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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q32-Q37):

NEW QUESTION # 32
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?

A. Design
B. Program
C. Operating
D. Software

Answer: C

Explanation:
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.

NEW QUESTION # 33
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. M2.1
B. M1.2
C. M5.2
D. M4.2
E. M1.1
F. M3.2

Answer: A,D,E

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 # 34
An audit finding can be closed when:

A. the final audit report is ready for delivery.
B. all necessary evidence is collected and analyzed.
C. the follow-up actions are completed.
D. the underlying risk is reassessed and mitigated.

Answer: C

Explanation:
Conditions for Closing Audit Findings:
* Findings can only be closed when the corrective actions identified in response to the audit findings are implemented and verified as effective.
* This includes addressing underlying risks and documenting the resolution process.
CAMS-Audit Best Practices:
* The audit process must ensure that all follow-up actions mitigate the identified risks, aligning with regulatory and operational standards.

NEW QUESTION # 35
When sample testing client transaction records, the auditor finds that a client offered to sell a piece of art on a commission basis. A sale was completed and the purchase price was remitted to the client with less commission. What further investigation should the auditor undertake?

A. Update the national art registry with the sale price of the art work so that art-based money laundering can be detected.
B. Commission an external investigator to perform enhanced due diligence on the buyer.
C. Perform enhanced due diligence on the seller and buyer and update client records with findings
D. Review procedures for accepting commission sales and determining the buyer's source of funds on a best effort basis

Answer: C

Explanation:
Enhanced due diligence is necessary to identify potential risks associated with high-value transactions such as art sales, a known method for money laundering.
CAMS-Audit guidelines recommend updating client records with findings to maintain transparency and prepare for regulatory scrutiny.
This approach ensures compliance with due diligence requirements and mitigates reputational and financial crime risks.

NEW QUESTION # 36
A financial institution (FI) recently updated its transaction monitoring (TM) thresholds During validation which should be provided as evidence of optimized thresholds'? (Select Two.)

A. Proof of validation from the TM software provider
B. A copy of the FI's AML risk assessment
C. Length of time the FI has deployed the software program
D. Comparison against past suspicious activity reported
E. Above-the-line and below-the-line testing

Answer: D,E

Explanation:
Comparison Against Past Suspicious Activity Reported:
* This evaluates whether the new thresholds are identifying similar or improved patterns of suspicious activity compared to prior thresholds.
* Helps validate that the updated thresholds align with the institution's AML risk profile and regulatory expectations.
Above-the-Line and Below-the-Line Testing:
* Above-the-line tests verify that alerts generated by the thresholds include expected suspicious transactions.
* Below-the-line tests assess transactions below the threshold to ensure no significant suspicious activities are missed.
CAMS-Audit Reference:
* Advanced CAMS-Audit frameworks emphasize the importance of both historical comparison and robust testing methodologies to validate transaction monitoring system updates.

NEW QUESTION # 37
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