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ACAMS Advanced-CAMS-Audit Practice Test - Questions Answers, Page 5

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Question 41

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Audits are designed to provide assurance that what key aspect of risk management framework is adequately designed and functioning effectively?

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Question 42

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Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

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Question 43

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A financial institution is auditing its correspondent banking relationships and their respective sanctions compliance programs. Which condition will merit a higher sample size assuming the correspondent banks have a moderate level of risk mitigation?

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Question 44

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When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

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Question 45

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Which is a true statement about the computer-assisted audit tool (CAAT)?

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Question 46

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During a sample review, the auditor notices that an alert was generated for a large deposit that was inconsistent with the customer profile. The customer has had no other incidents in the past 10 years and has provided documents to confirm the deposit as a property sale. What should the auditor do?

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Question 47

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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 Assets Control (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?

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Question 48

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The mam characteristics of an AML program testing are:

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Question 49

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An auditor should verify that an institution has ensured its AML systems and controls include:

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Question 50

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Which set of activities describes the planning phase of an audit?

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