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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q47-Q52):

NEW QUESTION # 47
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 auditorreview to assess whether this risk has been addressed?

A. Draft policies and procedures for the FI's privately-owned ATM customers.
B. Review the current risk assessment to determine the existence of privately-owned ATM customers.
C. Request data on the volume and value of transactions through the privately-owned ATM customers.
D. Prepare to audit a sample of the FI's privately-owned ATM customers.

Answer: B

Explanation:
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.

NEW QUESTION # 48
Which can be excluded from an audit report?

A. The overall opinion judgment, or conclusion reached
B. The scope, including the time period to which the opinion pertains
C. Overall opinions, judgments or conclusions reached in prior audit reports
D. The risk or control framework or other criteria used as a basis for the overall opinion

Answer: C

Explanation:
Exclusion from Current Audit Reports:
* Prior conclusions are relevant for context but do not belong in the current report, which should focus on new findings and opinions.
Other Options:
* The risk framework, scope, and current conclusions are integral to the current audit report.

NEW QUESTION # 49
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. US citizens residing outside the
B. Non-US citizens residing in the US
C. US entities having branches outside the US
D. Non-US entities having branches outside the US

Answer: B

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 # 50
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 riskrating was not correct.
B. Designate the account as a PEP-account.
C. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.
D. Review and document the details of the customer s asset-holding arrangement.
E. Review the customer risk profile every two years as with any other customers.
F. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.

Answer: B,D,F

Explanation:
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.

NEW QUESTION # 51
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 decided not to cease the Business relationship hut kept the account under rigorous monitoring process.
C. The compliance officer concluded from the report that there are reasonable grounds for suspicion and filed a suspicious activity report.
D. The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.

Answer: C

Explanation:
Filing an SAR based on reasonable grounds for suspicion ensures compliance with AML obligations and demonstrates the effectiveness of the investigative process.

NEW QUESTION # 52
......

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q47-Q52):

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