and other financial institutions to improve its access to relevant data and intelligence. The CCO understands that while PPPs can provide significant benefits, such as improved risk detection and enhanced information sharing, there are also potential limitations, including data privacy concerns and differing priorities between public and private sector partners.
Which approach would best maximize the benefits of PPPs for the bank while mitigating the limitations associated with data sharing and intelligence?

A. Prioritize the bank's internal data sources over external intelligence from PPPs, as internal data is easier to control and does not present data privacy challenges
B. Establish a clear framework within the PPP that outlines data privacy protections and ensures that information sharing complies with legal and regulatory requirements in all jurisdictions involved
C. Rely solely on the intelligence provided by government agencies through the PPP because they have the most comprehensive data on suspicious activities
D. Engage in the PPP without strict data sharing protocols, allowing for open and unrestricted flow of information between the bank, FIUs, and other financial institutions

Answer: B

Explanation:
To maximize the benefits of PPPs while addressing data privacy and regulatory concerns, the bank should establish a clear framework within the partnership that defines privacy protections and ensures all information sharing complies with applicable legal and regulatory requirements across jurisdictions. This approach fosters trust, enables effective collaboration, and mitigates potential legal risks.

NEW QUESTION # 323
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