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ACAMS CAMS7 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: AML Compliance Framework | 25% | - Compliance program components
|
| Topic 2: Risk Management and Due Diligence | 25% | - Customer Due Diligence (CDD/KYC)
|
| Topic 3: Money Laundering and Terrorist Financing Concepts | 30% | - Global AML/CFT standards
|
| Topic 4: Detecting and Preventing Financial Crime | 20% | - Investigations and enforcement
|
ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions:
A compliance officer at a financial institution has completed an investigation into a high-risk customer's activities and determined that there are strong indications of money laundering. The compliance officer has documented their findings and is ready to recommend offboarding the customer. However, the relationship manager responsible for the customer is resistant to the idea, citing the customer's significant revenue contribution to the institution. What should the compliance officer do next to ensure the appropriate escalation and decision-making process is followed?
- A. Escalate the matter to the institution's high-risk client committee, presenting the investigation findings and recommending offboarding while also acknowledging the relationship manager's concerns
- B. Delay the offboarding decision and continue monitoring the customer's activities, waiting for further evidence to solidify the case for termination
- C. Attempt to persuade the relationship manager to agree with the offboarding recommendation by highlighting the potential reputational and regulatory risks associated with maintaining the relationship
- D. Proceed with offboarding the customer unilaterally based on their investigation findings and anti- money laundering (AML) concerns
Correct Answer: A 🗳️
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A long-term client of an insurance company makes changes to a policy that require payment of an additional lump sum. The amount payable is high, though within the client's means based on the KYC information collected. The payment is made via a company in another jurisdiction that is known to have lax AML controls. Which indicator of suspicious activity is present?
- A. A long-term client wants a change to a policy that is already in force
- B. The additional premium payable appears to be within the client's means based on the KYC information collected
- C. The payment was made via a company in a jurisdiction known to have lax AML controls
- D. The payment was made via a company that appears to be owned and controlled by the client being insured
Correct Answer: C 🗳️
Common risks associated with cryptocurrency and convertible virtual currencies include: (Choose three.)
- A. facilitating payment for other illicit activities and goods.
- B. obscuring the source of illicit funds.
- C. funds being stolen from other users.
- D. layering transactions to hide the origin of funds derived from illicit activity.
- E. difficulty converting into physical currency.
Correct Answer: A,B,D 🗳️
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Which key metric would provide the most valuable data to the senior management of a financial institution about the effectiveness of its AML controls?
- A. The number of clients exited for commercial reasons
- B. The ratio of true positives to false positives generated by the automated monitoring system
- C. The number of money laundering alerts generated by the watchlist screening system
- D. The number of high-risk customers onboarded each month
Correct Answer: B 🗳️
Money services business (MSB) customers present the greatest financial crime risks to mitigate if they: (Select Two.)
- A. Require registration
- B. Often send cross-border transfers
- C. Conduct a large volume of low-value transactions
- D. Process the activity of a customer's customer
Correct Answer: B,D 🗳️
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