EXAM ADVANCED-CAMS-AUDIT OUTLINE | ADVANCED-CAMS-AUDIT RELIABLE BRAINDUMPS

Exam Advanced-CAMS-Audit Outline | Advanced-CAMS-Audit Reliable Braindumps

Exam Advanced-CAMS-Audit Outline | Advanced-CAMS-Audit Reliable Braindumps

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q82-Q87):

NEW QUESTION # 82
During a sanction review, an auditor notes that several of the bank's large corporate clients continue to route transactions through the bank to certain Office of Foreign AssetsControl (OFAC)-sanctioned countries.The head of corporate clients stated that these transactions were executed under the OFAC license.What should an auditor know to distinguish between an OFAC general license and a specific license?

  • A. A specific license authorizes a transaction for an entity and a general license authorizes a transaction for an individual.
  • B. A general license authorizes a type of transaction and a specific license authorizes a transaction in response to a written license application.
  • C. A specific license authorizes a type of transaction and a general license authorizes a transaction in response to a written license application.
  • D. A general license authorizes a transaction for an entity and a specific license authorizes a transaction for an individual.

Answer: B

Explanation:
Distinguishing General and Specific Licenses:
* Ageneral licensepermits predefined categories of transactions without individual approval.
* Aspecific licenseis issued for unique transactions based on a written application evaluated on a case-by- case basis.
OFAC Guidance:
* Auditors should verify that transactions routed through sanctioned countries align with the licenses and confirm appropriate documentation for compliance.


NEW QUESTION # 83
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. Testing of the customer's identifying information using reliable and independent source documents
  • B. The overall volume of cash deposit reporting for the quarter
  • C. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
  • D. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
  • E. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures

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 # 84
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?

  • A. Proportional
  • B. Statistical
  • C. Risk-based
  • D. Judgmental

Answer: B

Explanation:
* Importance of Statistical Sampling in Transaction Monitoring Testing:
* Statistical sampling is the most suitable method when dealing with stratified populations, as it ensures a representative sample is drawn from each distinct category.
* This method allows auditors to achieve reliable results by applying mathematical and probabilistic models to calculate the required sample size, ensuring unbiased and valid conclusions.
* Relevance to Stratified Populations:
* When the transaction monitoring population is divided into distinct categories, statistical sampling ensures that each category is proportionately represented based on its size or risk level within the overall population.
* Evaluation of Other Options:
* Judgmental Sampling:Relies on auditor discretion and may introduce bias, making it unsuitable for ensuring proportional representation in stratified populations.
* Proportional Sampling:Focuses only on proportional representation but does not leverage statistical tools to determine the optimal sample size or confidence levels.
* Risk-Based Sampling:While effective in certain contexts, it is better suited for focusing on high- risk categories rather than ensuring comprehensive representation of all strata.
* Alignment with Advanced CAMS-Audit Standards:
* Advanced CAMS-Audit recommends statistical sampling for stratified populations to ensure that all categories are adequately tested and results are statistically valid for compliance and performance assessments.
Conclusion:The auditor should usestatistical samplingto identify the sample size when testing a stratified population for transaction monitoring. This ensures a reliable, unbiased, and mathematically sound basis for the audit.


NEW QUESTION # 85
What should an auditor verify when auditing areas with previously identified AMI deficiencies?

  • A. Management took appropriate and timely action to address any violations and other deficiencies.
  • B. The business attested to remediating the control gaps.
  • C. Management discussed an action plan to address any violations and other deficiencies.
  • D. Senior management agreed that the findings were legitimate.

Answer: A

Explanation:
* A: Management took appropriate and timely action to address any violations and other deficiencies.


NEW QUESTION # 86
Which finding indicates issues that could result in clients being subject to incorrect scenarios and thresholds?

  • A. Finding 5
  • B. Finding 7
  • C. Firming 2
  • D. Finding 4

Answer: B

Explanation:
* Significance of Finding 4 in Scenario and Threshold Calibration:
* Finding 4typically points to issues with the alignment of customer segmentation or risk profiling.
Incorrect segmentation or categorization directly impacts the assignment of scenarios and thresholds, leading to clients being subjected to inappropriate monitoring settings.
* For example, placing a low-risk client in a high-risk threshold group can cause unnecessary alerts, while the opposite scenario might miss genuine suspicious activities.
* Other Options Evaluated:
* Finding 2:May relate to broader systemic issues but does not specifically highlight misalignment with thresholds or scenarios.
* Finding 5:Typically involves data accuracy concerns but does not directly result in the application of incorrect scenarios or thresholds.
* Finding 7:Often pertains to gaps in coverage or monitoring rather than specific issues in the calibration of scenarios and thresholds.
* Advanced CAMS-Audit Context:
* Advanced CAMS-Audit emphasizes the importance of precise customer segmentation and scenario calibration to ensure transaction monitoring systems operate efficiently and effectively.
Findings pointing to misalignments in these areas are critical indicators of potential weaknesses.
* Regulatory Relevance:
* FATF and Basel Committee standards require risk-based monitoring tailored to the risk profile of each customer. Misaligned thresholds violate this principle, potentially leading to regulatory scrutiny.
Conclusion:The correct answer isB. Finding 4, as it identifies the misalignment of scenarios and thresholds with customer risk profiles, which is a critical issue in ensuring effective AML monitoring systems.


NEW QUESTION # 87
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