| Exam Code | Advanced-CAMS-Audit |
| Exam Name | Advanced CAMS-Audit Certification Exam |
| Questions | 90 Questions Answers With Explanation |
| Update Date | May 28,2026 |
| Price |
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During the auditing process the auditor finds that the entity never updates the customers risk assessment. Which remediation actions should the auditor suggest? (Select Two.)
A. Compliance regularly updates the lists of high- and medium-risk countries to ensure updated
customer risk profiles.
B. Audit designates an audit manager to review customer profiles annually.
C. Delete non-active customer profiles to reduce the workload of ongoing surveillance.
D. Management engages an independent third party to update all the customer risk profiles.
E. The business updates the customer risk profiles periodically in accordance with the customer risk level.
During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)
A. File a suspicious activity report as the previous risk rating was not correct.
B. Deploy automated monitoring toots to efficiently peruse the customer's KYC information and
assure that the customer's KYC risk rating is correct.
C. Designate the account as a PEP-account.
D. Conduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.
E. Review and document the details of the customer s asset-holding arrangement.
F. Review the customer risk profile every two years as with any other customers.
When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)
A. Self-declaration or Beneficial ownership should not be accepted as it is not adequate.
B. Overseas shareholders not involved in the customer's dally operations are not beneficial owners.
C. The purpose and intended nature of the business relationship were not reviewed m the
assessment.
D. The ultimate beneficial owners of the customer need to be Identified and verified.
E. If this was a face-to-face customer, the overall customer risk rating should be changed to low.
in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)
A. Board approval for the suspicious activity report filing by the compliance department.
B. Independent review by the compliance officer's line manager.
C. Adverse news search results against the customers and its controlling persons.
D. Policies and procedures relating to AML investigations and suspicious activity report filing.
E. Historical transaction data of the customer s account.
As an auditor reviewing this investigation report, which indicates an effective process?
A. The compliance officer concluded the investigation approximately 3 months later and filed a
suspicious activity report
B. The compliance officer concluded from the report that there are reasonable grounds for suspicion
and filed a suspicious activity report.
C. The compliance officer filed a suspicious activity report and omitted details regarding the reason it
was filed.
D. The compliance officer decided not to cease the Business relationship hut kept the account under
rigorous monitoring process.
Which products/services increase the risk level for money laundering for XYZ Bank?
A. Payable through accounts
B. International fund transfers
C. Letters of credit
D. Foreign exchange services
Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?
A. The management and ownership of the respondent bank.
B. The purpose of the services provided to the respondent bank.
C. The jurisdiction in which the respondent bank is located.
D. The major business activities of the respondent bank.
Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?
A. Volume of transaction activity referred by the respondent bank.
B. Size and stature of a respondent bank's operations in its home country.
C. Number of respondent banks located in higher risk jurisdictions.
D. Number of correspondent banking relations terminated.
Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)
A. Findings ate explained and assigned to the accountable owners.
B. Additional remediation is identified and planned.
C. Findings ate clearly written and facts are accurate
D. Communication, follow-up. and documentation are tracked on scheduled sustainability
validations.
E. Compliance Identifies and schedules pre-exam validation as appropriate.
Which scenarios should be used to monitor for potential elder abuse? (Select Two.)
A. Scenarios 1
B. Scenarios 2
C. Scenarios 5
D. Scenarios 7
E. Scenarios 8
A retail banking small and medium-sized enterprise (SME) customer launches a charity and requests a Corporate-SME account to receive donations and make disbursements. Which scenarios would most likely identify activity related to a charity account? (Select Two.)
A. Scenario 1
B. Scenario 4
C. Scenario 5
D. Scenario 6
E. Scenario 7
Which action would an auditor take to evaluate design effectiveness?
A. Check whether the policies and procedures are consistent with the authorities' regulations.
B. Carry out a sample check of suspicious activity reports and make sure they are in line with policies
and procedures.
C. Confirm that alerts in transaction monitoring have been properly escalated or waived.
D. Confirm that customer records are being kept in accordance with policies and procedures.
When evaluating an AML training program tor CFT functions the auditor should verify that:
A. interns and third parties are not included.
B. attendees have completed post-course surveys.
C. ethics training has been delivered to senior management.
D. tailored training has been provided to AML and CFT staff.
Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)
A. Risk appetite statements should remain stable and consistent, even in changing business
conditions.
B. Determining risk appetite should include a discussion about an organization becoming overly riskaverse.
C. Risk appetite statements do not need specific indicators to alert management when the level of
acceptable risk is exceeded.
D. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used
interchangeably.
E. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk
appetite.
When testing the operational effectiveness of an institution's customer risk rating model an auditor finds that the risk rating is not in accordance with the model specification in some cases. After interviewing developers and officers, the auditor learns the specification document is inaccurate and has not been updated in a timely manner. Which are appropriate corrective action plans'? (Select Two.)
A. Alert the person in charge of releasing the model that me release must comply with the
specifications.
B. Check periodically if released rules are operating as per the specifications.
C. Set up a checkpoint before release to make sure that the release is in accordance with the
specifications.
D. Tram KYC personnel to recognize errors in the customer risk rating model.
E. Report this matter to the board of directors.
What should an auditor verify when auditing areas with previously identified AMI deficiencies?
A. Management took appropriate and timely action to address any violations and other deficiencies.
B. Senior management agreed that the findings were legitimate.
C. Management discussed an action plan to address any violations and other deficiencies.
D. The business attested to remediating the control gaps.
Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants?
A. Audits need to approve the implementation of the controls and review testing outcomes.
B. Improper identification and assessment of risk creates deficiencies resulting in an overall
weakened AML compliance program.
C. There is a regulatory requirement for the audit to update the AML risk assessments on a
continuous or specified periodic basis.
D. Strict CDD rules promote high ethical and professional standards in the financial industry.
Which does a financial institution (FI) need to do when outsourcing an independent audit?
A. Select an audit firm based on recommendations from the AMI compliance officer.
B. Investigate whether the audit firm has conducted prior audits with the Fl.
C. Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.
D. Choose an audit firm based on price consideration and geographic location.
A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for existing privately-owned automated teller machine (ATM) customers. What would an auditor review to assess whether this risk has been addressed?
A. Prepare to audit a sample of the FI's privately-owned ATM customers.
B. Draft policies and procedures for the FI's privately-owned ATM customers.
C. Request data on the volume and value of transactions through the privately-owned ATM
customers.
D. Review the current risk assessment to determine the existence of privately-owned ATM
customers.
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 disguise dual-use goods
B. To trade prohibited goods
C. To move funds or value across national borders
D. To defraud shipping companies
