Free ACAMS Advanced-CAMS-Audit Exam Dumps Questions & Answers

Which best explains why the auditor rates the audit finding on sanction screening severity high?

• A.The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.
• B.The organization might have reported a sanction breach that is not a current sanction violation.
• C.The finding is on a different audit topic than the KYC related findings.
• D.The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.

Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?

• A.Responsible action owner and internal audit commitment to follow up
• B.Reporting the breach and the regulatory response
• C.Target completion date and status update on remedial action
• D.Available resources and board of directors' commitment

A recent regulatory examination identified serious deficiencies in the AML program. Which action should the organization take first?

• A.Enhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.
• B.Initiate a request for proposals for new AML systems and solutions.
• C.Engage a qualified third party to review the deficiencies and assist in developing a remediation plan.
• D.Change the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.

Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

• A.Perform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.
• B.Re-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists.
• C.Re-screen all transactions based on the sanctions lists that were active at that time but not uploaded.
• D.Periodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system.

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