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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q11-Q16):

NEW QUESTION # 11
Which does a financial institution (FI) need to do when outsourcing an independent audit?

A. Investigate whether the audit firm has conducted prior audits with the Fl.
B. Choose an audit firm based on price consideration and geographic location.
C. Select an audit firm based on recommendations from the AMI compliance officer.
D. Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.

Answer: D

Explanation:
Selecting an Audit Firm:
* The scope and expertise of the audit firm must align with the institution's risk profile and regulatory requirements to ensure the audit's effectiveness.
Best Practices in Outsourced Audits:
* Properly scoping and selecting auditors with relevant AML/CFT experience ensures compliance and minimizes operational risks.
CAMS-Audit Guidance:
* Advanced CAMS-Audit emphasizes the importance of tailoring audit scopes and selecting experienced auditors for outsourced engagements.

NEW QUESTION # 12
When evaluating an AML training program tor CFT functions the auditor should verify that:

A. tailored training has been provided to AML and CFT staff.
B. ethics training has been delivered to senior management.
C. attendees have completed post-course surveys.
D. interns and third parties are not included.

Answer: A

Explanation:
These answers are aligned with best practices and principles outlined in FATF recommendations and the context of AML/CFT risk management and training standards. If further detailed references are required, feel free to ask!

NEW QUESTION # 13
While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?

A. To trade prohibited goods
B. To disguise dual-use goods
C. To defraud shipping companies
D. To move funds or value across national borders

Answer: D

Explanation:
Reason for Overvaluation/Undervaluation:
* This technique is often used in trade-based money laundering to transfer funds or value disguised as legitimate trade transactions.
Auditor's Responsibility:
* Auditors must ensure such discrepancies are detected, escalated, and adequately addressed to prevent money laundering.
CAMS-Audit Insight:
* Advanced CAMS-Audit emphasizes vigilance in trade finance as a high-risk area for money laundering activities.

NEW QUESTION # 14
Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

A. Finding 1
B. Finding 3
C. Finding 8
D. Finding 6
E. Finding 5
F. Finding 4

Answer: A,C,F

Explanation:
Finding 1
* This highlights fundamental gaps in the risk assessment process. A lack of clarity in identifying and analyzing risks associated with certain products, services, or client categories reflects an incomplete understanding of the business's risk landscape.
* CAMS-Audit emphasizes the importance of comprehensive risk assessments to identify inherent and residual risks and align them with the institution's overall AML/CFT framework.
Finding 4
* This pertains to inadequate integration of risk mitigation controls into operational processes, leading to blind spots in identifying emerging threats. Institutions that do not properly embed risk controls often fail to adapt to changing business or regulatory requirements.
* Reference to FATF recommendations underlines the necessity of embedding controls that reflect ongoing and emerging risks.
Finding 8
* Failure to implement effective monitoring mechanisms or maintain updated customer or transaction profiles suggests a superficial approach to understanding risk exposure. Without robust data tracking, financial institutions may overlook key risk indicators.
* CAMS-Audit documents stress the need for effective transaction and customer profile monitoring systems as part of a sound risk-based approach.

NEW QUESTION # 15
Which finding must be first remediated in order to understand is risks the organization is exposed to?

A. Finding 1
B. Finding 3
C. Finding 8
D. Finding 5

Answer: A

Explanation:
Finding 1
* This finding likely pertains to foundational gaps in the organization's risk assessment framework or the absence of a comprehensive understanding of inherent risks. Without addressing this, the organization cannot adequately identify, assess, or mitigate risks effectively.
* According to CAMS-Audit standards, a thorough risk assessment is the cornerstone of an effective AML/CFT program. It helps to prioritize resources and design appropriate controls based on the identified risk levels.
Critical Role in Understanding Risks
* Remediating foundational issues ensures that the organization has a clear understanding of its risk exposure across all products, services, and jurisdictions. This step is essential before addressing downstream issues such as customer due diligence (CDD) gaps or monitoring inefficiencies.
Alignment with Regulatory Requirements
* FATF guidelines and CAMS-Audit practices emphasize that risk assessment should precede other remediation efforts. Without this, the organization may address symptoms rather than root causes of compliance and operational risks.

NEW QUESTION # 16
......

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Advanced-CAMS-Audit Latest Version - Advanced-CAMS-Audit Reliable Exam Tips

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