ACAMS CAMS7

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ACAMS CAMS7 Exam Syllabus Topics:

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

1. Which of the following controls is typically implemented at customer onboarding to mitigate the risk of onboarding high-risk customers?

A) Customer risk assessment
B) Sanctions screening
C) Transaction monitoring
D) Enhanced due diligence (EDD)

2. Which of the following are important AML controls for a compliance manager of a regulated asset management company in the European Union to implement? (Select Two.)

A) Producing financial stability reports on interesting customers
B) Inviting prospective customers for an onboarding interview
C) Rejecting any politically exposed persons (PEPs) as customers
D) Understanding the source and origin of assets
E) Performing negative news checks of prospective customers

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. Which statement regarding data privacy is the most accurate in the context of AML investigations?

A) Organizations are required to demonstrate that customers have opted into information sharing before submitting suspicious activity reports to relevant financial intelligence units (FIUs)
B) Data privacy laws prohibit information sharing between financial institutions for the purposes of AML investigations in all jurisdictions
C) FIUs should document purposes for which personal data included on suspicious activity reports may be shared with other agencies
D) Any customer that is the subject of a suspicious report filing has the right to request redaction of their personal data

5. In what ways is the finance industry vulnerable to the risks of money laundering? (Select Three.)

A) It invests in new technology and systems to ensure effective and timely detection of financial crime
B) It is frequently engaged with high-risk jurisdictions, which can increase exposure to financial crime or weak regulatory oversight
C) It is subject to heightened regulatory obligations with strict reporting requirements to safeguard the financial system from illicit fund flows and ensure market stability
D) It offers complex financial products, which can make it easier to obscure the source of funds
E) It has high transaction volumes, making it difficult to identify suspicious activities and track the origin of funds

Solutions: