Online Access Free Advanced-CAMS-Audit Exam Questions

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 fluctuating customer base in an international environment
• D.A well-known customer base m a localized environment

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

An auditor is asked to select a judgmental sample from a population of 1 000 clients onboarded during the previous 12 months. Which step should the auditor take first?

• A.Request a list of high-risk clients onboarded from management.
• B.Evaluate quality assurance processes tor onboarding new clients.
• C.Review the CDD onboarding policies and procedures to determine the criteria for selection.
• D.Initially sample 10% of new clients onboarded.

in addition to this investigation report, what Information should the auditor expect to find in the investigative file? (Select Two.)

• A.Adverse news search results against the customers and its controlling persons.
• B.Policies and procedures relating to AML investigations and suspicious activity report filing.
• C.Historical transaction data of the customer s account.
• D.Independent review by the compliance officer's line manager.
• E.Board approval for the suspicious activity report filing by the compliance department.

Which best explains why the auditor rates the audit finding on sanction screening severity high?

• A.The organization might have reported a sanction breach that is not a current sanction violation.
• B.The finding is on a different audit topic than the KYC related findings.
• C.The tool might miss potential sanction violations given the long intervals before the sanctions lists are updated.
• D.The efficiency of the sanction screening tool is not properly tuned due to the wrong sanctions lists.