ACAMS Advanced-CAMS-Audit Exam | Advanced-CAMS-Audit Exams - Pass Guaranteed for Advanced-CAMS-Audit: Advanced CAMS-Audit Certification Exam Exam

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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q74-Q79):

NEW QUESTION # 74
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 AssetsControl (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?

A. A specific license authorizes a transaction for an entity and a general license authorizes a transaction for an individual.
B. A general license authorizes a type of transaction and a specific license authorizes a transaction in response to a written license application.
C. A specific license authorizes a type of transaction and a general license authorizes a transaction in response to a written license application.
D. A general license authorizes a transaction for an entity and a specific license authorizes a transaction for an individual.

Answer: B

Explanation:
Distinguishing General and Specific Licenses:
* Ageneral licensepermits predefined categories of transactions without individual approval.
* Aspecific licenseis issued for unique transactions based on a written application evaluated on a case-by- case basis.
OFAC Guidance:
* Auditors should verify that transactions routed through sanctioned countries align with the licenses and confirm appropriate documentation for compliance.

NEW QUESTION # 75
Which key elements of testing methodology should be documented? (Select Three.)

A. Documentation requirements of test results supporting the conclusion
B. Sampling method applied to select an appropriate sample size
C. Relevant testing techniques subject to the nature and size of the test population
D. Test objectives and population selection criteria to mitigate the inherent risk in the operational unit
E. Elements contributing to the inherent risk of the organization
F. Planned expansion or changes in the business profile of the organization

Answer: A,B,D

Explanation:
A: Documentation Requirements: Proper documentation ensures transparency and traceability of the testing process and outcomes.
B: Sampling Method: Establishing the sampling methodology ensures that the test results are representative of the population and risks being assessed.
D: Test Objectives and Population Selection: These elements help align the testing approach with the identified risks and objectives, ensuring the focus is on mitigating the most critical issues.
CAMS-Audit emphasizes robust documentation and sampling techniques to maintain the integrity and reliability of audit findings.

NEW QUESTION # 76
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. Target completion date and status update on remedial action
B. Reporting the breach and the regulatory response
C. Available resources and board of directors' commitment
D. Responsible action owner and internal audit commitment to follow up

Answer: A

Explanation:
In follow-up strategies, the focus should be on ensuring accountability and tracking progress. Establishing a target completion date and regularly updating the status of remedial actions ensures timely and effective resolution of deficiencies.
CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with regulatory expectations and internal compliance frameworks.

NEW QUESTION # 77
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

A. Communication, follow-up. and documentation are tracked on scheduled sustainability validations.
B. Compliance Identifies and schedules pre-exam validation as appropriate.
C. Additional remediation is identified and planned.
D. Findings ate explained and assigned to the accountable owners.
E. Findings ate clearly written and facts are accurate

Answer: D,E

Explanation:
Key Objectives of Issue Confirmation:
* Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
* Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
* B:Additional remediation is a later step in the issue resolution process.
* D and E:Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

NEW QUESTION # 78
Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

A. Number of correspondent banking relations terminated.
B. Number of respondent banks located in higher risk jurisdictions.
C. Volume of transaction activity referred by the respondent bank.
D. Size and stature of a respondent bank's operations in its home country.

Answer: B

Explanation:
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in those jurisdictions.

NEW QUESTION # 79
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ACAMS Advanced-CAMS-Audit Exam | Advanced-CAMS-Audit Exams - Pass Guaranteed for Advanced-CAMS-Audit: Advanced CAMS-Audit Certification Exam Exam

Exam Advanced-CAMS-Audit Lab Questions, Real Advanced-CAMS-Audit Dumps

ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q74-Q79):

Free PDF Quiz First-grade ACAMS Advanced-CAMS-Audit - Advanced CAMS-Audit Certification Exam Exams

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