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

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​.

Enhancements to the CRA Process:

Risk Factors:Identify and document specific risk indicators for transparency and consistent assessment. This ensures alignment with the risk-based approach advocated by FATF​​.

Type of Customer:Differentiating customer types (trust, company, individual) is critical for tailoring due diligence measures to the unique risks associated with each type​​.

Residence (Country):Tracking customer jurisdiction ensures risk assessments reflect geopolitical and regulatory changes, fulfilling FATF compliance expectations​​.

Role of Additional Fields in Compliance:

These fields enhance traceability, accountability, and risk profiling, ensuring the CRA process is comprehensive and meets regulatory standards.

Advanced CAMS-Audit Guidance:

Documentation must be detailed and periodically reviewed to address evolving AML risks effectively, as recommended by CAMS-Audit guidelines​​.

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.