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ACAMS Advanced CAMS-Audit Certification Exam Sample Questions (Q58-Q63):

NEW QUESTION # 58
What should the auditor look for to assess the adequacy of controls for non-profit organizations that are vulnerable to terrorist financing (TF) abuse? (Select Two.)

A. Ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship
B. Testing of the customer's identifying information using reliable and independent source documents
C. Concealing of the secretive diversion of funds intended for legitimate purposes to terrorist organizations
D. Exploitation of legitimate entities as conduits for TF for the purpose of escaping asset-freezing measures
E. The overall volume of cash deposit reporting for the quarter

Answer: A,C

Explanation:
A: Ongoing Due Diligence: FATF Recommendations emphasize the need for ongoing monitoring and due diligence of NPOs to detect and prevent misuse for terrorist financing.
C: Diversion of Funds: Identifying and mitigating risks of fund diversion to terrorist organizations is a critical component in evaluating NPO vulnerabilities.

NEW QUESTION # 59
What model test verifies that alerts indicative of potentially suspicious activity are not missed due to threshold settings?

A. Black-box configuration
B. Above-the-line
C. Gap analysis
D. Below-the-line

Answer: D

Explanation:
Understanding Below-the-Line Testing:
* Below-the-line testing evaluates scenarios where alerts were not generated but could have been if the thresholds were set differently.
* This testing method focuses on identifying potential gaps in the detection model that might lead to missed alerts for suspicious activities.
Significance in AML/CFT Compliance:
* This type of test ensures the system's thresholds are not too restrictive, which could result in legitimate suspicious activities being overlooked.
* It provides insight into whether the system needs re-calibration to balance false positives and missed detections.
Process of Below-the-Line Testing:
* Data Sampling: Analyze transactions that fall just below the alert generation threshold.
* Scenario Analysis: Identify whether these transactions exhibit patterns consistent with suspicious activities.
* Model Adjustment: Adjust thresholds to optimize the trade-off between sensitivity and specificity.
Advanced CAMS-Audit Reference:
* CAMS-Audit guidelines detail below-the-line testing as an integral part of tuning and validating monitoring models. It ensures that monitoring systems align with risk appetite and operational realities.
* FATF guidance on dynamic model validation highlights the importance of continuous review and adaptation of thresholds to evolving typologies and risks.
Case Example and Regulatory Perspective:
* Advanced CAMS-Audit recommends below-the-line tests especially in high-risk sectors, ensuring robust detection mechanisms.
* Regulatory expectations, as per FATF and Basel guidelines, require proactive measures to address model gaps that below-the-line testing can identify.

NEW QUESTION # 60
Which should the external auditor recommend to ensure that the institution did not facilitate transactions involving a sanctioned person?

A. Re-screen all transactions based on the sanctions lists that were active at that time but not uploaded.
B. Re-screen all transactions over the period of time when the updated sanction lists were not uploaded against the current sanctions lists.
C. Periodically monitor the sanctions lists uploaded by the screening tool to ensure the most up-to-date lists are in the system.
D. Perform a security risk and access assessment on the sanction screening tool to ensure more timely sanctions lists are uploaded.

Answer: B

Explanation:
Recommended Action:
* Re-screening ensures compliance with sanctions and identifies potential violations retrospectively. This is a critical regulatory requirement for addressing gaps in screening coverage.
FATF and Basel Guidelines:
* Emphasize retrospective reviews in cases of system lapses to maintain the integrity of the sanctions compliance program.

NEW QUESTION # 61
When reviewing changes to the organizational structure of an AML department, which factor should an auditor assess?

A. Interaction with internal audit
B. Changes in board members
C. Staffing levels on the AML team
D. Business reporting lines

Answer: C

Explanation:
Key Assessment Factors for AML Structure Changes:
* Staffing levels ensure the AML department has adequate resources to meet its obligations, especially in light of new responsibilities or organizational changes.
Irrelevant Options:
* A:Interaction with internal audit is important but not directly tied to structural changes.
* C:Changes in board members are governance-related, not operational AML concerns.
* D:Reporting lines are relevant but secondary to resource adequacy.

NEW QUESTION # 62
When reviewing an AML policy, an auditor should expect to find that the policy.

A. has been approved by regulators.
B. contains items related to staff training.
C. was reviewed and approved by the money laundering reporting officer.
D. is aligned with investment strategy.

Answer: B

Explanation:
AML Policy Expectations:
* Staff training is a fundamental component of an effective AML program. FATF Recommendations and Basel Committee guidelines require AML policies to address staff training to ensure compliance with AML/CFT laws

NEW QUESTION # 63
......

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