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Free Acams Advanced-CAMS-Audit Exam Actual Questions

The questions for Advanced-CAMS-Audit were last updated On Feb 17, 2025

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Question No. 1

When assessing the KYC process which should an auditor observe from the customer risk assessment? (Select Two)

ASelf-declaration or Beneficial ownership should not be accepted as it is not adequate.

BOverseas shareholders not involved in the customer's dally operations are not beneficial owners.

CThe purpose and intended nature of the business relationship were not reviewed m the assessment.

DThe ultimate beneficial owners of the customer need to be Identified and verified.

EIf this was a face-to-face customer, the overall customer risk rating should be changed to low.
C: The purpose and intended nature of the business relationship are fundamental elements of customer due diligence (CDD) and should be reviewed in the risk assessment process to understand the rationale behind the customer's activities and their alignment with expected patterns.
D: Identifying and verifying the ultimate beneficial owners (UBOs) is a core principle of the KYC process to ensure transparency and mitigate risks related to hidden ownership or illicit activities.

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Correct Answer: C, D

Question No. 2

When evaluating an AML training program tor CFT functions the auditor should verify that:

Ainterns and third parties are not included.

Battendees have completed post-course surveys.

Cethics training has been delivered to senior management.

Dtailored training has been provided to AML and CFT staff.
These answers are aligned with best practices and principles outlined in FATF recommendations and the context of AML/CFT risk management and training standards. If further detailed references are required, feel free to ask!

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Correct Answer: D

Question No. 3

What is the role of the internal audit in the governance process?

APerform quality assurance testing of transaction monitoring.

BMonitor the risks of noncompliance with applicable laws and regulations.

CPeriodically evaluate the effectiveness of processes and controls.

DExecute the corrective action plan.
Role of Internal Audit:
Internal audit is tasked with evaluating and improving the effectiveness of governance, risk management, and control processes within the organization.
Periodic evaluations ensure that AML/CFT processes remain robust and effective against emerging risks.
Alignment with CAMS-Audit Guidance:
Advanced CAMS-Audit training highlights the need for internal audit to focus on process effectiveness rather than operational responsibilities, such as quality assurance or corrective actions.

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Correct Answer: C

Question No. 4

During the interview, the local director informs the audit manager that no internal or regulatory audits have occurred since the local director's appointment The local director relies on a locally-approved independent external review of Company A performed 12 months ago by a local firm How should the audit manager respond?

AValidate the accuracy of content of the independent external review report by recommending an audit and assess if the findings of both the independent review and audit are similar.

BReview the independent external review report to determine the extent to which reliance can be placed on it and identify matters requiring further review by internal audit.

CRely upon the independent external review report as the base to formulate conclusions of the current onsite visit by internal audit.

DAdvise the group board that the group should set aside the external review reports as the use of the third party independent reviewer was not authorized at group board level.
Steps to Assess the External Review Report:
Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.
Identify any gaps or areas that require additional scrutiny by internal audit.
Rationale for Review Instead of Reliance:
Relying solely on external reviews without validation risks overlooking key compliance deficiencies. Internal audit must establish an independent assessment to corroborate findings.
CAMS-Audit Recommendations:
CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities

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Correct Answer: B

Question No. 5

Review of client files reveals that staff members have been performing negative media searches for clients only when they recognize the client name. When an interesting story is identified a print of the results is inserted in the client file. There are no clear procedures on adverse media screening. Which should the auditor recommend? {Select Two.)

AEvidence of negative media screening retained in client files must comprise negative reports only.

BAll staff members should be provided with additional training to ensure they adhere to standard procedures.

CIdentification of relevant reports via adverse media searches must be escalated for an assessment for materiality.

DPrivacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.

EProcedures should be enhanced to require that all clients are subject to regular negative media screening.
Adverse Media Screening Requirements:
Negative media screening is a critical part of customer due diligence (CDD) as highlighted in FATF Recommendation 10. Proper training ensures staff apply consistent procedures.
Regular screening of all clients ensures ongoing monitoring of risks, aligning with the risk-based approach mandated by AML standards.
Key Compliance Justification:
Staff training and procedural updates mitigate the risk of inconsistent adverse media identification, a key finding in compliance audits.

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Correct Answer: B, E