Acams Advanced-CAMS-Audit Advanced CAMS-Audit Certification Exam Exam Practice Test Questions

• Question 1

  The auditor identifies that the bank has launched trade finance services this year. When rating the various themes of the risk mitigants, which are expected to be impacted by the launch of these services? (Select Three.)

  • M1.1
  • M1.2
  • M2.1
  • M3.2
  • M4.2
  • M5.2

  Show Answer Answer: A, ,C, ,E Next

• Question 2

  As an auditor reviewing this investigation report, which indicates an effective process?

  • The compliance officer concluded the investigation approximately 3 months later and filed a suspicious activity report.
  • The compliance officer concluded from the report that there are reasonable grounds for suspicion and filed a suspicious activity report.
  • The compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.
  • The compliance officer decided not to cease the Business relationship hut kept the account under rigorous monitoring process.

  Show Answer Answer: B Next

• Question 3

  Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

  • Ask the account officers whether the CDD and KYC information provided is correct.
  • Confirm with client onboarding teams whether or not high-risk customers exist.
  • Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.
  • Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.
  • Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.

  Show Answer Answer: C, ,D Next

• Question 4

  A retail banking small and medium-sized enterprise (SME) customer launches a charity and requests a Corporate-SME account to receive donations and make disbursements. Which scenarios would most likely identify activity related to a charity account? (Select Two.)

  • Scenario 1
  • Scenario 4
  • Scenario 5
  • Scenario 6
  • Scenario 7

  Show Answer Answer: A, ,E Next

• Question 5

  When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?

  • Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
  • Perform enhanced due diligence on the seller and buyer and update client records with findings
  • Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis
  • Commission an external investigator to perform enhanced due diligence on the buyer.

  Show Answer Answer: B Next