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Free Acams Advanced-CAMS-Audit Exam Actual Questions

The questions for Advanced-CAMS-Audit were last updated On Jun 10, 2025

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Question No. 1

Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants?

AAudits need to approve the implementation of the controls and review testing outcomes.

BImproper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.

CThere is a regulatory requirement for the audit to update the AML risk assessments on a continuous or specified periodic basis.

DStrict CDD rules promote high ethical and professional standards in the financial industry.

Show Answer

Correct Answer: B

Question No. 2

Which products/services increase the risk level for money laundering for XYZ Bank?

APayable through accounts

BInternational fund transfers

CLetters of credit

DForeign exchange services
Payable through accounts allow foreign banks' customers direct access to the correspondent account, which can increase the risk of money laundering due to less direct oversight.

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Correct Answer: A, B

Question No. 3

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.)

AFile a suspicious activity report as the previous risk rating was not correct.

BDeploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.

CDesignate the account as a PEP-account.

DConduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.

EReview and document the details of the customer s asset-holding arrangement.

FReview the customer risk profile every two years as with any other customers.
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.

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Correct Answer: C, D, E

Question No. 4

The auditor identifies that the bank launched trade finance services this year. The target clients are multinational companies who actively support China's belt and road initiatives. Which scoring themes would be affected? (Select Two.)

A11.2

B11.3

C12.1

D12.2

E13.1
Identification of Themes Relevant to Trade Finance Services:
Trade finance services for multinational companies participating in China's Belt and Road initiatives involve transactions with potential geopolitical, regulatory, and economic risks.
These transactions generally encompass cross-border activities, high-value accounts, and potentially politically exposed persons (PEPs).
Scoring Theme A (11.2): Economic Activity and Geographical Risks:
As these services involve international trade, they are inherently linked to economic activity and geographical risks. FATF guidelines indicate the necessity to evaluate regions with different AML/CFT maturity levels. This is consistent with theme 11.2, focusing on the understanding and mitigation of risks associated with economic and geographical contexts.
Scoring Theme B (11.3): Customer Due Diligence and Enhanced Measures for High-Risk Profiles:
The target clientele includes multinational companies, which might require enhanced customer due diligence (EDD), especially when engaging with entities or PEPs from countries with varying regulatory controls.
FATF Recommendations and Basel Committee insights emphasize robust customer identification, verification, and ongoing monitoring, aligning with theme 11.3's requirements.
Not Affected Themes:
C (12.1): This theme pertains more to specific reporting or transaction monitoring requirements that might not directly relate to the initiation of trade finance services.
D (12.2) and E (13.1): These themes are typically associated with procedural adjustments rather than the scoring of risk profiles.
Advanced CAMS-Audit Framework Alignment:
Advanced CAMS-Audit highlights the role of structured compliance frameworks in mitigating risks tied to strategic initiatives like the Belt and Road.
Evaluators assess the institution's alignment with FATF, Basel Committee, and regional guidelines to ensure adherence to best practices for risk mitigation.
Conclusion:
The scoring themes A (11.2) and B (11.3) are significantly influenced by the introduction of trade finance services targeting multinational corporations under China's Belt and Road initiatives. This is due to the intertwined economic and geographical risks and the requisite enhanced due diligence measures for high-risk customer segments.

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Correct Answer: A, B

Question No. 5

As an auditor reviewing this investigation report, which indicates an effective process?

AThe compliance officer concluded the investigation approximately 3 months later and filed a suspicious activity report.

BThe compliance officer concluded from the report that there are reasonable grounds for suspicion and filed a suspicious activity report.

CThe compliance officer filed a suspicious activity report and omitted details regarding the reason it was filed.

DThe compliance officer decided not to cease the Business relationship hut kept the account under rigorous monitoring process.
Filing an SAR based on reasonable grounds for suspicion ensures compliance with AML obligations and demonstrates the effectiveness of the investigative process.

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Correct Answer: B