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

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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 risk factors are considered by many supervisory authorities as representing a higher inherent risk associated with MSBs? (Select Two.)

A) The prevalence of international wire transfers
B) The use of digital channels and traceable payment methods
C) The cash-intensive nature of the services offered
D) Domestic business with small and medium-sized enterprises
E) The use of new technologies to facilitate the onboarding of customers remotely

2. Professional service providers--including lawyers, accountants, investment brokers, and other third parties--may abuse their positions to facilitate money laundering. Which financial crime risks are associated with this type of abuse? (Select Three.)

A) Establishing shell companies to enable money laundering activities, including placement or layering
B) Opening an account to settle an estate on behalf of a client
C) Directing or facilitating the laundering of illicit funds, including structuring transactions
D) Opening a trust account to facilitate a legitimate real estate transaction
E) Opening third-party accounts for the primary purpose of masking the underlying client's identity

3. Which of the following scenarios warrants enhanced due diligence (EDD)? (Select Three.)

A) An existing local league footballer trying to open a bank account with a bank in their local jurisdiction
B) The former personal secretary to the minister of transport in a low-risk country 25 years ago opening a bank account at a bank in a neighboring low-risk country
C) The current prime minister of a country trying to open a bank account in another country
D) An individual with a current bank account who resides in one country becoming the ambassador of another country
E) A bank located in a higher risk country trying to establish a correspondent-respondent banking relationship with a bank in a lower-risk country

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

5. In which of the following scenarios should the customer be deemed to have an overly complex ownership structure?

A) A privately held company owned by two individuals whose interests are held by a series of trusts and foundations
B) A customer that is owned by two families with the involvement of over a dozen owners within the families
C) A trust set up with two co-trustees, one of whom is the grantor and the other is a corporate service provider
D) A multinational correspondent bank that has three layers of ownership between it and a publicly traded bank holding company

Solutions: