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ACAMS CAMS7 Exam Syllabus Topics:

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

Question 1

A compliance officer at a U.S. financial institution receives a grand jury subpoena requesting customer records related to an ongoing money laundering investigation involving a politically exposed person (PEP). What should the compliance officer do first?

A. Consult with the institution's legal counsel to assess validity and determine the appropriate response
B. Notify the customer and seek consent
C. Immediately provide records to the grand jury
D. File a Suspicious Activity Report (SAR) describing receipt of the subpoena

Question 2

An annual risk assessment includes inherent risk, effectiveness of controls, and residual risk. The inherent risk is assessed as "moderate," and the effectiveness of controls is "less than satisfactory." What would the residual risk conclusion most likely be?

A. "High," because weak controls would result in increased residual risk
B. "Low," because controls would lower the risk
C. "Medium," because weak controls would result in the residual risk remaining unchanged
D. "Moderate," because the risk conclusions for specific areas may be increased

Question 3

A law enforcement action alleged that on several trading days over the course of two months, defendants engaged in a series of copper gold, crude oil. and natural gas futures transactions on an electronic trading platform One defendant repeatedly bought future contracts at low prices from the other, and then immediately sold them back at higher prices. As a result, one defendant effectively pocketed the same amount as the other lost even though there were no changes in the open positions held by either defendant. What is a name for this typology?

A. Short position
B. Bid-ask spread
C. Reverse flip
D. Wash trading

Question 4

Having a risk-based approach is central to a financial institution understanding the money laundering and terrorist financing risk to which they are exposed. The development of a money laundering and terrorist financing risk assessment is a key starting point. Commonly used risk factors include. (Select Three.)

A. liquidity risk.
B. credit risk.
C. customer risk.
D. product risk.
E. geographic risk.

Question 5

Which of the following are included in the 11 Immediate Outcomes outlined in the Financial Action Task Force (FATF) methodology for assessing technical compliance with the FATF Recommendations and the effectiveness of AML/CFT/CPF systems during mutual evaluations?
(Select Three.)

A. Financial intelligence information is collected by authorities and shared with the FATF for further investigation
B. Supervisors regulate financial institutions and non-bank financial institutions and their risk-based AML/CFT programs
C. Those convicted of money laundering offenses are denied access to basic banking services
D. Money laundering offenses are investigated and criminally prosecuted
E. International cooperation provides actionable information to use against criminals

Solutions: