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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q80-Q85):

NEW QUESTION # 80
Which action would an auditor take to evaluate design effectiveness?

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

Answer: D

Explanation:
* Explanation:Evaluating design effectiveness involves determining whether policies and procedures align with regulatory standards, which sets the foundation for a compliant AML/CFT program. This is a design-level assessment rather than testing implementation or outcomes, which would pertain to operational effectiveness.

NEW QUESTION # 81
While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?

A. To trade prohibited goods
B. To disguise dual-use goods
C. To defraud shipping companies
D. To move funds or value across national borders

Answer: D

Explanation:
Reason for Overvaluation/Undervaluation:
* This technique is often used in trade-based money laundering to transfer funds or value disguised as legitimate trade transactions.
Auditor's Responsibility:
* Auditors must ensure such discrepancies are detected, escalated, and adequately addressed to prevent money laundering.
CAMS-Audit Insight:
* Advanced CAMS-Audit emphasizes vigilance in trade finance as a high-risk area for money laundering activities.

NEW QUESTION # 82
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 launchof these services? (Select Three.)

A. M3.2
B. M2.1
C. M5.2
D. M4.2
E. M1.2
F. M1.1

Answer: B,D,F

Explanation:
* M1.1 - Risk Identification and AssessmentTrade finance introduces new types of risks such as exposure to cross-bordertransactions, multiple parties, and complex financial instruments. These elements necessitate a reassessment of existing risk frameworks to identify new vulnerabilities, including trade-based money laundering (TBML). As detailed in the CAMS-Audit guidance, financial institutions must periodically update their risk assessments to reflect changes in products and services.
* M2.1 - Enhanced Due Diligence (EDD) on High-Risk CustomersTrade finance clients often involve politically exposed persons (PEPs), entities in high-risk jurisdictions, or complex supply chains.
According to FATF Recommendation 10 and CAMS standards, banks must enhance customer due diligence measures, including obtaining additional information on the customer's source of funds, beneficial ownership, and the nature of the business.
* M4.2 - Transaction Monitoring SystemsThe complexity of trade finance transactions requires robust monitoring systems capable of identifying unusual patterns indicative of money laundering or terrorist financing. These systems must be calibrated to flag discrepancies in trade documentation, over- or under-invoicing, and deviations from expected trade flows, as emphasized in the FATF Recommendations and CAMS-Audit references.
References from Advanced CAMS-Audit Documents:
* AML/CFT-document references specify the need for updated risk assessments and transaction monitoring systems aligned with international AML standards for new services.
* FATF Recommendations provide a framework for enhanced due diligence and risk-based approaches for trade finance.

NEW QUESTION # 83
Which KYC-related finding poses the most risk to the organization?

A. KYC processes not being integrated into the business and associated application systems
B. Sanctions fists that are updated on a periodic basis following an annual risk assessment
C. Backlogs and delays in maintaining client files in accordance with the organization's policy
D. KYC requirements being considered a low priority not designed into business processes and implemented after product launch

Answer: D

Explanation:
KYC integration is fundamental to ensuring that anti-money laundering controls are effective from the outset of client onboarding. Delayed implementation of KYC increases the risk of onboarding high-risk customers without adequate due diligence.
Advanced CAMS-Audit documentation stresses the importance of embedding KYC into business processes during product design and rollout phases to mitigate risks.
Neglecting this requirement can expose the organization to severe regulatory penalties and reputational damage.

NEW QUESTION # 84
Which is considered a minimum requirement in a customer identification program?

A. Customer enhanced due diligence procedures used to identify unusual transactions
B. Transaction reporting procedures used to report suspicious transactions to the regulator
C. Account opening procedures that specify the information that will be obtained from each customer
D. Transaction monitoring procedures that specify the information that will be retained in each transaction

Answer: C

Explanation:
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

NEW QUESTION # 85
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