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ACAMS CAMS7 Exam Syllabus Topics:

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

1. A trust and company services provider that offers a variety of services to businesses is approached by a client interested in establishing a new company. The client requests assistance with the incorporation process, a local business address, annual maintenance services, and the designation of individuals to serve in official capacities for the new company. Which of the following services involves a higher money laundering risk?

A) Provision of a local business address
B) Appointing individuals to serve in official capacities of the company
C) Company incorporation services
D) Annual maintenance services

2. Which operational situation might indicate that money laundering is occurring at or through a deposit-taking financial institution?

A) The institution has observed an increase in the adoption of its digital products and services.
B) The institution has observed a reduced settlement time in the transaction services that support the rapid movement or remittance of funds.
C) The institution maintains a sequentially numbered log of the monetary instruments it sells.
D) The institution has observed an increase in customer demand for large-denomination banknotes.

3. Money services businesses (MSBs), payment service providers, and e-commerce platforms usually have a high volume of daily transactions. What are the risks associated with these types of businesses? (Choose two.)

A) KYC challenges arise because e-commerce platforms face global customers making customer due diligence complex and resource intensive
B) These businesses are highly regulated and therefore have no reason to be non-compliant as this would put them at risk of sanctions and fines
C) These businesses are all cash intensive, increasing the risk of financial crime
D) The settlement systems of these businesses are not sophisticated enough to cope with the high transaction volume
E) Criminals can make use of identify fraud to fulfill KYC processes for layering purposes

4. Which ancillary departments or operational areas can play an essential role in supporting a larger organization's Anti-Money Laundering and Economic Sanctions compliance program? (Choose three.)

A) Fraud risk management
B) Technology solutions and IT security
C) Model risk management
D) Marketing
E) Accounting

5. Which of the following presents the highest money laundering risk from a money services business (MSB)?

A) Some MSBs provide bureau de change services to retail customers after they complete a due diligence process.
B) Some MSBs process small remittance payments on behalf of workers based abroad sending money home.
C) Some MSBs allow regular and frequent transactions to the same family members based in another country
D) Some MSBs process large, individual cash transactions on behalf of customers.

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