[Mar-2025] Verified ACAMS Advanced-CAMS-Audit Bundle Real Exam Dumps PDF [Q17-Q41]

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[Mar-2025] Verified ACAMS Advanced-CAMS-Audit Bundle Real Exam Dumps PDF

Advanced-CAMS-Audit Dumps PDF New [2025] Ultimate Study Guide

NO.17 The company has automated the completion of the customer risk assessment (CRA) into its main customer relationship management (CRM) system The CRM has needs recording the overall risk level assessed (Standard. Enhanced), the ID number of the staff member who completed the assessment, and me date of the last assessment Which additional fields should the auditor recommend to document the CRA process? (Select Three.)

Age (Years)

Risk factors (Y/N. if Y please specify)

Type of customer (Trust. Company Individual)

Annual premium (S)

Residence (Country)

Photo ID taken (Passport Driver’s License. Other)

NO.18 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.

NO.19 When reviewing an AML policy, an auditor should expect to find that the policy.

is aligned with investment strategy.

was reviewed and approved by the money laundering reporting officer.

has been approved by regulators.

contains items related to staff training.

NO.20 Which action would an auditor take to evaluate design effectiveness?

Check whether the policies and procedures are consistent with the authorities’ regulations.

Carry out a sample check of suspicious activity reports and make sure they are in line with policies and procedures.

Confirm that alerts in transaction monitoring have been properly escalated or waived.

Confirm that customer records are being kept in accordance with policies and procedures.

NO.21 A financial institution is auditing its correspondent banking relationships and their respective sanctions compliance programs. Which condition will merit a higher sample size assuming the correspondent banks have a moderate level of risk mitigation?

A fluctuating customer base in an international environment

A well-known customer base m a localized environment

A customer base changing due to a merger in the domestic market

A stable customer base in an international environment

NO.22 Which KYC-related finding poses the most risk to the organization?

KYC requirements being considered a low priority not designed into business processes and implemented after product launch

Sanctions fists that are updated on a periodic basis following an annual risk assessment

KYC processes not being integrated into the business and associated application systems

Backlogs and delays in maintaining client files in accordance with the organization’s policy

NO.23 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

NO.24 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

NO.25 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.

NO.26 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?

Providing audit documentation of management responses

Tracking completion of proposed recommendations

Documenting audit team validation testing

Testing resiliency of proposed recommendations

NO.27 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:

be updated more often given the risk of the entity.

include an assessment of jurisdiction where the customer currently resides as this may have changed.

allow for sales oy third patties other than advisors since most of the customers are local residents.

include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.

NO.28 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

NO.29 During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director’s appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

Validate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.

Review the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.

Rely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.

Advise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.

NO.30 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.

NO.31 Which key elements of testing methodology should be documented? (Select Three.)

Documentation requirements of test results supporting the conclusion

Sampling method applied to select an appropriate sample size

Planned expansion or changes in the business profile of the organization

Test objectives and population selection criteria to mitigate the inherent risk in the operational unit

Elements contributing to the inherent risk of the organization

Relevant testing techniques subject to the nature and size of the test population

NO.32 Which scenarios should be used to monitor for potential elder abuse? (Select Two.)

Scenarios 1

Scenarios 2

Scenarios 5

Scenarios 7

Scenarios 8

NO.33 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

NO.34 Which should be evaluated when analyzing components of risk mitigation in an AML risk assessment?
(Select Two.)

Liquidity risk

Product risk

Overall customer volume

Office of Foreign Assets Control filtering

Customer risk

NO.35 What factors are considered tor conducting an external audit and assurance review? (Select Three.)

Type of reporting format

Budget available for the review

Purpose of the review

Type of risk assessment needed

Users of the external report

Information that will be required

NO.36 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.

NO.37 A financial institution (FI) recently updated its transaction monitoring (TM) thresholds During validation which should be provided as evidence of optimized thresholds’? (Select Two.)

A copy of the FI’s AML risk assessment

Comparison against past suspicious activity reported

Above-the-line and below-the-line testing

Length of time the FI has deployed the software program

Proof of validation from the TM software provider

NO.38 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

NO.39 Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

Volume of transaction activity referred by the respondent bank.

Size and stature of a respondent bank’s operations in its home country.

Number of respondent banks located in higher risk jurisdictions.

Number of correspondent banking relations terminated.

NO.40 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.)

Scenario 1

Scenario 4

Scenario 5

Scenario 6

Scenario 7

NO.41 Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

Ask the account officers whether the CDD and KYC information provided is correct.

Confirm with client onboarding teams whether or not high-risk customers exist.

Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.

Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.

Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.

ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

Topic	Details
Topic 1	Reporting, Recommendations, and Follow-Up: This section of the exam measures the skills of audit managers and covers the communication of audit findings to stakeholders. It includes developing clear recommendations for improvement based on evaluation results and ensuring follow-up on those recommendations.
Topic 2	Fieldwork and Evaluation: This section of the exam measures the skills of target professionals to demonstrate audit procedures during fieldwork. It involves collecting evidence, testing controls, and evaluating findings to ensure accuracy and reliability.
Topic 3	Corporate Governance and the Audit Function: This section of the exam measures the skills of auditing professionals and covers the principles and frameworks that guide effective governance in organizations. It emphasizes understanding the roles and responsibilities of the board of directors, management, and auditors. A key skill assessed is the ability to evaluate governance structures and their impact on organizational performance.
Topic 4	Planning and Scoping: This section of the exam measures the skills of audit managers and covers the processes involved in planning an audit engagement. It includes defining the scope, objectives, and resources required for an effective audit. A critical skill evaluated here is the ability to identify risks and develop a comprehensive audit plan that addresses those risks while ensuring compliance with relevant standards.

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ACAMS Advanced-CAMS-Audit Exam Syllabus Topics:

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