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Pass Guaranteed High Hit-Rate ACAMS - Advanced-CAMS-Audit - Advanced CAMS-Audit Certification Exam Sample Questions Answers

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q22-Q27):

NEW QUESTION # 22
Which is the most significant risk associated with KYC requirements being considered a low priority not designed into processes and subsequently implemented after the products are already launched?

A. Client experience improves as accounts can be opened more quickly.
B. Product launches may not be adequately prepared.
C. Product launches will motivate frontline to get more customers.
D. Frontline will not complete adequate CDD.

Answer: D

Explanation:
* Critical Impact:
* Absence of CDD processes during product launch leaves the institution exposed to onboarding high-risk customers without proper risk assessment.
* Guidelines and Compliance:
* FATF standards emphasize embedding CDD in all stages of customer interaction to mitigate ML
/TF risks.

NEW QUESTION # 23
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 # 24
An audit determines that an important control is not being performed. The operational manager responds to the audit comment stating that they do not have adequate resources in the department to accomplish this task.
The audit item discussion between the auditor and the operational manager is a(n):

A. root cause analysis
B. general license authorizing a transaction for an entity, and a specific license authorizing a transaction for an individual.
C. sustainability assessment.
D. internal control test.

Answer: A

Explanation:
Nature of Discussion:
* Root cause analysis is required to identify underlying reasons for the failure to perform the control, particularly resource constraints.
Key Compliance Justification:
* Addressing the root cause aligns with Basel Committee guidelines on improving control environments and addressing systemic issues in AML compliance.

NEW QUESTION # 25
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)

A. Determining risk appetite should include a discussion about an organization becoming overly risk- averse.
B. Risk appetite statements do not need specific indicators to alert management when the level of acceptable risk is exceeded.
C. Risk appetite statements should remain stable and consistent, even in changing business conditions.
D. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk appetite.
E. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used interchangeably.

Answer: A,D

NEW QUESTION # 26
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.)

A. Audit designates an audit manager to review customer profiles annually.
B. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
C. Management engages an independent third party to update all the customer risk profiles.
D. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.
E. The business updates the customer risk profiles periodically in accordance with the customer risk level.

Answer: D,E

Explanation:
A:Regularly updating lists of high- and medium-risk countries ensures that customer risk profiles align with the most current geopolitical and economic risks.
E:Periodic updates to customer risk profiles, based on their assigned risk level, are critical for maintaining an accurate and dynamic risk assessment system.

NEW QUESTION # 27
......

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