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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q25-Q30):

NEW QUESTION # 25
As an auditor reviewing this investigation report, which indicates an effective process?

A. The compliance officer decided not to cease the Business relationship hut kept the account under rigorous monitoring process.
B. The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.
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 concluded the investigation approximately 3 months later and filed a suspicious activity report.

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 # 26
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?

A. Aggregate
B. Residual
C. Inherent
D. Consolidated

Answer: B

Explanation:
Definition of Residual Risk:
* Residual risk is the risk that remains after controls are implemented to mitigate inherent risks.
* It reflects the effectiveness of controls and highlights areas requiring further attention.
Relevance in Risk Management:
* Evaluating residual risk helps determine whether existing controls adequately address the identified risks.
CAMS-Audit Best Practices:
* Auditors must assess residual risk as part of the broader risk management framework to ensure regulatory compliance and operational resilience.

NEW QUESTION # 27
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. Prepare to audit a sample of 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. Draft policies and procedures for 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 # 28
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.)

A. Discovery sampling
B. Simple random sampling
C. Stratified sampling
D. Systematic sampling
E. Snowball sampling
F. Judgment sampling

Answer: C,D,F

Explanation:
Sampling Methods Justification:
* A. Judgment Sampling: Enables the auditor to target high net-worth clients specifically based on their judgment of risk factors.
* B. Stratified Sampling: Allows for dividing the population into groups (e.g., high net-worth clients) and selecting samples from each group.
* F. Systematic Sampling: Ensures a structured and unbiased selection process, suitable for large datasets.

NEW QUESTION # 29
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. allow for sales oy third patties other than advisors since most of the customers are local residents.
B. be updated more often given the risk of the entity.
C. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
D. include an assessment of jurisdiction where the customer currently resides as this may have changed.

Answer: D

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 # 30
......

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Lucas Perry Lucas Perry

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