ACAMS Advanced CAMS - Audit - Advanced CAMS - Audit Exam
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Total 90 questions
Question #11 (Topic: Exam A)
When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?
A. Interaction with internal audit
B. Business reporting lines
C. Staffing levels on the AML team
D. Changes in board members
Answer: B
Question #12 (Topic: Exam A)
An AML auditor is auditing the annual institutional AML and sanctions risk assessment exercise of a bank in Singapore. For testing purposes, the auditor collects the risk assessment results shown below. The auditor also collects last year’s risk assessment results and information on business development over the past year, such as new product approvals, strategy and business plans.
The auditor identifies that the bank launched trade finance services this year. The target clients are multinational companies who actively support China’s belt and road initiatives.
Which scoring themes would be affected? (Choose two.)
The auditor identifies that the bank launched trade finance services this year. The target clients are multinational companies who actively support China’s belt and road initiatives.
Which scoring themes would be affected? (Choose two.)
A. I1.2
B. I1.3
C. I2.1
D. I2.2
E. I3.1
Answer: CD
Question #13 (Topic: Exam A)
An AML auditor is auditing the annual institutional AML and sanctions risk assessment exercise of a bank in Singapore. For testing purposes, the auditor collects the risk assessment results shown below. The auditor also collects last year’s risk assessment results and information on business development over the past year, such as new product approvals, strategy and business plans.
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? (Choose three.)
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? (Choose three.)
A. M1.1
B. M1.2
C. M2.1
D. M3.2
E. M4.2
F. M5.2
Answer: CDE
Question #14 (Topic: Exam A)
A financial institution (FI) defines its risk appetite qualitatively as “low-risk” as it has no overseas operations, non-resident customers, or cross-border international transactions, and only has three domestic locations.
Which factor of the FI would be indicative of potentially having a “high-risk” profile?
Which factor of the FI would be indicative of potentially having a “high-risk” profile?
A. A high percentage of customers operate cash intensive businesses.
B. A low percentage of business customers are identified as higher-risk.
C. A high percentage of customers are considered stable and well known to the FI.
D. A low percentage of key or frontline personnel turnover occurs.
Answer: A
Question #15 (Topic: Exam A)
Which requirement of a financial institution’s compliance program should an auditor review first to understand key roles and responsibilities?
A. List of suspicious transactions reported to the regulator
B. Names of politically exposed persons that are subject to ongoing monitoring
C. Designation of an individual or individuals responsible for coordinating and monitoring day-to-day compliance
D. List of high-risk customers subject to enhanced due diligence and the measures taken to mitigate the risks
Answer: C
