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ACAMS CAMS7 Exam Syllabus Topics:

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

1. Money laundering has social and economic impacts, especially within developing countries. A high volume of money laundering in a country may: (Select Two.)

A) Dissuade government tax incentive programs
B) Reduce confidence in the country's financial sector.
C) Lower the employment rate.
D) Dissuade foreign investment.
E) Reduce volatility in exchange and interest rates.

2. An organization is developing a comprehensive anti-money laundering (AML) framework. Which of the following statements best describes the relationship between AML policies and procedures?

A) Policies define the principles of an organization and influence the drafting of procedures.
Procedures are detailed instructions for specific processes.
B) Policies are broad guidelines. Procedures are detailed instructions for specific processes. Only procedures are mandatory for knowledge and adherence.
C) Policies are detailed instructions for specific processes. Procedures are an overarching framework. Both policies and procedures are mandatory for knowledge and adherence.
D) Policies are detailed instructions for specific processes. Procedures are an overarching framework. Neither policies nor procedures are mandatory for knowledge and adherence.

3. Which of the following accurately describes the economic, reputational and social consequences of money laundering (ML) and the risks and consequences of violating AFC regulations? (Choose two.)

A) When a financial institution (FI) is found to be promoting ML or violating AFC regulations, this can lead to a loss of confidence in the institution and a loss of customers. Interestingly, this scenario might sidestep any legal consequences for the Fl.
B) When laundered funds flow into legitimate economies, they can be used for illegal purposes, such as funding terrorist activities or organized crime. This distorts resource allocation and undermines development.
C) Jurisdictions perceived as having insufficient ML measures might be identified as uncooperative or high-risk, potentially facing restricted access to international markets, though economic sanctions by other countries are an unlikely outcome.
D) ML undermines the integrity and stability of financial systems and makes them vulnerable to illegal activity. This can erode investor confidence and hinder economic growth.

4. A compliance officer at a financial institution (FI) is reviewing a new client application for a virtual asset service provider (VASP). Which details should be part of the risk assessment to determine whether the customer falls within the FI's financial crimes risk appetite? (Select Three.)

A) Which registered institutions act on behalf of the VASP as operators of virtual asset wallets and virtual asset exchange offices
B) What percentage of the VASP's clients are classified as higher-risk
C) Whether the VASP is utilizing central bank digital currencies
D) Whether the VASP's procedures are sufficient for protecting client personally identifiable information
E) Who the VASP's clients are, including the breakdown of foreign and domestic individuals

5. The role of FATF-style regional bodies (FSRBs) is to: (Select Three.)

A) identify and address the current financial crime trends through the issuance of typologies originating in members outside of their FSRB's Jurisdiction.
B) provide AM L/C FT technical assistance needed by members in their FSRB junsdiction.
C) set and amend the FATF 40 Recommendations for members in their FSRB jurisdiction.
D) identify and address any gaps in the AML/CFT policies for members outside of their FSRB jurisdiction.
E) coordinate technical assistance for members in their FSRB jurisdiction
F) offer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction.

Solutions: