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I also get this. Something covering the player camera but isn't exactly pasted onto the screen. It seems to move around with rotation of the player camera.
The only visual settings that notably cause these issues for me are: SSAO, Soft shadows and motion blur.
SSAO's issues can be minimized (but by no means fixed) by changing the type to anything other than Crytek.
This issue is present on this system:
OS: Windows 7 Home Premium 64-bit
CPU: AMD Phenom II x4 965 BE
GPU: AMD Radeon HD 7850 XFX DD
RAM: 4gigs DDR3