Advanced-CAMS-Audit Questions Pass on Your First Attempt Dumps for AML Certifications Certified [Q24-Q45]

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Advanced-CAMS-Audit Questions Pass on Your First Attempt Dumps for AML Certifications Certified

Advanced-CAMS-Audit Practice Test Pdf Exam Material

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Section	Objectives
Regulatory and Enforcement Environment	– Sanctions compliance frameworks – FATF recommendations – Global AML regulations overview
Financial Crime Risk Management	– Transaction monitoring systems – Customer due diligence (CDD/EDD) – Suspicious activity reporting (SAR/STR)
AML/CFT Audit Framework	– Regulatory expectations and standards – Audit principles and methodology – Risk-based audit approach
Audit Reporting and Remediation	– Remediation tracking and validation – Audit findings and documentation – Reporting to senior management and regulators
AML Compliance Programs	– Policies and procedures review – Internal controls and governance – Training and awareness programs

Q24. Following completion of testing and tuning of the parameters and thresholds of the transaction monitoring model which final step should the team recommend as necessary to verify effective model functioning?

Model validation

Audit continuous monitoring

Data validation

Regulatory approvals

Q25. Which does a financial institution (FI) need to do when outsourcing an independent audit?

Select an audit firm based on recommendations from the AMI compliance officer.

Investigate whether the audit firm has conducted prior audits with the Fl.

Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.

Choose an audit firm based on price consideration and geographic location.

Q26. Which is a true statement about the computer-assisted audit tool (CAAT)?

Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.

KYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.

Auditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.

CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures thatcould replace the requirement for the auditor’s own procedures.

Q27. What conclusion should the auditor make regarding AML training for outsourced AML providers?

The approach outlined by the Dank is deficient, as the service providers are not pan of the Dank s AML training during its staff onboarding.

The approach outlined by the Dank is appropriate as the Dank can rely on a professional service provider to deliver the AML training program for the Dank s staff.

The approach outlined by the Dank is deficient, as it does not provide controls for the Dank to verify training delivered by outsourced providers to the bank’s staff is appropriate.

The approach outlined by the bank Is appropriate as it considers practical issues such as time zone differences and availability of both classroom and online sessions.

Q28. 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.)

Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.

Audit designates an audit manager to review customer profiles annually.

Delete non-active customer profiles to reduce the workload of ongoing surveillance.

Management engages an independent third party to update all the customer risk profiles.

The business updates the customer risk profiles periodically in accordance with the customer risk level.

Q29. 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.)

Money laundering risk assessment

Internal controls including policies and procedures

Management action plan for remediating audit findings

List of politically exposed persons

Log of law enforcement requests

Q30. When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

Interaction with internal audit

Staffing levels on the AML team

Changes in board members

Business reporting lines

Q31. Considering recent changes in the bank’s correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

The management and ownership of the respondent bank.

The purpose of the services provided to the respondent bank.

The jurisdiction in which the respondent bank is located.

The major business activities of the respondent bank.

Q32. An auditor plans to examine a sample targeting newly onboarded, high net-worth clients to assess adherence to their onboarding policies. What sampling methods should the auditor use? (Select Three.)

Judgment sampling

Stratified sampling

Discovery sampling

Simple random sampling

Snowball sampling

Systematic sampling

Q33. The scoping and planning process of an AML audit of a bank is best guided by review of which document?

Independent model validation and testing report of the bank’s transaction surveillance systems

Information technology security risk assessment of the bank’s COD risk rating solution

Report of independent audit conducted the previous year

A document prepared to identify the inherent risk associated with a bank’s products and services

Q34. Findings from a financial institution’s (Fl’s) regulatory examination suggest that several unidentified risks pose a serious threat. The Fl identifies the risks and implements a set of controls to mitigate those risks.
Which type of risk considers the controls’ effectiveness?

Aggregate

Consolidated

Inherent

Residual

Q35. Which are key responsibilities of internal auditors? (Select Two.)

Implementing controls and other safeguards

Determining appropriate risk appetite of the entity

Evaluating the management of risk

Acting as a catalyst for improvement

Mitigating the risks facing the organization

Q36. 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?

To disguise dual-use goods

To trade prohibited goods

To move funds or value across national borders

To defraud shipping companies

Q37. Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

Finding 1

Finding 3

Finding 4

Finding 5

Finding 6

Finding 8

Q38. 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?

Product launches may not be adequately prepared.

Client experience improves as accounts can be opened more quickly.

Product launches will motivate frontline to get more customers.

Frontline will not complete adequate CDD.

Q39. 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 andofficers,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.)

Alert the person incharge of releasing the model that me release must comply with the specifications.

Check periodically if released rules are operating as per the specifications.

Set up a checkpoint before release to make sure that the release is in accordance with the specifications.

Tram KYC personnel to recognize errors in the customer risk rating model.

Report this matter to the board of directors.

Q40. Which should the auditor recommend to management in terms of the client’s risk rating procedures?

Remove enhanced due diligence requirements for long-standing clients that are art collectors and do not transact with precious metals.

Include an assessment of risk factors of channel, credit, and transaction risk to determine the client’s composite AML and sanctions risk score.

Provide staff with training on new record retention requirements for occasional transactions.

Remediate client files to verify their AML and sanctions risk rating and document enhanced due diligence measures, where applicable.

Q41. The auditor determines that the population for transaction monitoring testing can be stratified into five distinct categories. To complete testing which sampling method should the auditor use to identify the sample size?

Judgmental

Proportional

Statistical

Risk-based

Q42. What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship

Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures

Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations

Testing of the customer’s identifying information using reliable and independent source documents

The overall volume of cash deposit reporting for the quarter

Q43. Which conclusion should the auditor make regarding the staff attendance of the periodic AML training program organized by the bank?

Staff attendance is complete because the training is mandatory for staff in the business, operations compliance and senior management whose duties involve knowledge of AML controls and processes.

Staff attendance is complete because all staff in the institution are required to attend the AML training as part of the staff onboarding process.

Staff attendance is incomplete because the board of directors is not part of the staff required to attend the periodic trainings, and there is no other specially designed AML training for the board.

Staff attendance is incomplete because the compliance officer or the delegates are not part of the staff facilitating the 3-hour periodic AML training.

Q44. An audit finding can be closed when:

all necessary evidence is collected and analyzed.

the underlying risk is reassessed and mitigated.

the final audit report is ready for delivery.

the follow-up actions are completed.

Q45. An auditor should present exceptions identified during testing to the auditee after.

preliminary observation of exceptions.

final audit report issuance

performance of additional testing.

analysis of likelihood and impact.

Advanced-CAMS-Audit [Sep-2026] Newly Released] Exam Questions For You To Pass: https://www.troytecdumps.com/Advanced-CAMS-Audit-troytec-exam-dumps.html

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Advanced-CAMS-Audit Questions Pass on Your First Attempt Dumps for AML Certifications Certified [Q24-Q45]

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

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