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Question 1

Which should be incorporated into an AML compliance policy? (Select Three.)

ADocumentation record keeping

BSuspicious activity reporting

CCryptocurrency threat assessment

DFinancial results reporting

EMandatory training requirements

FCredit risk assessment
AML Compliance Policy Elements:
A . Record Keeping: Essential for regulatory compliance, ensuring accurate data retention for audits and investigations.
B . Suspicious Activity Reporting: A core AML requirement, mandated by FATF recommendations to identify and report suspicious transactions.
E . Training Requirements: Ensures staff understand their AML obligations, as highlighted in Basel and FATF guidelines.

Correct : A, B, E

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ADocumentation record keeping

BSuspicious activity reporting

CCryptocurrency threat assessment

DFinancial results reporting

EMandatory training requirements

0 / 1500

Question 2

Which is considered a minimum requirement in a customer identification program?

ATransaction reporting procedures used to report suspicious transactions to the regulator

BTransaction monitoring procedures that specify the information that will be retained in each transaction

CAccount opening procedures that specify the information that will be obtained from each customer

DCustomer enhanced due diligence procedures used to identify unusual transactions
Customer Identification Program (CIP) Requirements:
Account opening procedures define the baseline for customer identification, aligning with FATF Recommendation 10 on CDD.

Correct : C

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ATransaction reporting procedures used to report suspicious transactions to the regulator

BTransaction monitoring procedures that specify the information that will be retained in each transaction

CAccount opening procedures that specify the information that will be obtained from each customer

0 / 1500

Question 3

Which is considered a minimum requirement in a customer identification program?

ATransaction reporting procedures used to report suspicious transactions to the regulator

BTransaction monitoring procedures that specify the information that will be retained in each transaction

CAccount opening procedures that specify the information that will be obtained from each customer

DCustomer enhanced due diligence procedures used to identify unusual transactions
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

Correct : C

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ATransaction reporting procedures used to report suspicious transactions to the regulator

BTransaction monitoring procedures that specify the information that will be retained in each transaction

CAccount opening procedures that specify the information that will be obtained from each customer

0 / 1500

Question 4

When assessing the effectiveness of a transaction monitoring system, which indicators require active monitoring by the auditor or compliance'? (Select Two.)

AData quality and mapping

BScenario altering techniques

CRobustness of feedback relating to submitted suspicious activity reports

DFalse positive ratio

EComplexity of monitoring scenarios
Transaction Monitoring Effectiveness:
A . Data Quality: Accurate data mapping ensures scenarios detect relevant risks, reducing errors in monitoring.
D . False Positives: Monitoring false positive ratios improves system efficiency and minimizes unnecessary alerts.

Correct : A, D

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AData quality and mapping

BScenario altering techniques

CRobustness of feedback relating to submitted suspicious activity reports

DFalse positive ratio

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Question 5

A recent regulatory examination identified serious deficiencies in the AML program. Which action should the organization take first?

AEnhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.

BInitiate a request for proposals for new AML systems and solutions.

CEngage a qualified third party to review the deficiencies and assist in developing a remediation plan.

DChange the designated head of AML compliance and request the newly appointed head of AML compliance produce a remediation plan.
Response to Deficiencies:
Engaging a third party ensures an independent, expert evaluation of deficiencies and the creation of a robust remediation plan.
This aligns with regulatory expectations for addressing material AML program weaknesses effectively.

Correct : C

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AEnhance the ongoing employee training program so that employees are aware of their respective AML roles and responsibilities.

BInitiate a request for proposals for new AML systems and solutions.

CEngage a qualified third party to review the deficiencies and assist in developing a remediation plan.

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Advanced-CAMS-Audit Exam

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