When conducting an audit of a money services business (MSB), the frequency of the review depends on the country's regulatory practices and the MSB's.

• A.regulatory requirements.
• B.internal controls.
• C.policy.
• D.scope.

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Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

• A.The management and ownership of the respondent bank.
• B.The purpose of the services provided to the respondent bank.
• C.The jurisdiction in which the respondent bank is located.
• D.The major business activities of the respondent bank.

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Which finding indicates issues that could result in clients being subject to incorrect scenarios and thresholds?

• A.Firming 2
• B.Finding 4
• C.Finding 5
• D.Finding 7

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

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

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What type of audit approach should the auditor use when testing KYC files as part of an AML examination?

• A.Horizontal
• B.Full scope
• C.Vertical
• D.Risk-based

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