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ACAMS CAMS7 Exam Syllabus Topics:
| Section | Weight | Objectives |
|---|---|---|
| Topic 1: Understanding Risks and Methods of Financial Crime | 26% | - Terrorism financing and proliferation financing
|
| Topic 2: Global Anti-Financial Crime Frameworks, Governance and Regulations | 24% | - Regional and national regulations
|
| Topic 3: Tools, Technologies and Investigations | 22% | - Technology and systems
|
| Topic 4: Building and Managing Anti-Financial Crime Compliance Programs | 28% | - Audit, testing and continuous improvement - Program framework and policies
- Monitoring, reporting and record keeping
|
ACAMS Certified Anti-Money Laundering Specialist (CAMS7 the 7th edition) Sample Questions:
1. What are the key anti-financial crime (AFC) regulatory bodies in the United States and the European Union and their respective roles?
A) FinCEN and ESMA issue sanctions and combat money laundering
B) The US Federal Reserve and the European Central Bank oversee money laundering and sanctions
C) The Office of Foreign Assets Control (OFAC) enforces US sanctions, while FinCEN focuses on money laundering. In the EU, the European Commission sets AML/CFT regulations, with enforcement by member states coordinated by the AML Authority
D) The SEC and the EBA are the main bodies enforcing AML and sanctions
2. Why should AML monitoring thresholds be periodically reviewed?
A) Regulations and customer risks may change over time
B) Thresholds never affect alert quality
C) Monitoring systems cannot produce false positives
D) Regulators prohibit threshold adjustments
3. A financial institution's US Branch receives a subpoena from law enforcement requesting detailed records of a customer's account activity. The customer is part of an ongoing investigation into a money laundering operation. At the same time, the institution has received a FinCEN 314(b) information-sharing request from another bank seeking details on transactions linked to the same customer. The compliance team is tasked with responding to both the subpoena and the FinCEN
314(b) request. What should the compliance officer prioritize in responding to these requests while ensuring that all legal and regulatory obligations are met?
A) Respond to the FinCEN 314(b) request first, as it allows for voluntary information sharing with partner organizations
B) Notify the customer of the information-sharing request from the other financial institution and seek their consent before responding
C) Consult the institution's legal counsel to validate the subpoena, then respond directly to law enforcement while ensuring all documentation is properly recorded
D) Provide the requested records to both law enforcement and the other financial institution immediately to ensure full cooperation and transparency
4. A law firm is involved in setting up complex offshore corporate structures for a client with minimal documentation of the source of funds. The firm does not question the client's transactions or report any suspicious activity. What is the primary money laundering risk associated with this behavior by the law firm?
A) The law firm is providing routine legal services that include creating complex legal structures, and no further scrutiny is required
B) The law firm is avoiding fees by minimizing documentation for clients in high-risk jurisdictions
C) The law firm is engaging in aggressive tax planning to help the client avoid legal taxes
D) The law firm is acting as a gatekeeper, facilitating the movement and concealment of illicit funds through complex corporate structures
5. Which practices should financial institutions (FIs) adopt for the process of terminating customer relationships? (Choose three.)
A) Keeping records of the termination process, including the justification for the decision and any correspondence with the customer
B) Utilizing a flexible communication style that adapts to different customer situations during the termination process
C) Implementing a standardized procedure for customer termination that includes risk assessments and necessary documentation
D) Notifying the customer of the termination decision only after completing the termination process to prevent possible disputes
E) Performing a final review of a customer's transaction history and records to address any unresolved issues prior to termination
Solutions:
| Question # 1 Answer: C | Question # 2 Answer: A | Question # 3 Answer: C | Question # 4 Answer: D | Question # 5 Answer: A,C,E |
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