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

C:The purpose and intended nature of the business relationship are fundamental elements of customer due diligence (CDD) and should be reviewed in the risk assessment process to understand the rationale behind the customer's activities and their alignment with expected patterns​​.

D:Identifying and verifying the ultimate beneficial owners (UBOs) is a core principle of the KYC process to ensure transparency and mitigate risks related to hidden ownership or illicit activities​​.

Deficiency in Reporting Metrics:

AML compliance frameworks require metrics to track trends and unusual patterns in suspicious activity reports (SARs). A lack of such metrics is a deficiency that undermines monitoring and oversight​​.

Why This is the Appropriate Step:

Identifying and documenting deficiencies ensures accountability and facilitates corrective action, aligning with AML audit standards.

Conditions for Closing Audit Findings:

Findings can only be closed when the corrective actions identified in response to the audit findings are implemented and verified as effective.

This includes addressing underlying risks and documenting the resolution process.

CAMS-Audit Best Practices:

The audit process must ensure that all follow-up actions mitigate the identified risks, aligning with regulatory and operational standards​​.