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ACAMS CAMS7 Exam Syllabus Topics:

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

1. A customer regularly sends small international wires to multiple unrelated beneficiaries in conflict regions. Which risk is MOST concerning?

A) Tax optimization
B) Insider trading
C) Consumer lending abuse
D) Terrorist financing

2. Which of the following measures is one that the FATF recommends that Financial Institutions and Designated Non-Financial Businesses and Professions (DNFPB) take to mitigate risks arising from business relationships with foreign politically exposed persons (PEPs)?

A) Subscribe to commercial databases to assist in the detection of PEPs
B) Require approval from the prudential regulator for entering into or continuing the business relationship
C) Raise transaction monitoring thresholds for PEP accounts in automated systems to account for higher transaction values and complex legal vehicles and financial structures
D) Establish processes to understand the PEP's source of wealth and the source of funds, and to refresh that understanding on a regular basis

3. A key advantage of privacy enhancing technologies (PETs) in anti-money laundering is that they offer:

A) transfer, decryption and storage of data by the data processor.
B) full access to underlying data with full and uninterrupted calculations made on the data.
C) secure processing of data while it remains encrypted.
D) simultaneous encryption and decryption for underlying data.

4. A financial institution is designing an enterprise-wide risk assessment (EWRA). According to the guidance issued by the Wolfsberg Group regarding a risk-based approach to identifying and managing money laundering risks, an effective approach should:

A) Focus on understanding the risks presented by new clients within the assessment period, and the controls to mitigate associated money laundering risks.
B) Focus on the inherent risk in the FI's product and service offerings and the controls to mitigate potential money laundering risks.
C) Use a framework provided by a third-party vendor and used by other FIs in the jurisdiction.
D) Include appropriate measures and controls to mitigate money laundering risks stemming from higher-risk customers, products, and geographies.

5. Which of the following laws or regulations can impact the application of AML/CFT programs and require financial institutions (r" Is) to balance multiple compliance requirements?

A) AML/CFT laws are the primary focus for FIs, and other regulations like data privacy and consumer protection may only indirectly influence their compliance obligations
B) Data privacy laws can restrict the sharing of customer information, while financial inclusion initiatives require FIs to avoid excessive de-risking that could exclude vulnerable populations.
C) Environmental, social, and governance (ESG) frameworks can influence a Fl's risk management strategies but are generally considered separate from core AML/CFT compliance requirements
D) Consumer protection laws may intersect will) AML/CFT requirements when handling customer complaints or disputes, potentially affecting how FIs implement their compliance programs.

Solutions: