Authentic ACAMS Certification Exam CAMS Questions Answers

AML audit findings must beanalyzed and addressed through remedial actions based on root cause analysis.

Option D (Correct):Root cause analysis helps develop effective corrective measures to prevent recurring AML deficiencies.

Option A (Incorrect):Retesting controls may be useful, but addressing deficiencies is more critical.

Option B (Incorrect):While the board oversees compliance, the responsibility for implementing fixes lies with AML teams.

Option C (Incorrect):Audit teams provide findings but do not execute corrective actions.

Best Practices for Addressing AML Audit Findings:

Identify the root cause of AML control failures.

Develop risk-based remediation plans.

Implement and monitor corrective actions.

Many jurisdictions lack robust sanctions frameworks, requiring international cooperation and education to improve compliance.

Option B (Correct):Educational initiatives such as AML/sanctions training and workshops help raise awareness and build capacity.

Option D (Correct):Bilateral cooperation allows knowledge-sharing and technical assistance between regulatory authorities.

Why Other Options Are Incorrect:

Option A (Incorrect):Trade restrictions may pressure non-compliant nations, but they do not directly improve sanctions awareness.

Option C (Incorrect):Enforcing fines without prior education or assistance is ineffective and may create diplomatic tensions.

Best Practices for Sanctions Awareness & Compliance:

Develop international AML/sanctions training programs for emerging markets.

Encourage diplomatic engagement to strengthen legal frameworks.

Leverage FATF’s Mutual Evaluation process to assess progress.

Businessesmust not engage with entities in sanctioned jurisdictionswithout proper licensing.

Option D (Correct):Providing services to sanctioned areasexposes an organization toOFAC or EU penalties.

Option A (Incorrect):Personal historydoes not necessarily indicateAML risk.

Option B (Incorrect):Lack of individual ownership above 10%does not inherently indicate risk.

Option C (Incorrect):Private ownership alonedoes not pose an AML concern.