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. Section 319(a) of the USA PATRIOT Act:

A) Permits the U.S. Government to seize funds from a correspondent bank account in the U.S. that has been opened and maintained for a foreign bank in the same amount as has been deposited with the foreign bank.
B) Allows the appropriate federal banking agency to require a financial organization to produce, within 120 hours, records or information related to the organization's AML compliance or related to a customer of the organization or any account opened, maintained, administered, or managed in the U.S. by the financial organization.
C) Provides the U.S. Department of Treasury with the authority to apply graduated, proportionate measures against a foreign jurisdiction, foreign financial organization, type of international transaction, or type of account.
D) Requires due diligence, and in certain situations enhanced due diligence (EDD), for foreign correspondent accounts, which includes virtually all account relationships that organizations can have with a foreign financial organization and private banking for non-citizens of the U.S.

2. A key advantage of privacy enhancing technologies (PETs) in anti-money laundering is that they offer:

A) full access to underlying data with full and uninterrupted calculations made on the data.
B) simultaneous encryption and decryption for underlying data.
C) secure processing of data while it remains encrypted.
D) transfer, decryption and storage of data by the data processor.

3. Which of the following are part of a risk-based approach? (Select Three.)

A) Allocating resources equally across all customer segments to ensure fairness
B) Choosing and applying effective controls that align with the identified risk levels
C) Performing a comprehensive risk assessment to identify customer, transaction, and geographic risks
D) Focusing monitoring primarily on previously flagged customers while using standard controls for others
E) Determining detailed risk profiles for customers based on their activities and relationships

4. How do national risk assessments (NRAs) and sectoral risk assessments influence a financial institution's (FI's) internal AML/CFT risk assessment?

A) If a sectoral risk assessment is published, the FI must implement it directly across all subsidiaries and branches without modification
B) An FI must demonstrate that the risks identified in its AML/CFT risk assessment are aligned with the NRA and sectoral risk assessments and that these risks are managed effectively
C) An FI's AML/CFT risk assessment must be written and approved by the board of directors exactly as specified in the NRA and sectoral risk assessment
D) An FI must strictly adopt the exact risk factors, weightings, and methodologies from the NRA and sectoral risk assessment without adjustment

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

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

Solutions: