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

The compliance officer concluded from the report that there are reasonable grounds for suspicion and filed a suspicious activity report.

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.

in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

Adverse news search results against the customers and its controlling persons.

Historical transaction data of the customer s account.

Board approval for the suspicious activity report filing by the compliance department.

Independent review by the compliance officer's line manager.

Adverse news search results against the customers and its controlling persons.

Policies and procedures relating to AML investigations and suspicious activity report filing.

Historical transaction data of the customer s account.

When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)

The purpose and intended nature of the business relationship were not reviewed m the assessment.

The ultimate beneficial owners of the customer need to be Identified and verified.

Self-declaration or Beneficial ownership should not be accepted as it is not adequate.

Overseas shareholders not involved in the customer's dally operations are not beneficial owners.

The purpose and intended nature of the business relationship were not reviewed m the assessment.

The ultimate beneficial owners of the customer need to be Identified and verified.

If this was a face-to-face customer, the overall customer risk rating should be changed to low.

During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

Designate the account as a PEP-account.

Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.

Review and document the details of the customer s asset-holding arrangement.

File a suspicious activity report as the previous risk rating was not correct.

Deploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.

Designate the account as a PEP-account.

Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.

Review and document the details of the customer s asset-holding arrangement.

Review the customer risk profile every two years as with any other customers.

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.)

Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.

The business updates the customer risk profiles periodically in accordance with the customer risk level.

Compliance regularly updates the lists of high- and medium-risk countries to ensure updated customer risk profiles.

Audit designates an audit manager to review customer profiles annually.

Delete non-active customer profiles to reduce the workload of ongoing surveillance.

Management engages an independent third party to update all the customer risk profiles.

The business updates the customer risk profiles periodically in accordance with the customer risk level.

When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

Robustness of feedback relating to submitted suspicious activity reports

Complexity of monitoring scenarios

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

Engage a qualified third party to review the deficiencies and assist in developing a remediation plan.

Enhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.

Initiate a request for proposals for new AML systems and solutions.

Engage a qualified third party to review the deficiencies and assist in developing a remediation plan.

Change the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.

An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating. Which areas should be assessed? (Select Two.)

Clients of the institution for more than 10 years

Previous correspondent banking relationships

An organization creates a document for its audit committee listing the outstanding audit findings. The list has an executive management owner assigned to each finding, due dates for reporting management's responses and space for management to identity the actions to be taken. Which is a primary purpose of this document?

Tracking completion of proposed recommendations

Providing audit documentation of management responses

Tracking completion of proposed recommendations

Documenting audit team validation testing

Testing resiliency of proposed recommendations

ACAMS Advanced-CAMS-Audit Practice Test 3 - Free Online Exam Prep & Questions

Spam

Selling illegal goods, money scams etc.

Hate Speech

Serious attack on a group.

Harassment and bullying

Harassing an individual (including doxing)

Harmful activities

Threatening or glorifying violence or serious harm, including self-harm

Adult content (Consensual)

Nudity/Sexual content

Sexual exploitation and abuse (child safety)

Sexually explicit or suggestive imagery or writing involving minors

Sexual exploitation and abuse (adults and animals)

Sexually explicit or suggestive imagery or writing involving non-consenting adults or non-humans

Plagiarism

Reusing content without attribution (link and blockquotes)

Poorly written

Not in English or has very bad formatting, grammar, and spelling

Inappropriate credential

Author's credential is offensive, spam, or impersonation

Other

Ex. Illegal content, incomplete question...

ACAMS Advanced-CAMS-Audit Practice Test 3

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ACAMS Advanced-CAMS-Audit Practice Tests

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