Free ACAMS Advanced-CAMS-Audit Exam Dumps Questions & Answers

Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?

• A.  Reporting the breach and the regulatory response
• B.  Target completion date and status update on remedial action
• C.  Responsible action owner and internal audit commitment to follow up
• D.  Available resources and board of directors' commitment

Which action would an auditor take to evaluate design effectiveness?

• A.  Confirm that alerts in transaction monitoring have been properly escalated or waived.
• B.  Confirm that customer records are being kept in accordance with policies and procedures.
• C.  Check whether the policies and procedures are consistent with the authorities' regulations.
• D.  Carry out a sample check of suspicious activity reports and make sure they are in line with policies and procedures.

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?

• A.  Testing resiliency of proposed recommendations
• B.  Documenting audit team validation testing
• C.  Providing audit documentation of management responses
• D.  Tracking completion of proposed recommendations

Which products/services increase the risk level for money laundering for XYZ Bank?

• A.  Foreign exchange services
• B.  Payable through accounts
• C.  International fund transfers
• D.  Letters of credit

When reviewing an AML policy, an auditor should expect to find that the policy.

• A.  was reviewed and approved by the money laundering reporting officer.
• B.  is aligned with investment strategy.
• C.  has been approved by regulators.
• D.  contains items related to staff training.