Skip to main content

CAMS study lessons

Certified Anti-Money Laundering Specialist — 39 free, citation-backed lessons covering every exam domain. Read on any device, no login.

Start with Lesson 01 →
  1. 01Welcome to AMLReady — Course Overview & How to Use ItUnderstand what this course covers, how it's structured, and how to study with it. Set clear expectations: this is an independent study aid, not affiliated with or endorsed by ACAMS.3 min read
  2. 02What Is the CAMS® Exam? Format, Domains & ScoringDescribe the exam format: roughly 120 items, 3.5 hours, and a scaled passing standard. Explain the question types, the domain weighting, eligibility at a high level, and who ACAMS is.5 min read
  3. 03How Money Laundering Actually Works — The Three StagesDefine money laundering and walk the three stages — placement, layering, integration — with a concrete original narrative. Distinguish money laundering from terrorist financing.5 min read
  4. 04Your Study Plan & Exam-Day LogisticsBuild a realistic four-to-six-week study plan that prioritizes weak domains and uses spaced practice. Know what exam day looks like — testing center or online proctor, ID, and timing — at a general level.4 min read
  5. 05Placement, Layering & Integration in DepthClassify any piece of suspicious activity into the correct laundering stage: placement, layering, or integration. Recognize that a single real-world scheme almost always spans more than one stage. Identify why placement is usually the easiest stage to detect, and why that matters. Define a predicate offense and explain its role in money laundering.5 min read
  6. 06Money Laundering vs. Terrorist Financing vs. Sanctions EvasionContrast money laundering, terrorist financing, and sanctions evasion by goal, source of funds, and direction. Explain the "clean money" problem that makes terrorist financing so hard to detect. Describe how sanctions evasion works and why it's a prohibition problem, not a proceeds problem. Understand why the detection signals for each of these differ.5 min read
  7. 07Sector Vulnerabilities I — Banks, MSBs, Insurance, SecuritiesExplain why different financial sectors face different laundering risks. Match common laundering methods to the sectors most exposed to them. Describe cash-value insurance early-surrender risk. Explain how layering happens inside securities accounts. Recognize the special risks of money services businesses (MSBs).6 min read
  8. 08Sector Vulnerabilities II — Real Estate, Casinos, DPMS & GatekeepersExplain how real estate is used to launder and integrate illicit funds. Describe casino laundering, including chip-walking. Recognize the risks posed by dealers in precious metals and stones (DPMS). Define the "gatekeeper" problem and explain FATF guidance on lawyers, accountants, and trust and company service providers (TCSPs).6 min read
  9. 09Core Typologies — Structuring, Shells, Nominees & Funnel AccountsDefine and recognize structuring (also called smurfing) and explain why it targets reporting thresholds. Distinguish a shell company from a front company, and explain how each launders value. Explain nominee arrangements and how they conceal a true beneficial owner. Recognize funnel accounts and bulk-cash smuggling as movement typologies. Practice naming a typology from a short scenario.7 min read
  10. 10Trade-Based Money Laundering & Hawala/IVTSExplain what trade-based money laundering is and why it is hard to detect. Describe the core TBML techniques: over-invoicing, under-invoicing, multiple invoicing, and phantom shipments. Explain how informal value-transfer systems — especially hawala — move money without moving money. Recognize the red flags that distinguish legitimate trade and remittance from laundering.6 min read
  11. 11Red Flags & Emerging Risk — Crypto, Mules & TraffickingDefine what a red flag is and how it differs from a confirmed crime. Apply the core analytic test: activity that does not match the customer's profile. Recognize geographic risk and high-risk-jurisdiction indicators. Preview virtual-asset and mixer red flags ahead of Domain 6. Identify money-mule networks and human- and wildlife-trafficking indicators.7 min read
  12. 12FATF — The 40 Recommendations, Mutual Evaluations & ListsExplain what the FATF is and why it sits at the center of the global AML/CFT system. Describe the 40 Recommendations and the risk-based approach they anchor. Explain how mutual evaluations assess a country's compliance. Distinguish the FATF grey list from the black list and what each means. Identify FATF-style regional bodies and their role.6 min read
  13. 13The Key Bodies — Egmont, Wolfsberg, Basel, IMF/World Bank *(OUTLINE + BULLET BODY)*Distinguish what each international body does and does NOT do. Match Egmont with FIU information-sharing, Wolfsberg with correspondent banking and the DDQ, Basel with bank CDD, and the IMF/World Bank with assessments and technical assistance. Avoid the most common exam trap: confusing standard-setters (FATF) with member organizations (Egmont, Wolfsberg) and intergovernmental financial institutions (IMF/World Bank).4 min read
