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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q31-Q36):

NEW QUESTION # 31
Which should be evaluated when analyzing components of risk mitigation in an AML risk assessment?
(Select Two.)

A. Liquidity risk
B. Overall customer volume
C. Office of Foreign Assets Control filtering
D. Product risk
E. Customer risk

Answer: D,E

Explanation:
Product Risk: Certain products (e.g., high-value transfers, anonymous payment systems) inherently carry higher AML risks and require tailored risk mitigation measures.
Customer Risk: Understanding the risk profile of customers, including PEPs and high-net-worth individuals, is critical to assessing exposure and implementing risk-based approaches.
Both factors are core components in AML risk assessments, as highlighted in CAMS-Audit materials and FATF standards.

NEW QUESTION # 32
Which requirement of a financial institution's compliance program should an auditor review first to understand key roles and responsibilities?

A. Names of politically exposed persons that are subject to ongoing monitoring
B. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks
C. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance
D. List of suspicious transactions reported to the regulator

Answer: C

Explanation:
Key Roles and Responsibilities:
* Identifying compliance coordinators helps auditors understand the operational framework and ensure clear accountability in managing day-to-day AML compliance activities.
Initial Review Focus:
* This step provides a foundational understanding of the institution's compliance structure, enabling targeted assessments of other program components.
Advanced CAMS-Audit Reference:
* CAMS-Audit emphasizes that the effectiveness of an AML program hinges on having designated individuals who oversee compliance processes.

NEW QUESTION # 33
Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

A. Number of correspondent banking relations terminated.
B. Number of respondent banks located in higher risk jurisdictions.
C. Volume of transaction activity referred by the respondent bank.
D. Size and stature of a respondent bank's operations in its home country.

Answer: B

Explanation:
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in those jurisdictions.

NEW QUESTION # 34
Which best explains why the auditor rates the audit finding on sanction screening severity high?

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

Answer: A

Explanation:
Severity Justification:
* Infrequent updates of sanction lists create significant risks of missing sanctioned entities, increasing legal, financial, and reputational risks for the institution.
* FATF Recommendations emphasize the need for timely and accurate sanctions screening to prevent facilitation of sanctioned transactions.
Critical Evidence:
* A delayed update to sanction lists is cited as a key failure point in regulatory penalties and compliance audits.

NEW QUESTION # 35
Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

A. Finding 3
B. Finding 8
C. Finding 5
D. Finding 4
E. Finding 1
F. Finding 6

Answer: B,D,E

Explanation:
Finding 1
* This highlights fundamental gaps in the risk assessment process. A lack of clarity in identifying and analyzing risks associated with certain products, services, or client categories reflects an incomplete understanding of the business's risk landscape.
* CAMS-Audit emphasizes the importance of comprehensive risk assessments to identify inherent and residual risks and align them with the institution's overall AML/CFT framework.
Finding 4
* This pertains to inadequate integration of risk mitigation controls into operational processes, leading to blind spots in identifying emerging threats. Institutions that do not properly embed risk controls often fail to adapt to changing business or regulatory requirements.
* Reference to FATF recommendations underlines the necessity of embedding controls that reflect ongoing and emerging risks.
Finding 8
* Failure to implement effective monitoring mechanisms or maintain updated customer or transaction profiles suggests a superficial approach to understanding risk exposure. Without robust data tracking, financial institutions may overlook key risk indicators.
* CAMS-Audit documents stress the need for effective transaction and customer profile monitoring systems as part of a sound risk-based approach.

NEW QUESTION # 36
......

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