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ACAMS CAMS7 Exam Syllabus Topics:

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

Question 1

The Basel Committee on Banking Supervision published guidelines on the "Sound management of risks related to money laundering and financing of terrorism." With regard to identifying and accepting customers, it recommends that banks: (Select Two.)

A. Are prohibited from offering numbered accounts to customers, even if procedures are established to gather and maintain due diligence information.
B. Establish policies and procedures to identify and verify customers, beneficial owners, and any individuals that can transact on behalf of their customers.
C. Establish policies and procedures to ensure due diligence activities are identical for all customers.
D. Establish policies and procedures that encourage processing transactions while due diligence information is being established and verified.
E. Establish policies and procedures for customer due diligence that vary based on risk.

Question 2

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

Question 3

The recently appointed senior money laundering reporting officer (MLRO) at a newly opened small digital bank has been instructed by the group chief compliance officer to implement an effective AML transaction monitoring system that can identify unusual and suspicious transactions. What are important considerations for the project to select and implement the AML transaction monitoring system at the digital bank? (Select Two.)

A. Whether the monitoring system is adequate with respect to the bank's size, activities, complexity, and risks
B. Whether the vendor has documented appropriate internal controls for designing system and data integration schema
C. Whether the monitoring system can be configured to enable the bank to execute trend analysis of transaction activity and to identify unusual business relationships and transactions
D. Whether the permissions and user access settings for reviewing, investigating, and reporting details of alerts generated by the system are commensurate with those in use at other banks

Question 4

When a financial institution (FI) is considering providing traditional banking services to a virtual asset service provider (VASP), consideration should be given to whether the FI: (Select Two.)

A. implements enhanced KYC measures.
B. consistently reviews transactions between fiat and virtual currencies.
C. has a general understanding of virtual assets.
D. owns virtual currencies itself.

Question 5

A law enforcement action alleged that on several trading days over the course of two months, defendants engaged in a series of copper gold, crude oil. and natural gas futures transactions on an electronic trading platform One defendant repeatedly bought future contracts at low prices from the other, and then immediately sold them back at higher prices. As a result, one defendant effectively pocketed the same amount as the other lost even though there were no changes in the open positions held by either defendant. What is a name for this typology?

A. Reverse flip
B. Wash trading
C. Bid-ask spread
D. Short position

Solutions: