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

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ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions (Q152-Q157):

NEW QUESTION # 152
Which payment type presents the highest financial crime risk?

A. A bill payment made to a friend after splitting a dinner bill
B. A check returning a mortgage overpayment made in error
C. A regular standing order to a high-interest savings account
D. A payment made to a mixer platform

Answer: D

NEW QUESTION # 153
A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele's high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems. How would these controls impact the assessment of residual risk?

A. The residual risk would be significantly reduced due to the effectiveness of the controls in place
B. The residual risk would remain high due to the inherent nature of the private banking business
C. The residual risk would be moderately reduced, but further controls may be necessary to achieve an acceptable level
D. The residual risk would be eliminated entirely because the controls are sufficient to mitigate all potential risks

Answer: A

Explanation:
In anEnterprise-Wide Risk Assessment (EWRA),residual riskis the level of risk that remains after applying mitigating controls to theinherent risk(the risk present before controls are applied).
In this scenario, theinherent risk is highdue to the nature of private banking--high net worth clients,cross-border transactions,complex ownership structures, andhigh-value financial products.
However, the institution has implementedrobust CDD and EDD, as well asadvanced transaction monitoring systems.
According to the CAMS Study Guide - 6th Edition, wheneffective and properly implemented controlsare in place, they cansignificantly reducethe residual risk--even in high-risk business areas like private banking. However, no control framework caneliminate all riskentirely.
Option A is correct: Controls can significantly reduce the residual risk when strong, effective systems and procedures are in place.

NEW QUESTION # 154
Which money laundering risks are posed by the misuse of trust and asset management services? (Select Three.)

A. Establishing escrow accounts for real estate transactions
B. Concealing sources of funds
C. Allowing for third-party custody safekeeping of funds
D. Concealing true legal and beneficial owners
E. Adding a layer of anonymity to transactions

Answer: B,D,E

Explanation:
A, C, D:
"Trust and asset management services can facilitate the concealment of the source of funds (A), provide a layer of anonymity to transactions (C), and obscure the true legal and beneficial owners (D). These are well- established ML/TF risks in the private wealth sector."(CAMS 6th Edition, ML/TF Risks in Trust and Asset Management) B and E are normal aspects of asset management and are not in themselves ML/TF risks unless combined with other suspicious behaviors.
References:
CAMS 6th Edition, Risks in Trust and Asset Management
FATF Recommendations 24, 25

NEW QUESTION # 155
Which of the following is a crucial step for a financial institution when leveraging regulatory reports to improve transaction monitoring? (Select Two.)

A. Building or enhancing monitoring scenarios based on reported crime typologies
B. Systematically incorporating risks identified in the reports into the internal risk assessment
C. Comparing internal data across all sectors and products referenced in the reports
D. Comparing regulatory reports with peer data

Answer: A,B

Explanation:
Regulatory reports--such as those published by FATF, FIUs, and supervisory authorities--provide valuable insights into emerging money laundering and terrorist financing risks.
A crucial step is systematically integrating identified risks into the institution's internal risk assessment. This ensures that the organization's understanding of threats remains current and aligned with regulatory expectations.
Another key action is building or enhancing transaction monitoring scenarios based on the typologies and red flags described in regulatory reports. This directly improves detection effectiveness and responsiveness to evolving threats.
While internal benchmarking and peer comparison may be useful, they are not substitutes for directly updating risk assessments and monitoring logic based on regulatory intelligence.

NEW QUESTION # 156
A global financial institution is conducting a comprehensive review of its due diligence processes to strengthen its defenses against financial crime. Recent incidents have highlighted vulnerabilities related to employee misconduct, including unauthorized transactions and sharing of sensitive customer information. Additionally, the FI has faced issues with third-party vendors who failed to meet compliance standards, leading to increased regulatory scrutiny. Which of the following measures would be most effective in addressing the bank's due diligence needs for employees, vendors, and third parties to mitigate insider threats and ensure compliance with AML regulations?

A. Establishing a surveillance program for employees, vendors, and third parties, including periodic risk assessments, access controls, and regular reviews of their compliance with AML policies
B. Implementing background checks for employees and vendors prior to onboarding or the start of engagement to identify any red flags
C. Limiting the number of vendors and third parties in high-risk jurisdictions in order to reduce exposure to compliance risks
D. Relying on self-reported compliance certifications from vendors and employees to confirm adherence to AML standards on a periodic basis

Answer: A

Explanation:
Establishing a surveillance program with periodic risk assessments, access controls, and regular compliance reviews for employees, vendors, and third parties is the most effective way to mitigate insider threats and ensure ongoing adherence to AML regulations. This proactive approach continuously monitors risk rather than relying solely on initial checks or self-certifications.

NEW QUESTION # 157
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