ACAMS ADVANCED-CAMS-AUDIT QUESTIONS - HIGHLY RECOMMENDED BY PROFESSIONALS

ACAMS Advanced-CAMS-Audit Questions - Highly Recommended By Professionals

ACAMS Advanced-CAMS-Audit Questions - Highly Recommended By Professionals

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q77-Q82):

NEW QUESTION # 77
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 defraud shipping companies
  • B. To move funds or value across national borders
  • C. To disguise dual-use goods
  • D. To trade prohibited goods

Answer: B

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 # 78
When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

  • A. internal controls.
  • B. policy.
  • C. regulatory requirements.
  • D. scope.

Answer: C

Explanation:
Review Frequency:
* The frequency of MSB reviews depends on regulatory requirements, which vary by jurisdiction but are guided by FATF Recommendations that mandate risk-based supervision for money services businesses.
Risk-Based Approach:
* Regulators often require more frequent reviews for high-risk MSBs to ensure compliance with AML
/CFT standards.


NEW QUESTION # 79
The mam characteristics of an AML program testing are:

  • A. tailored and risk-based.
  • B. remedial and interdependent.
  • C. innovative and evaluative.
  • D. standard and focused.

Answer: A

Explanation:
Characteristics of Effective AML Program Testing:
* Tailored:Custom-designed to address specific organizational risks.
* Risk-Based:Prioritizes high-risk areas to ensure optimal resource allocation and compliance.
Alignment with CAMS-Audit and FATF Principles:
* Both emphasize the importance of a risk-based approach to AML program evaluation to mitigate the most significant threats.


NEW QUESTION # 80
Which is the most significant risk associated with KYC requirements being considered a low priority not designed into processes and subsequently implemented after the products are already launched?

  • A. Frontline will not complete adequate CDD.
  • B. Client experience improves as accounts can be opened more quickly.
  • C. Product launches will motivate frontline to get more customers.
  • D. Product launches may not be adequately prepared.

Answer: A

Explanation:
* Critical Impact:
* Absence of CDD processes during product launch leaves the institution exposed to onboarding high-risk customers without proper risk assessment.
* Guidelines and Compliance:
* FATF standards emphasize embedding CDD in all stages of customer interaction to mitigate ML
/TF risks.


NEW QUESTION # 81
What should an auditor verify when auditing areas with previously identified AMI deficiencies?

  • A. Senior management agreed that the findings were legitimate.
  • B. Management took appropriate and timely action to address any violations and other deficiencies.
  • C. Management discussed an action plan to address any violations and other deficiencies.
  • D. The business attested to remediating the control gaps.

Answer: B

Explanation:
* A: Management took appropriate and timely action to address any violations and other deficiencies.


NEW QUESTION # 82
......

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