ACAMS ADVANCED-CAMS-AUDIT LATEST BRAINDUMPS BOOK - LATEST UPDATED VALID ADVANCED-CAMS-AUDIT MOCK EXAM AND AUTHORIZED ADVANCED CAMS-AUDIT CERTIFICATION EXAM ACCURATE ANSWERS

ACAMS Advanced-CAMS-Audit Latest Braindumps Book - Latest Updated Valid Advanced-CAMS-Audit Mock Exam and Authorized Advanced CAMS-Audit Certification Exam Accurate Answers

ACAMS Advanced-CAMS-Audit Latest Braindumps Book - Latest Updated Valid Advanced-CAMS-Audit Mock Exam and Authorized Advanced CAMS-Audit Certification Exam Accurate Answers

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q68-Q73):

NEW QUESTION # 68
An audit finding can be closed when:

  • A. all necessary evidence is collected and analyzed.
  • B. the final audit report is ready for delivery.
  • C. the underlying risk is reassessed and mitigated.
  • D. the follow-up actions are completed.

Answer: D

Explanation:
Conditions for Closing Audit Findings:
* Findings can only be closed when the corrective actions identified in response to the audit findings are implemented and verified as effective.
* This includes addressing underlying risks and documenting the resolution process.
CAMS-Audit Best Practices:
* The audit process must ensure that all follow-up actions mitigate the identified risks, aligning with regulatory and operational standards.


NEW QUESTION # 69
Which products/services increase the risk level for money laundering for XYZ Bank?

  • A. Letters of credit
  • B. International fund transfers
  • C. Foreign exchange services
  • D. Payable through accounts

Answer: B,D

Explanation:
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.


NEW QUESTION # 70
The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year. The auditor's observations should Include that the CRA should:

  • A. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
  • B. be updated more often given the risk of the entity.
  • C. include an assessment of jurisdiction where the customer currently resides as this may have changed.
  • D. allow for sales oy third patties other than advisors since most of the customers are local residents.

Answer: C

Explanation:
Dynamic Nature of Customer Risk Assessment (CRA):
* A comprehensive CRA should incorporate jurisdictional risks, as customer location changes could introduce new risks, such as exposure to high-risk or non-compliant jurisdictions.
FATF Recommendations on Risk-Based Approach:
* Periodic updates to the CRA, including changes in customer location, align with FATF's risk-based approach and Recommendation 10.
Audit Observation Implications:
* Omission of jurisdictional assessments could result in undetected risks, undermining the integrity of the AML program.


NEW QUESTION # 71
When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

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

Answer: D

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 # 72
Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

  • A. List of politically exposed persons
  • B. Log of law enforcement requests
  • C. Management action plan for remediating audit findings
  • D. Internal controls including policies and procedures
  • E. Money laundering risk assessment

Answer: D,E

Explanation:
Importance of Risk Assessment and Controls:
* A money laundering risk assessment identifies inherent risks and vulnerabilities the institution faces, forming the foundation for mitigation efforts.
* Internal controls, including policies and procedures, are critical to operationalize the risk assessment and ensure compliance with AML requirements.
Irrelevant Options:
* C:A management action plan is remedial, not preventive.
* D:The list of PEPs is specific to high-risk individuals, not the institution's overall risk framework.
* E:Law enforcement logs provide insight into reactive measures but not ongoing control adequacy.


NEW QUESTION # 73
......

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