Acams Advanced-CAMS-Audit Exam Practice Test Instant Access

Question 1

Considering recent changes in the bank's correspondent banking business. Which is the most important risk indicator for the internal auditor to review?

AThe management and ownership of the respondent bank.

BThe purpose of the services provided to the respondent bank.

CThe jurisdiction in which the respondent bank is located.

DThe major business activities of the respondent bank.
Jurisdictional risk is critical in correspondent banking due to potential exposure to countries with weaker AML/CFT controls, high corruption levels, or sanctions.

Answer : C

Question 2

Which key risk indicator should the internal auditor consider when reviewing correspondent banking activities?

AVolume of transaction activity referred by the respondent bank.

BSize and stature of a respondent bank's operations in its home country.

CNumber of respondent banks located in higher risk jurisdictions.

DNumber of correspondent banking relations terminated.
Correspondent banking relationships with banks in high-risk jurisdictions are a key risk indicator, as these relationships often pose greater AML/CFT risks due to regulatory or operational deficiencies in those jurisdictions.

Answer : C

Question 3

Which are objectives of the issue confirmation step in the audit issue management process? (Select Two.)

AFindings ate explained and assigned to the accountable owners.

BAdditional remediation is identified and planned.

CFindings ate clearly written and facts are accurate

DCommunication, follow-up. and documentation are tracked on scheduled sustainability validations.

ECompliance Identifies and schedules pre-exam validation as appropriate.
Key Objectives of Issue Confirmation:
Findings need to be clearly articulated and assigned to ensure accountability and actionable remediation.
Accurate documentation ensures that facts are not disputed and remediation can proceed efficiently.
Irrelevant Options:
B: Additional remediation is a later step in the issue resolution process.
D and E: Tracking and pre-exam validation relate to follow-up stages, not the initial confirmation step.

Answer : A, C

Question 4

Which scenarios should be used to monitor for potential elder abuse? (Select Two.)

AScenarios 1

BScenarios 2

CScenarios 5

DScenarios 7

EScenarios 8

Answer : D, E

Question 5

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.)

AScenario 1

BScenario 4

CScenario 5

DScenario 6

EScenario 7
Scenario 1: Evaluates unusual activity, such as large, unexplained deposits or withdrawals, which are red flags in charity-related accounts .
Scenario 7: Exads to detect inconsistencies with the stated purpose, ensuring adherence to AML standards for NPOs .

Answer : A, E

Question 6

Which action would an auditor take to evaluate design effectiveness?

ACheck whether the policies and procedures are consistent with the authorities' regulations.

BCarry out a sample check of suspicious activity reports and make sure they are in line with policies and procedures.

CConfirm that alerts in transaction monitoring have been properly escalated or waived.

DConfirm that customer records are being kept in accordance with policies and procedures.

Answer : A

Question 7

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!

Answer : D

Acams Advanced-CAMS-Audit Advanced CAMS-Audit Certification Exam Practice Test