Most Recent Acams Advanced-CAMS-Audit Exam Dumps

Prepare for the Acams Advanced CAMS-Audit Certification Exam exam with our extensive collection of questions and answers. These practice Q&A are updated according to the latest syllabus, providing you with the tools needed to review and test your knowledge.

QA4Exam focus on the latest syllabus and exam objectives, our practice Q&A are designed to help you identify key topics and solidify your understanding. By focusing on the core curriculum, These Questions & Answers helps you cover all the essential topics, ensuring you're well-prepared for every section of the exam. Each question comes with a detailed explanation, offering valuable insights and helping you to learn from your mistakes. Whether you're looking to assess your progress or dive deeper into complex topics, our updated Q&A will provide the support you need to confidently approach the Acams Advanced-CAMS-Audit exam and achieve success.

The questions for Advanced-CAMS-Audit were last updated on Mar 30, 2025.

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Question No. 1

A financial institution utilizes an automated daily validation report to validate the accuracy of the data flowing into its monitoring software. An auditor is responsible for testing the data used to create the report. This is an example of testing which type of effectiveness?

AProgram

BSoftware

CDesign

DOperating
Testing Operating Effectiveness:
Operating effectiveness testing evaluates whether controls and systems are functioning as intended on a daily basis, including the accuracy and reliability of automated validation processes.
Relevance to Data Validation:
The auditor's role in this scenario ensures that the data flowing into the monitoring software is accurate and aligned with operational requirements, reflecting day-to-day effectiveness.
CAMS-Audit Emphasis:
The emphasis on ongoing operational validation is consistent with Advanced CAMS-Audit practices, which stress continuous monitoring of AML system effectiveness.

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Correct Answer: D

Question No. 2

When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

AUS entities having branches outside the US

BNon-US entities having branches outside the US

CUS citizens residing outside the

DNon-US citizens residing in the US
Exemptions from OFAC Regulations:
Non-US citizens residing in the US are typically subject to OFAC regulations unless explicitly exempted. However, understanding exemptions is vital for sanctions compliance.
Auditor's Role in Sanctions Compliance:
Auditors must review whether the entity's compliance program correctly identifies and exempts individuals or entities as per OFAC guidelines.
CAMS-Audit Reference:
CAMS-Audit recommends thorough reviews of sanctions compliance programs, focusing on adherence to OFAC requirements and exemptions.

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Correct Answer: D

Question No. 3

Which findings indicate issues that would cause a lack of understanding of the risks associated with the business the financial institution conducts? (Select Three.)

AFinding 1

BFinding 3

CFinding 4

DFinding 5

EFinding 6

FFinding 8
Finding 1
This highlights fundamental gaps in the risk assessment process. A lack of clarity in identifying and analyzing risks associated with certain products, services, or client categories reflects an incomplete understanding of the business's risk landscape.
CAMS-Audit emphasizes the importance of comprehensive risk assessments to identify inherent and residual risks and align them with the institution's overall AML/CFT framework.
Finding 4
This pertains to inadequate integration of risk mitigation controls into operational processes, leading to blind spots in identifying emerging threats. Institutions that do not properly embed risk controls often fail to adapt to changing business or regulatory requirements.
Reference to FATF recommendations underlines the necessity of embedding controls that reflect ongoing and emerging risks.
Finding 8
Failure to implement effective monitoring mechanisms or maintain updated customer or transaction profiles suggests a superficial approach to understanding risk exposure. Without robust data tracking, financial institutions may overlook key risk indicators.
CAMS-Audit documents stress the need for effective transaction and customer profile monitoring systems as part of a sound risk-based approach.

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Correct Answer: A, C, F

Question No. 4

The mam characteristics of an AML program testing are:

Atailored and risk-based.

Bstandard and focused.

Cinnovative and evaluative.

Dremedial and interdependent.
Characteristics of Effective AML Program Testing:
Tailored: Custom-designed to address specific organizational risks.
Risk-Based: Prioritizes high-risk areas to ensure optimal resource allocation and compliance.
Alignment with CAMS-Audit and FATF Principles:
Both emphasize the importance of a risk-based approach to AML program evaluation to mitigate the most significant threats.

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Correct Answer: A

Question No. 5

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?

AA fluctuating customer base in an international environment

BA well-known customer base m a localized environment

CA customer base changing due to a merger in the domestic market

DA stable customer base in an international environment
Higher Sample Size Justification:
A fluctuating international customer base increases the complexity of correspondent banking relationships and sanctions compliance, necessitating a larger sample to assess risks effectively.
Irrelevant Options:
B and D: Stable or localized environments reduce complexity, lowering sample size needs.
C: Domestic mergers affect customer risk profiles but are less volatile than fluctuating international markets.

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Correct Answer: A

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