Online Access Free Advanced-CAMS-Audit Practice Test

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.)

• A.Scenario 5
• B.Scenario 1
• C.Scenario 7
• D.Scenario 4
• E.Scenario 6

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.)

• A.All staff members should be provided with additional training to ensure they adhere to standard procedures.
• B.Identification of relevant reports via adverse media searches must be escalated for an assessment for materiality.
• C.Procedures should be enhanced to require that all clients are subject to regular negative media screening.
• D.Evidence of negative media screening retained in client files must comprise negative reports only.
• E.Privacy regulation requires that clients who have a print copy of the adverse media m their files should be notified.

Which are the most important documents for an auditor to verify that a financial institution has proper controls in place for mitigating its money laundering risk exposure? (Select Two.)

• A.List of politically exposed persons
• B.Management action plan for remediating audit findings
• C.Money laundering risk assessment
• D.Internal controls including policies and procedures
• E.Log of law enforcement requests

Which KYC-related finding poses the most risk to the organization?

• A.KYC requirements being considered a low priority not designed into business processes and implemented after product launch
• B.KYC processes not being integrated into the business and associated application systems
• C.Sanctions fists that are updated on a periodic basis following an annual risk assessment
• D.Backlogs and delays in maintaining client files in accordance with the organization's policy

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

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