  14. 14The US Framework I — The Bank Secrecy Act *(OUTLINE + BULLET BODY)*Explain what the Bank Secrecy Act (BSA) is and its place in US AML law (31 USC §5311 et seq.; 31 CFR Chapter X). State the Currency Transaction Report (CTR) threshold and aggregation rule, and the basics of Suspicious Activity Report (SAR) filing. Describe BSA recordkeeping — including the funds-transfer / Travel Rule recordkeeping requirement — Money Services Business (MSB) registration, and FinCEN's role as administrator.5 min read
  15. 15The US Framework II — USA PATRIOT Act §§311–319 *(OUTLINE + BULLET BODY)*Map the most-tested USA PATRIOT Act sections in the 300s and state what each one does. Distinguish §311 special measures, §312 correspondent/private-banking EDD, §313 the shell-bank prohibition, §314(a) vs §314(b) information sharing, and §319 forfeiture/records. Correctly answer "which section requires/prohibits X?" — the exam's favorite PATRIOT Act format.5 min read
  16. 16FinCEN CDD Rule, AMLA 2020 & the Corporate Transparency Act *(OUTLINE + BULLET BODY)*State the four prongs ("pillars") of the FinCEN Customer Due Diligence (CDD) Rule. Apply the 25% beneficial-ownership test and the separate control prong. Summarize the Anti-Money Laundering Act of 2020 (AMLA) and the Corporate Transparency Act (CTA) beneficial-ownership-information (BOI) reporting regime, and how they relate to the CDD Rule.5 min read
  17. 17OFAC & Sanctions — SDN List, the 50% Rule & Secondary Sanctions *(OUTLINE + BULLET BODY)*Explain OFAC's role and the lists it maintains, especially the SDN List. Distinguish **blocking (freezing)** from **rejecting** a transaction, and apply **strict liability**. Explain the **50% Rule**, secondary sanctions at a high level, and the institution's screening duty.5 min read
  18. 18The Rest of the World — EU AML Directives, FCPA & UK POCA *(OUTLINE + BULLET BODY)*Summarize the evolution of the EU AML Directives (4AMLD/5AMLD/6AMLD) and the new EU AML Authority (AMLA). Explain the FCPA's two pillars — anti-bribery and books-and-records/internal controls — and corruption as an AML predicate. Describe the UK Proceeds of Crime Act (POCA) and Money Laundering Regulations (MLR) at a concept level.4 min read
  19. 19The Pillars of an AML Program *(OUTLINE + BULLET BODY)*Name and explain the pillars of an AML compliance program. Distinguish the four original pillars from the fifth pillar (risk-based CDD/beneficial ownership). Explain what each pillar requires in practice and why an examiner tests them as a set.4 min read
  20. 20Enterprise-Wide Risk Assessment *(OUTLINE + BULLET BODY)*Explain the purpose of an enterprise-wide risk assessment (EWRA) and how it drives the program. Rate risk across the four standard categories: customer, product/service, geography, and channel. Distinguish **inherent risk** from **residual risk**, factoring in control effectiveness, and explain documenting and refreshing the assessment.4 min read
  21. 21CDD, EDD & Beneficial Ownership *(OUTLINE + BULLET BODY)*Distinguish CDD from EDD and from simplified due diligence (SDD). Explain customer identification/verification (CIP) and beneficial-ownership identification. Identify the triggers that escalate a customer to EDD, and explain ongoing monitoring and periodic review.5 min read
  22. 22PEPs, Correspondent & Private Banking EDD *(OUTLINE + BULLET BODY)*Define a politically exposed person (PEP) and distinguish foreign, domestic, and international-organization PEPs — including close associates and family members. Apply the right level of enhanced due diligence (EDD) to PEPs, private-banking relationships, and correspondent-banking relationships. Explain the special risks of correspondent banking, nested/payable-through accounts, and the absolute prohibition on shell-bank accounts.5 min read
  23. 23Transaction Monitoring, SAR/CTR Decisioning & Tipping-Off *(OUTLINE + BULLET BODY)*Walk the full operational flow: ongoing monitoring → alert generation → disposition → reporting decision. Distinguish a Suspicious Activity Report (SAR) from a Currency Transaction Report (CTR), including thresholds, triggers, and timing. Explain the tipping-off prohibition and SAR confidentiality, plus the recordkeeping and retention rules around reporting.5 min read
  24. 24Governance, Culture & the Three Lines of Defense *(OUTLINE + BULLET BODY)*Explain the three-lines-of-defense model and what each line owns in an AML program. Describe board and senior-management accountability for AML/CFT and the meaning of "tone at the top." Explain why compliance culture is itself a control, and how sanctions-screening governance fits the model.4 min read
  25. 25Screening Systems: Sanctions, PEP & Adverse-Media + False-Positive Tuning *(OUTLINE + BULLET BODY)*Distinguish the major screening list types: sanctions, PEP, and adverse media (negative news). Explain how fuzzy/probabilistic matching works and why exact matching fails. Trade off false positives against false negatives, and explain threshold tuning and watchlist hygiene.4 min read
  26. 26Transaction-Monitoring Technology: Rules, Thresholds & Model Validation *(OUTLINE + BULLET BODY)*Explain how rules, scenarios, and thresholds generate transaction-monitoring alerts. Distinguish rules-based detection from behavioral analytics (peer grouping, anomaly detection). Explain model risk, model validation, and the governance around tuning a monitoring system.4 min read
