ADVANCED-CAMS-AUDIT TOP EXAM DUMPS - EXAM ADVANCED-CAMS-AUDIT OBJECTIVES PDF

Advanced-CAMS-Audit Top Exam Dumps - Exam Advanced-CAMS-Audit Objectives Pdf

Advanced-CAMS-Audit Top Exam Dumps - Exam Advanced-CAMS-Audit Objectives Pdf

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q39-Q44):

NEW QUESTION # 39
The auditor identifies that the bank has launched trade finance services this year.When rating the various themes of the risk mitigants, which are expected to be impacted by the launchof these services? (Select Three.)

  • A. M1.1
  • B. M5.2
  • C. M1.2
  • D. M2.1
  • E. M3.2
  • F. M4.2

Answer: A,D,F

Explanation:
* M1.1 - Risk Identification and AssessmentTrade finance introduces new types of risks such as exposure to cross-bordertransactions, multiple parties, and complex financial instruments. These elements necessitate a reassessment of existing risk frameworks to identify new vulnerabilities, including trade-based money laundering (TBML). As detailed in the CAMS-Audit guidance, financial institutions must periodically update their risk assessments to reflect changes in products and services.
* M2.1 - Enhanced Due Diligence (EDD) on High-Risk CustomersTrade finance clients often involve politically exposed persons (PEPs), entities in high-risk jurisdictions, or complex supply chains.
According to FATF Recommendation 10 and CAMS standards, banks must enhance customer due diligence measures, including obtaining additional information on the customer's source of funds, beneficial ownership, and the nature of the business.
* M4.2 - Transaction Monitoring SystemsThe complexity of trade finance transactions requires robust monitoring systems capable of identifying unusual patterns indicative of money laundering or terrorist financing. These systems must be calibrated to flag discrepancies in trade documentation, over- or under-invoicing, and deviations from expected trade flows, as emphasized in the FATF Recommendations and CAMS-Audit references.
References from Advanced CAMS-Audit Documents:
* AML/CFT-document references specify the need for updated risk assessments and transaction monitoring systems aligned with international AML standards for new services.
* FATF Recommendations provide a framework for enhanced due diligence and risk-based approaches for trade finance.


NEW QUESTION # 40
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

  • A. Non-US citizens residing in the US
  • B. Non-US entities having branches outside the US
  • C. US citizens residing outside the
  • D. US entities having branches outside the US

Answer: A

Explanation:
Exemptions from OFAC Regulations:
* Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance.
Auditor's Role in Sanctions Compliance:
* Auditors must review whether the entity's compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines.
CAMS-Audit Reference:
* CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions.


NEW QUESTION # 41
An audit manager identifies that a financial institution (Fl) has not produced a business-level risk assessment in accordance with policy. The senior manager of the Fl assures that assessing risk at the individual client level and aggregating the data is an acceptable approach. How should the audit manager proceed?

  • A. Test the accuracy of the mathematical aggregation of the risk assessments.
  • B. Accept the risk conclusions provided by the senior manager.
  • C. Discuss with the senior manager to establish the risk appetite.
  • D. Issue a finding that requires the completion of a business-level risk assessment.

Answer: D

Explanation:
Importance of Business-Level Risk Assessments:
* Aggregating client-level risk assessments does not replace a comprehensive business-level risk assessment, which is required for holistic risk management.
Audit Manager's Responsibility:
* The absence of a business-level risk assessment constitutes a policy violation and must be formally addressed through a finding.
CAMS-Audit Guidelines:
* CAMS-Audit emphasizes the need for layered risk assessments, including enterprise-wide evaluations, to comply with regulatory standards.


NEW QUESTION # 42
When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

  • A. Staffing levels on the AML team
  • B. Interaction with internal audit
  • C. Changes in board members
  • D. Business reporting lines

Answer: A

Explanation:
Key Assessment Factors for AML Structure Changes:
* Staffing levels ensure the AML department has adequate resources to meet its obligations, especially in light of new responsibilities or organizational changes.
Irrelevant Options:
* A:Interaction with internal audit is important but not directly tied to structural changes.
* C:Changes in board members are governance-related, not operational AML concerns.
* D:Reporting lines are relevant but secondary to resource adequacy.


NEW QUESTION # 43
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

  • A. Ask the account officers whether the CDD and KYC information provided is correct.
  • B. Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.
  • C. Confirm with client onboarding teams whether or not high-risk customers exist.
  • D. Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.
  • E. Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.

Answer: D,E

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.


NEW QUESTION # 44
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