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Acams Advanced-CAMS-Audit Exam Questions

Acams Advanced-CAMS-Audit Exam Questions Answers

Advanced CAMS-Audit Certification Exam

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  Updated October 06,2026
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Acams Advanced-CAMS-Audit Sample Questions – Free Practice Test & Real Exam Prep

Question #1

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 1 
  • B. Scenario 4 
  • C. Scenario 5 
  • D. Scenario 6 
  • E. Scenario 7
Answer: A, E 
Scenario 1: Evaluates unusual activity, such as large, unexplained deposits or withdrawals, which are 
red flags in charity-related accounts . 
Scenario 7: Exads to detect inconsistencies with the stated purpose, ensuring adherence to AML 
standards for NPOs .
Question #2

Which action would an auditor take to evaluate design effectiveness?  

  • A. Check whether the policies and procedures are consistent with the authorities' regulations.  
  • B. Carry out a sample check of suspicious activity reports and make sure they are in line with policies and procedures.
  • C. Confirm that alerts in transaction monitoring have been properly escalated or waived.  
  • D. Confirm that customer records are being kept in accordance with policies and procedures.  
Answer: A 
Explanation: Evaluating design effectiveness involves determining whether policies and procedures 
align with regulatory standards, which sets the foundation for a compliant AML/CFT program. This is 
a design-level assessment rather than testing implementation or outcomes, which would pertain to 
operational effectiveness .

Question #3

When evaluating an AML training program tor CFT functions the auditor should verify that:  

  • A. interns and third parties are not included.  
  • B. attendees have completed post-course surveys.  
  • C. ethics training has been delivered to senior management.  
  • D. tailored training has been provided to AML and CFT staff.  
Answer: D 
These answers are aligned with best practices and principles outlined in FATF recommendations and 
the context of AML/CFT risk management and training standards. If further detailed references are 
required, feel free to ask!
Question #4

Which statements demonstrate an effective use of risk appetite in an organization? (Select Two.)  

  • A. Risk appetite statements should remain stable and consistent, even in changing business conditions. 
  • B. Determining risk appetite should include a discussion about an organization becoming overly riskaverse.  
  • C. Risk appetite statements do not need specific indicators to alert management when the level of acceptable risk is exceeded.
  • D. When discussing and managing risk, "risk appetite" and "risk tolerance" can be used interchangeably.
  • E. Analyzing risk appetite statements is important to reaching a meaningful articulation of risk appetite. 
Answer: BE
Question #5

When testing the operational effectiveness of an institution's customer risk rating model an auditor finds that the risk rating is not in accordance with the model specification in some cases. After interviewing developers and officers, the auditor learns the specification document is inaccurate and has not been updated in a timely manner. Which are appropriate corrective action plans'? (Select Two.) 

  • A. Alert the person in charge of releasing the model that me release must comply with the specifications.
  • B. Check periodically if released rules are operating as per the specifications. 
  • C. Set up a checkpoint before release to make sure that the release is in accordance with the specifications. 
  • D. Tram KYC personnel to recognize errors in the customer risk rating model.  
  • E. Report this matter to the board of directors.  
Answer: BC 
B . Periodic Checks: Regular monitoring ensures that implemented rules align with updated 
specifications and are functioning as intended, reducing the risk of deviation from compliance 
standardsints Before Release**: Establishing validation checkpoints ensures that all releases comply 
with documented specifications, mitigating risks of errors in the risk rating model
Question #6

What should an auditor verify when auditing areas with previously identified AMI deficiencies? 

  • A. Management took appropriate and timely action to address any violations and other deficiencies.  
  • B. Senior management agreed that the findings were legitimate.  
  • C. Management discussed an action plan to address any violations and other deficiencies.  
  • D. The business attested to remediating the control gaps.  
Answer: A
Question #7

Why is it crucial for the audit plan to consider the effectiveness of the AML risk assessment controls and risk mitigants? 

  • A. Audits need to approve the implementation of the controls and review testing outcomes. 
  • B. Improper identification and assessment of risk creates deficiencies resulting in an overall weakened AML compliance program.
  • C. There is a regulatory requirement for the audit to update the AML risk assessments on a continuous or specified periodic basis. 
  • D. Strict CDD rules promote high ethical and professional standards in the financial industry.  
Answer: B 
Question #8

Which does a financial institution (FI) need to do when outsourcing an independent audit?  

  • A. Select an audit firm based on recommendations from the AMI compliance officer.  
  • B. Investigate whether the audit firm has conducted prior audits with the Fl.  
  • C. Ensure that the scope of the audit and the experience of the auditors match the needs of the Fl.  
  • D. Choose an audit firm based on price consideration and geographic location.  
Answer: C 
Selecting an Audit Firm: 
The scope and expertise of the audit firm must align with the institution's risk profile and regulatory 
requirements to ensure the audit's effectiveness. 
Best Practices in Outsourced Audits: 
Properly scoping and selecting auditors with relevant AML/CFT experience ensures compliance and 
minimizes operational risks. 
CAMS-Audit Guidance: 
Advanced CAMS-Audit emphasizes the importance of tailoring audit scopes and selecting 
experienced auditors for outsourced engagements .
Question #9

A financial institution's (FI) risk assessment identified a lack of specific policies and procedures for existing privately-owned automated teller machine (ATM) customers. What would an auditor review to assess whether this risk has been addressed? 

  • A. Prepare to audit a sample of the FI's privately-owned ATM customers.  
  • B. Draft policies and procedures for the FI's privately-owned ATM customers.  
  • C. Request data on the volume and value of transactions through the privately-owned ATM customers.
  • D. Review the current risk assessment to determine the existence of privately-owned ATM customers.
Answer: D 
Reviewing the Risk Assessment: 
A risk assessment reveals whether privately-owned ATMs are identified and properly evaluated in 
terms of potential AML risks. 
Auditor's Task: 
Confirm that specific policies and procedures are now in place to address identified risks from the 
previous assessment. 
Relevance to CAMS-Audit Standards: 
Risk assessments are fundamental in identifying gaps in policies and procedures for high-risk areas like privately-owned ATMs .

Question #10

While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation? 

  • A. To disguise dual-use goods  
  • B. To trade prohibited goods  
  • C. To move funds or value across national borders  
  • D. To defraud shipping companies  
Answer: C 
Reason for Overvaluation/Undervaluation: 
This technique is often used in trade-based money laundering to transfer funds or value disguised as 
legitimate trade transactions. 
Auditor's Responsibility: 
Auditors must ensure such discrepancies are detected, escalated, and adequately addressed to 
prevent money laundering . 
CAMS-Audit Insight: 
Advanced CAMS-Audit emphasizes vigilance in trade finance as a high-risk area for money laundering 
activities 
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