Authentic ACAMS Certification Exam Advanced-CAMS-Audit Questions Answers

Enhanced due diligence is necessary to identify potential risks associated with high-value transactions such as art sales, a known method for money laundering.

CAMS-Audit guidelines recommend updating client records with findings to maintain transparency and prepare for regulatory scrutiny​​.

This approach ensures compliance with due diligence requirements and mitigates reputational and financial crime risks.

Finding 1

This finding likely pertains to foundational gaps in the organization's risk assessment framework or the absence of a comprehensive understanding of inherent risks. Without addressing this, the organization cannot adequately identify, assess, or mitigate risks effectively.

According to CAMS-Audit standards, a thorough risk assessment is the cornerstone of an effective AML/CFT program. It helps to prioritize resources and design appropriate controls based on the identified risk levels​​.

Critical Role in Understanding Risks

Remediating foundational issues ensures that the organization has a clear understanding of its risk exposure across all products, services, and jurisdictions. This step is essential before addressing downstream issues such as customer due diligence (CDD) gaps or monitoring inefficiencies.

Alignment with Regulatory Requirements

FATF guidelines and CAMS-Audit practices emphasize that risk assessment should precede other remediation efforts. Without this, the organization may address symptoms rather than root causes of compliance and operational risks​​.

Presentation of Exceptions:

Auditors must analyze the exceptions based on their likelihood of occurrence and potential impact on compliance and operational risks before presenting findings to the auditee​​.

Supporting Standards:

Basel and FATF emphasize prioritizing findings based on their materiality and risk implications during the audit process​.