Advanced-CAMS-Audit Exam Dumps : Advanced CAMS-Audit Certification Exam

Ask the account officers whether the CDD and KYC information provided is correct.

Confirm with client onboarding teams whether or not high-risk customers exist.

Review the accuracy of the gap analysis of the CDD and KYC policies and procedures against local regulations.

Evaluate the results of the sample testing of new and existing customer relationships for adherence to the CDD and KYC process.

Confirm if suspicious activity reports were filed following escalation for non-compliance with the CDD and KYC process.

Self-declaration or Beneficial ownership should not be accepted as it is not adequate.

Overseas shareholders not involved in the customer's dally operations are not beneficial owners.

The purpose and intended nature of the business relationship were not reviewed m the assessment.

The ultimate beneficial owners of the customer need to be Identified and verified.

If this was a face-to-face customer, the overall customer risk rating should be changed to low.

Both CAAT and traditional methods of auditing allow auditors to build conclusions based upon a limited sample of a population.

KYC data that have been incorporated into the warehouse could still be changed if need be from using CAAT.

Auditors using CAAT could have all customer addresses from the past 10 years while auditors using traditional methods of auditing could only have a sample of these customer addresses.

CAAT cannot be customized to scrutinize huge volumes of data and produce specific procedures that could replace the requirement for the auditor's own procedures.