  27. 27Advanced Analytics: AI/ML, Link Analysis & Entity Resolution *(OUTLINE + BULLET BODY)*Explain how AI/ML augments AML detection — including supervised vs. unsupervised learning and the role of human oversight. Describe network/link analysis and entity resolution and what each one reveals. Explain why advanced analytics depends on data quality and explainability.4 min read
  28. 28Blockchain Analytics, RegTech & Information-Sharing Utilities *(OUTLINE + BULLET BODY)*Explain how blockchain analytics works and what it can and cannot reveal about virtual-asset activity. Describe the RegTech landscape and its benefits and limits. Explain information-sharing utilities — including 314(b) and public-private partnerships — and their limits.4 min read
  29. 29The Investigation Lifecycle: Alert to Escalation *(OUTLINE + BULLET BODY)*Walk a case end to end: alert intake → research/enrichment → escalation → decision. Document evidence and reasoning so the case is defensible to examiners and law enforcement. Know when to escalate, when to file, and when to exit (de-risk) a customer relationship.4 min read
  30. 30Writing an Effective SAR Narrative *(OUTLINE + BULLET BODY)*Explain the purpose of the SAR narrative and structure it around the five W's plus how. Identify the supporting documentation that belongs with a SAR. Avoid the common narrative mistakes and meet the 30/60-day filing deadlines.4 min read
  31. 31CTR Filing, Exemptions & Recordkeeping Retention *(OUTLINE + BULLET BODY)*Explain when a Currency Transaction Report (CTR) is required and how cash transactions aggregate across a single business day. Describe CTR exemptions for qualifying customers and the limits of those exemptions. Explain the funds-transfer recordkeeping rule (the BSA "Travel Rule") and the BSA five-year retention standard.5 min read
  32. 32314(a)/(b) Information Sharing & Law-Enforcement Liaison *(OUTLINE + BULLET BODY)*Distinguish **314(a)** (government → financial institution) from **314(b)** (financial institution ↔ financial institution). Explain the **314(b) safe harbor** and the voluntary, AML-purpose limits on FI-to-FI sharing. Handle law-enforcement requests correctly — subpoenas, 314(a) searches, and "keep-open" requests — without tipping off the subject.4 min read
  33. 33Virtual Assets 101 — VASPs, Wallets & the Travel Rule *(OUTLINE + BULLET BODY)*Define a **virtual asset** and a **virtual asset service provider (VASP)** using FATF's public definitions. Distinguish **hosted (custodial)** wallets from **unhosted (self-custody)** wallets and explain why the difference drives risk. Explain the **FATF Recommendation 16 crypto Travel Rule** and how it applies VASP-to-VASP.5 min read
  34. 34Crypto Typologies — Mixers, Chain-Hopping, DeFi & NFTs *(OUTLINE + BULLET BODY)*Recognize the core crypto laundering typologies: **mixers/tumblers**, **chain-hopping**, **peel chains**, **DeFi & cross-chain bridges**, **privacy coins**, and **NFT wash trading**. Map each typology back to the classic placement → layering → integration model. Recognize these as **layering techniques** designed to break the on-chain trail.5 min read
  35. 35Investigating on the Blockchain — Analytics & Red Flags *(OUTLINE + BULLET BODY)*Explain public-ledger basics and how **blockchain analytics** uses **clustering** and **attribution** to de-anonymize activity. Recognize **VASP red flags** and the elevated risk at **on-ramps and off-ramps**. Understand the **limits** of on-chain analysis — what it can and cannot tell you.5 min read
  36. 36Mastering CAMS® Question Formats & Elimination Strategy *(OUTLINE + BULLET BODY)*Decode the CAMS® question formats: **best-answer pick-1** and **multi-select (choose 2 / choose 3)**. Apply a disciplined **elimination technique** to narrow four or five options to the best answer. **Budget time** per item and manage the "select all that apply" risk.5 min read
  37. 37Worked Practice Questions — Think Like an Examiner *(OUTLINE + BULLET BODY)*Work through **six original, exam-style** questions aloud, modeling the elimination loop from Lecture 36. Cover one item per domain area: D1 typology, D2 regulation, D3 next-best-action, D5 SAR, D6 crypto, plus one **multi-select (choose 2)**. Practice reading the qualifier, predicting, eliminating, and choosing the **best** answer.9 min read
  38. 38Exam-Day Playbook & Final Review Checklist *(OUTLINE + BULLET BODY)*Execute an exam-day plan: **pacing, flagging, and breaks**. Manage **test anxiety** with concrete, in-the-moment techniques. Run a **high-yield 24-hour final-review checklist** of the most-tested facts.5 min read
  39. 39Congratulations & Your Next Steps *(OUTLINE + BULLET BODY)*Recap the arc of the course and consolidate the candidate's mental model. Direct the candidate to the **AMLReady practice test** for final, exam-condition prep. Cover **recertification** basics and outline **AML career paths**, then close with a thank-you and review request.4 min read

Get every CAMS lesson + the full question bank

Drop your email and we'll send new lessons and unlock the complete CAMS practice bank.

I'll email you when CAMS lessons drops. No spam, unsubscribe anytime.

By signing up, you agree to our Privacy Policy and Terms.

Or jump straight to CAMS practice questions →