Yes, we can make triggers/notifications at many levels in AMS V5.
In example we can make triggers to be sent when documents are being created, waiting for approval or being published.
We can send triggers based on before, after or equal to a date field in documents/module.
We can also send triggers to specific words inside a wysiwyg in document if that is required.
And off course based on values inside fields we can send triggers with copy to if you need another person to get a copy of the trigger
Here is an example of a trigger to be sent when Audit status field in documents is set to Planned.