ACAMS ADVANCED-CAMS-AUDIT LATEST DUMPS PPT, ADVANCED-CAMS-AUDIT BRAIN EXAM

ACAMS Advanced-CAMS-Audit Latest Dumps Ppt, Advanced-CAMS-Audit Brain Exam

ACAMS Advanced-CAMS-Audit Latest Dumps Ppt, Advanced-CAMS-Audit Brain Exam

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q21-Q26):

NEW QUESTION # 21
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

  • A. Non-US citizens residing in the US
  • B. US entities having branches outside the US
  • C. US citizens residing outside the
  • D. Non-US entities having branches outside the US

Answer: A

Explanation:
Exemptions from OFAC Regulations:
* Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance.
Auditor's Role in Sanctions Compliance:
* Auditors must review whether the entity's compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines.
CAMS-Audit Reference:
* CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions.


NEW QUESTION # 22
The auditor finds that thecustomer risk assessment (CRA) is completed at initial onboarding and is repealed for each customer every other year.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. be updated more often given the risk of the entity.
  • B. include an assessment of jurisdiction where the customer currently resides as this may have changed.
  • C. include a qualitative overlay that 95% of the products offered are subject to regulatory exemptions.
  • D. allow for sales oy third patties other than advisors since most of the customers are local residents.

Answer: B

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 # 23
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.)

  • A. The overall volume of cash deposit reporting for the quarter
  • B. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures
  • C. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
  • D. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
  • E. Testing of the customer's identifying information using reliable and independent source documents

Answer: C,D

Explanation:
A: Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C: Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.


NEW QUESTION # 24
Which set of activities describes the planning phase of an audit?

  • A. Request data regarding financials, schedule planning meeting and perform sample testing
  • B. Request organizational charts, assess data for sample testing and provide an initial report
  • C. Request the scheduling of preliminary discussions with management and request a walk-through of key processes
  • D. Request management overview of the organization conduct analytical review of processes and issue findings

Answer: C

Explanation:
Comprehensive Detailed Step-by-Step Explanation:
* Activities in the Planning Phase:
* The planning phase involves understanding the scope, objectives, and framework for the audit.
* Preliminary discussions with management set the stage for identifying critical processes and potential risk areas.
* Key Actions:
* Scheduling preliminary discussions ensures alignment on audit goals.
* A walk-through of key processes provides insight into workflows and control mechanisms.
* Alignment with CAMS-Audit Principles:
* Effective planning as described in CAMS-Audit guidelines prioritizes communication and process understanding during initial audit phases.


NEW QUESTION # 25
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 disguise dual-use goods
  • B. To move funds or value across national borders
  • C. To trade prohibited goods
  • D. To defraud shipping companies

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 # 26
......

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