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ACAMS CAMS7 Exam Syllabus Topics:

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

Question 1

Which statement about the extraterritorial reach of US laws and legislation is accurate?

A. The Anti-Money Laundering Act of 2020 (AML Act) extraterritorial reach covers all USD transactions throughout the global economy
B. The Office of Foreign Assets Control's (OFAC's) economic and trade sanctions may pose extraterritorial risks for financial institutions and businesses outside of the US
C. Section 319(b) of the USA PATRIOT Act extraterritorial reach permits the seizure of funds from a correspondent bank account in the US that have been opened and maintained for the foreign bank
D. The Bank Secrecy Act (BSA) extraterritorial reach requires that the Travel Rule be applied to all financial institutions globally, including all USD transactions

Question 2

A customer deposits cash amounts just below reporting thresholds at multiple branches over several weeks. The customer claims the funds come from restaurant sales but refuses to provide business records. Which money laundering stage is MOST likely represented?

A. Concealment
B. Layering
C. Placement
D. Integration

Question 3

Which of the following is a benefit of an institution implementing machine learning to identify suspicious transactions?

A. Transparent and easy to explain algorithms for regulator and compliance purposes
B. Completely unbiased and without error through continuous model training
C. More consistent and reliable detection outcomes
D. Adaptable to new AFC typologies through continuous model training

Question 4

Which of the following scenarios describe common risk indicators of money laundering faced by operators of legitimate money services businesses (MSBs)? (Select Three.)

A. A customer has a family link to the destination of a money transfer
B. A customer sends and receives money transfers in equal amounts at or about the same time.
C. A customer only wants to deal with a particular employee in the MSB.
D. A customer changes multiple high-denomination notes to low-denomination notes.
E. A customer conducts cash transactions using multiple branches of the MSB on the same day.

Question 5

An insurance company receives an application for a high-value life insurance policy from a new non- resident client. The payout instruction is linked to an offshore trust in another jurisdiction to which the client has no obvious connection. The client insists on paying premiums via multiple transactions to "avoid bank charges." The client is reportedly unemployed with minimal assets, which is inconsistent with the policy value. Which financial crime risk should the insurance company be most concerned with?

A. Fraud
B. Market abuse
C. Sanctions evasion
D. Money laundering

Solutions: