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Acams Advanced-CAMS-Audit Sample Question Answers
Question # 1
During the auditing process the auditor finds that the entity never updates the customers risk assessment. Which remediation actions should the auditor suggest? (Select Two.)
A. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated
customer risk profiles. B. Audit designates an audit manager to review customer profiles annually. C. Delete non-active customer profiles to reduce the workload of ongoing surveillance. D. Management engages an independent third party to update all the customer risk profiles. E. The business updates the customer risk profiles periodically in accordance with the customer risk level.
Answer: A, E
A: Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles
align with the most current geopolitical and economic risks .
E: Periodic updates to customer risk profiles, based on their assigned risk level, are critical for
maintaining an accurate and dynamic risk assessment system .
Question # 2
During the ongoing due diligence process the company becomes aware that the customer is holding
personal assets for a politically exposed person (PEP). What should the auditor recommend to
enhance the control environment for this customer relationship? (Select Three.)
A. File a suspicious activity report as the previous risk rating was not correct. B. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct. C. Designate the account as a PEP-account. D. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship. E. Review and document the details of the customer s asset-holding arrangement. F. Review the customer risk profile every two years as with any other customers.
Answer: C, D, E
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs
inherently pose higher risks .
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their
financial activities closely and address any anomalies .
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's
profile and any associated risks .
Question # 3
When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)
A. Self-declaration or Beneficial ownership should not be accepted as it is not adequate. B. Overseas shareholders not involved in the customer's dally operations are not beneficial owners. C. The purpose and intended nature of the business relationship were not reviewed m the
assessment. D. The ultimate beneficial owners of the customer need to be Identified and verified. E. If this was a face-to-face customer, the overall customer risk rating should be changed to low.
Answer: C, D
C: The purpose and intended nature of the business relationship are fundamental elements of
customer due diligence (CDD) and should be reviewed in the risk assessment process to understand
the rationale behind the customer's activities and their alignment with expected patterns .
D: Identifying and verifying the ultimate beneficial owners (UBOs) is a core principle of the KYC
process to ensure transparency and mitigate risks related to hidden ownership or illicit activities .
Question # 4
in addition to this investigation report, what Information should the auditor expect to find in the
investigative file? (Select Two.)
A. Board approval for the suspicious activity report filing by the compliance department. B. Independent review by the compliance officer's line manager. C. Adverse news search results against the customers and its controlling persons. D. Policies and procedures relating to AML investigations and suspicious activity report filing. E. Historical transaction data of the customer s account.
Answer: C, E
Adverse news provides context on potential risks associated with the customer, while historical
transaction data is critical for understanding patterns that may indicate suspicious activity.
Question # 5
As an auditor reviewing this investigation report, which indicates an effective process?
A. The compliance officer concluded the investigation approximately 3 months later and filed a
suspicious activity report B. The compliance officer concluded from the report that there are reasonable grounds for suspicion
and filed a suspicious activity report. C. The compliance officer filed a suspicious activity report and omitted details regarding the reason it
was filed. D. The compliance officer decided not to cease the Business relationship hut kept the account under
rigorous monitoring process.
Answer: B
Filing an SAR based on reasonable grounds for suspicion ensures compliance with AML obligations
and demonstrates the effectiveness of the investigative process.
Question # 6
Which products/services increase the risk level for money laundering for XYZ Bank?
A. Payable through accounts B. International fund transfers C. Letters of credit D. Foreign exchange services
Answer: AB
Payable through accounts allow foreign banks' customers direct access to the correspondent account,
which can increase the risk of money laundering due to less direct oversight.
Question # 7
Considering recent changes in the bank's correspondent banking business. Which is the most
important risk indicator for the internal auditor to review?
A. The management and ownership of the respondent bank. B. The purpose of the services provided to the respondent bank. C. The jurisdiction in which the respondent bank is located. D. The major business activities of the respondent bank.
Answer: C
Jurisdictional risk is critical in correspondent banking due to potential exposure to countries with
weaker AML/CFT controls, high corruption levels, or sanctions.
Question # 8
Which key risk indicator should the internal auditor consider when reviewing correspondent banking
activities?
A. Volume of transaction activity referred by the respondent bank. B. Size and stature of a respondent bank's operations in its home country. C. Number of respondent banks located in higher risk jurisdictions. D. Number of correspondent banking relations terminated.
Answer: C
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as
these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in
those jurisdictions .
Question # 9
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)
A. Findings ate explained and assigned to the accountable owners. B. Additional remediation is identified and planned. C. Findings ate clearly written and facts are accurate D. Communication, follow-up. and documentation are tracked on scheduled sustainability
validations. E. Compliance Identifies and schedules pre-exam validation as appropriate.
Answer: A, C
Key Objectives of Issue Confirmation:
Findings need to be clearly articulated and assigned to ensure accountability and actionable
remediation .
Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
B: Additional remediation is a later step in the issue resolution process.
D and E: Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation
step.
Question # 10
Which scenarios should be used to monitor for potential elder abuse? (Select Two.)
A. Scenarios 1 B. Scenarios 2 C. Scenarios 5 D. Scenarios 7 E. Scenarios 8
Answer: D, E
Explanation: Scenarios 7 and 8 align with elder abuse detection by focusing on unusual account
behaviors, like abrupt large withdrawals or transactions inconsistent with the elder's profile. Patterns
like these often indicate exploitation
Question # 11
A retail banking small and medium-sized enterprise (SME) customer launches a charity and requests
a Corporate-SME account to receive donations and make disbursements. Which scenarios would
most likely identify activity related to a charity account? (Select Two.)
A. Scenario 1 B. Scenario 4 C. Scenario 5 D. Scenario 6 E. Scenario 7
Answer: A, E
Scenario 1: Evaluates unusual activity, such as large, unexplained deposits or withdrawals, which are
red flags in charity-related accounts .
Scenario 7: Exads to detect inconsistencies with the stated purpose, ensuring adherence to AML
standards for NPOs .
Question # 12
Which action would an auditor take to evaluate design effectiveness?
A. Check whether the policies and procedures are consistent with the authorities' regulations. B. Carry out a sample check of suspicious activity reports and make sure they are in line with policies
and procedures. C. Confirm that alerts in transaction monitoring have been properly escalated or waived. D. Confirm that customer records are being kept in accordance with policies and procedures.
Answer: A
Explanation: Evaluating design effectiveness involves determining whether policies and procedures
align with regulatory standards, which sets the foundation for a compliant AML/CFT program. This is
a design-level assessment rather than testing implementation or outcomes, which would pertain to
operational effectiveness .
Question # 13
When evaluating an AML training program tor CFT functions the auditor should verify that:
A. interns and third parties are not included. B. attendees have completed post-course surveys. C. ethics training has been delivered to senior management. D. tailored training has been provided to AML and CFT staff.
Answer: D
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!
Question # 14
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)
A. Risk appetite statements should remain stable and consistent, even in changing business
conditions. B. Determining risk appetite should include a discussion about an organization becoming overly riskaverse. C. Risk appetite statements do not need specific indicators to alert management when the level of
acceptable risk is exceeded. D. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used
interchangeably. E. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk
appetite.
Answer: BE
Question # 15
When testing the operational effectiveness of an institution's customer risk rating model an auditor
finds that the risk rating is not in accordance with the model specification in some cases. After
interviewing developers and officers, the auditor learns the specification document is inaccurate and
has not been updated in a timely manner. Which are appropriate corrective action plans'? (Select
Two.)
A. Alert the person in charge of releasing the model that me release must comply with the
specifications. B. Check periodically if released rules are operating as per the specifications. C. Set up a checkpoint before release to make sure that the release is in accordance with the
specifications. D. Tram KYC personnel to recognize errors in the customer risk rating model. E. Report this matter to the board of directors.
Answer: BC
B . Periodic Checks: Regular monitoring ensures that implemented rules align with updated
specifications and are functioning as intended, reducing the risk of deviation from compliance
standardsints Before Release**: Establishing validation checkpoints ensures that all releases comply
with documented specifications, mitigating risks of errors in the risk rating model
Question # 16
What should an auditor verify when auditing areas with previously identified AMI deficiencies?
A. Management took appropriate and timely action to address any violations and other deficiencies. B. Senior management agreed that the findings were legitimate. C. Management discussed an action plan to address any violations and other deficiencies. D. The business attested to remediating the control gaps.
Answer: A
Question # 17
Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls
and risk mitigants?
A. Audits need to approve the implementation of the controls and review testing outcomes. B. Improper identification and assessment of risk creates deficiencies resulting in an overall
weakened AML compliance program. C. There is a regulatory requirement for the audit to update the AML risk assessments on a
continuous or specified periodic basis. D. Strict CDD rules promote high ethical and professional standards in the financial industry.
Answer: B
Question # 18
Which does a financial institution (FI) need to do when outsourcing an independent audit?
A. Select an audit firm based on recommendations from the AMI compliance officer. B. Investigate whether the audit firm has conducted prior audits with the Fl. C. Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl. D. Choose an audit firm based on price consideration and geographic location.
Answer: C
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 .
Question # 19
A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for
existing privately-owned automated teller machine (ATM) customers. What would an auditor review
to assess whether this risk has been addressed?
A. Prepare to audit a sample of the FI's privately-owned ATM customers. B. Draft policies and procedures for the FI's privately-owned ATM customers. C. Request data on the volume and value of transactions through the privately-owned ATM
customers. D. Review the current risk assessment to determine the existence of privately-owned ATM
customers.
Answer: D
Reviewing the Risk Assessment:
A risk assessment reveals whether privately-owned ATMs are identified and properly evaluated in
terms of potential AML risks.
Auditor's Task:
Confirm that specific policies and procedures are now in place to address identified risks from the
previous assessment.
Relevance to CAMS-Audit Standards: Risk assessments are fundamental in identifying gaps in policies and procedures for high-risk areas
like privately-owned ATMs .
Question # 20
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 disguise dual-use goods B. To trade prohibited goods C. To move funds or value across national borders D. To defraud shipping companies
Answer: C
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
Question # 21
An organization creates a document for its audit committee listing the outstanding audit findings. The list has an executive management owner assigned to each finding, due dates for reporting management's responses and space for management to identity the actions to be taken. Which is a primary purpose of this document?
A. Providing audit documentation of management responses B. Tracking completion of proposed recommendations C. Documenting audit team validation testing D. Testing resiliency of proposed recommendations
Answer: B
Purpose of the Document:
This document is a management tool to ensure accountability and monitor the progress of resolving
outstanding audit findings.
Audit Committee's Role:
The document facilitates oversight by the audit committee, ensuring timely and effective resolution
of recommendations.
CAMS-Audit Recommendations:
Proper tracking mechanisms are emphasized to align audit processes with institutional and
regulatory expectations .
Question # 22
An auditor is writing the scope for an AML review of a financial institution. The objective is to
evaluate how effectively existing controls are designed and operating. Which areas should be
assessed? (Select Two.)
A. Clients of the institution for more than 10 years B. Previous correspondent banking relationships C. Client base stability D. Recent audit findings E. AML corporate governance
Answer: D, E
Recent Audit Findings:
Reviewing past findings ensures the institution has addressed previous deficiencies and allows the
auditor to assess the effectiveness of implemented corrective actions.
AML Corporate Governance:
Corporate governance is a critical component of AML compliance, involving oversight structures,
policies, and accountability mechanisms to prevent money laundering risks.
Alignment with CAMS-Audit Principles:
Advanced CAMS-Audit emphasizes evaluating governance structures and learning from recent audits
to maintain robust AML controls .
Question # 23
A recent regulatory examination identified serious deficiencies in the AML program. Which action should the organization take first?
A. Enhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities. B. Initiate a request for proposals for new AML systems and solutions. C. Engage a qualified third party to review the deficiencies and assist in developing a remediation plan. D. Change the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.
Answer: C
Response to Deficiencies:
Engaging a third party ensures an independent, expert evaluation of deficiencies and the creation of
a robust remediation plan .
This aligns with regulatory expectations for addressing material AML program weaknesses
effectively .
Question # 24
When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)
A. Data quality and mapping B. Scenario altering techniques C. Robustness of feedback relating to submitted suspicious activity reports D. False positive ratio E. Complexity of monitoring scenarios
Answer: A, D
Transaction Monitoring Effectiveness:
A . Data Quality: Accurate data mapping ensures scenarios detect relevant risks, reducing errors in
monitoring .
D . False Positives: Monitoring false positive ratios improves system efficiency and minimizes
unnecessary alerts .
Question # 25
Which is considered a minimum requirement in a customer identification program?
A. Transaction reporting procedures used to report suspicious transactions to the regulator B. Transaction monitoring procedures that specify the information that will be retained in each
transaction C. Account opening procedures that specify the information that will be obtained from each
customer D. Customer enhanced due diligence procedures used to identify unusual transactions
Answer: C
A customer identification program (CIP) mandates that financial institutions obtain specific
information from customers during account opening. This includes verifying identity through reliable
documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account
opening procedures as the foundation for AML compliance .
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