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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 are key components of the Know Your Customer (KYC) process? (Select Two.)

A) Collecting necessary documents to verify the veracity of information
B) Asking to provide a list of immediate family members
C) Inquiring about the source of wealth and source of funds
D) Verifying the financial crime awareness of the client

2. A bank is preparing for a regulatory exam after a previous regulatory exam identified weaknesses in the bank's AML program. Since the last exam, the bank has improved the written AML program, hired an experienced AML compliance officer, and has taken actions to demonstrate a strong culture of compliance. The bank is now focused on getting through their transaction monitoring case backlog and completing enhancements to its sanctions screening program.
Which of the following are correct? (Select Two.)

A) The regulatory agency may require the bank's board of directors to publicly share the actions taken to address the previous concerns in order to limit its reputational risk.
B) The bank may face civil or criminal penalties if it is unable to demonstrate sustained improvement in addressing the previous concerns.
C) The bank is protected from reputational risk arising from any regulatory action because regulatory orders must remain confidential.
D) The bank may face the risk of regulatory orders to remediate its AML program despite addressing many of the previous concerns.
E) The bank is likely to face secondary sanctions from global financial institutions despite addressing many of the previous concerns.

3. When deciding on the frequency of periodic customer due diligence (CDD) refresh, firms should foremost consider the:

A) Cost of implementation
B) Operational burden of periodic refresh implementation
C) Available level of automation for the process
D) Risk profile of customers

4. A financial institution's (FI's) policy is to apply enhanced due diligence (EDD) for every new client to ensure the effectiveness of the program. How should a consultant advise the FI's management team?

A) Suggest the management team select the clients that are chosen for EDD.
B) Suggest EDD for 50% of the clients is appropriate.
C) Suggest the management team ask the regulator for advice on EDD measures.
D) Suggest the FI needs to implement a risk-based approach for EDD.

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 multinational correspondent bank that has three layers of ownership between it and a publicly traded bank holding company
D) A trust set up with two co-trustees, one of whom is the grantor and the other is a corporate service provider

Solutions: