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

1. Which of the following controls is typically implemented at customer onboarding to mitigate the risk of onboarding high-risk customers?

A) Sanctions screening
B) Customer risk assessment
C) Transaction monitoring
D) Enhanced due diligence (EDD)

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

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

3. A financial institution is conducting an enterprise-wide risk assessment (EWRA) and has identified a high inherent risk of money laundering associated with its private banking division due to the clientele's high net worth and complex financial structures. However, the institution has implemented robust customer due diligence (CDD) and enhanced due diligence (EDD) procedures, along with sophisticated transaction monitoring systems. How would these controls impact the assessment of residual risk?

A) The residual risk would remain high due to the inherent nature of the private banking business
B) The residual risk would be significantly reduced due to the effectiveness of the controls in place
C) The residual risk would be moderately reduced, but further controls may be necessary to achieve an acceptable level
D) The residual risk would be eliminated entirely because the controls are sufficient to mitigate all potential risks

4. Which of the following are best practices to raise awareness and train staff regarding the risks related to financial crime? (Select Three.)

A) Use a variety of training methods and provide necessary resources to employees
B) Train core AML topics once per year, at a minimum, to relevant employees
C) Communicate regularly and measure effectiveness of training
D) Tailor training and offer regular training to all employees
E) Train outside of daily operations and promote awareness of Compliance

5. The Basel Committee on Banking Supervision (BCBS) is an international body consisting of senior representatives of central banks and banking regulatory authorities. Which of the following statements accurately describe guidance provided by the BCBS? (Select Three.)

A) Since the Basel Committee has no enforcement authority, it relies on the commitment of its members to carry out its guidance
B) Members of the BCBS must implement its standards or face suspension from membership
C) The Basel Committee's Core Principles include guidance on customer identification and acceptance
D) The Basel Committee is composed of the 28 largest banks in the world
E) Basel guidance includes standards to be incorporated into local legal frameworks, guidelines for implementation, and best-practice guidance

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