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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q14-Q19):

NEW QUESTION # 14
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?

A. A customer base changing due to a merger in the domestic market
B. A stable customer base in an international environment
C. A well-known customer base m a localized environment
D. A fluctuating customer base in an international environment

Answer: D

Explanation:
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.

NEW QUESTION # 15
When reviewing an entity's sanctions compliance program, the auditor should ensure who is exempt from the Office of Foreign Assets Control's regulations?

A. Non-US entities having branches outside the US
B. US entities having branches outside the US
C. US citizens residing outside the
D. Non-US citizens residing in the US

Answer: D

Explanation:
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.

NEW QUESTION # 16
Which should the auditor recommend to management in terms of the client's risk rating procedures?

A. Include an assessment of risk factors of channel, credit, and transaction risk to determine the client's composite AML and sanctions risk score.
B. Remove enhanced due diligence requirements for long-standing clients that are art collectors and do not transact with precious metals.
C. Provide staff with training on new record retention requirements for occasional transactions.
D. Remediate client files to verify their AML and sanctions risk rating and document enhanced due diligence measures, where applicable.

Answer: A

Explanation:
* Incorporating Comprehensive Risk Factors
* By including an assessment of channel, credit, and transaction risks, the client's overall risk profile is accurately determined. This aligns with risk-based approaches emphasized by FATF and CAMS-Audit standards.
* These risk factors provide a granular view of the client's risk level, ensuring proper classification into Standard or Enhanced Due Diligence categories.
* Regulatory Alignment
* FATF Recommendations mandate that client risk assessments consider the products, services, and delivery channels used, as well as geographic and transactional risks.
ConclusionImplementing composite AML and sanctions risk scores ensures the institution is compliant with regulatory standards and adequately mitigates risks associated with different client profiles.

NEW QUESTION # 17
Which are methods to test internal controls related to the CDD and KYC process? (Select Two.)

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

Answer: A,B

Explanation:
Testing Internal Controls:
* C. Gap Analysis: Ensures policies are compliant with local regulations and address identified risks.
* D. Sample Testing: Verifies that processes are effectively implemented in practice for both new and existing customers.

NEW QUESTION # 18
The auditor determines that the population for transaction monitoring testing can be stratified into five distinct categories. To complete testing which sampling method should the auditor use to identify the sample size?

A. Risk-based
B. Proportional
C. Judgmental
D. Statistical

Answer: D

Explanation:
* Importance of Statistical Sampling in Transaction Monitoring Testing:
* Statistical sampling is the most suitable method when dealing with stratified populations, as it ensures a representative sample is drawn from each distinct category.
* This method allows auditors to achieve reliable results by applying mathematical and probabilistic models to calculate the required sample size, ensuring unbiased and valid conclusions.
* Relevance to Stratified Populations:
* When the transaction monitoring population is divided into distinct categories, statistical sampling ensures that each category is proportionately represented based on its size or risk level within the overall population.
* Evaluation of Other Options:
* Judgmental Sampling:Relies on auditor discretion and may introduce bias, making it unsuitable for ensuring proportional representation in stratified populations.
* Proportional Sampling:Focuses only on proportional representation but does not leverage statistical tools to determine the optimal sample size or confidence levels.
* Risk-Based Sampling:While effective in certain contexts, it is better suited for focusing on high- risk categories rather than ensuring comprehensive representation of all strata.
* Alignment with Advanced CAMS-Audit Standards:
* Advanced CAMS-Audit recommends statistical sampling for stratified populations to ensure that all categories are adequately tested and results are statistically valid for compliance and performance assessments.
Conclusion:The auditor should usestatistical samplingto identify the sample size when testing a stratified population for transaction monitoring. This ensures a reliable, unbiased, and mathematically sound basis for the audit.

NEW QUESTION # 19
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