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

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​​.

Steps to Assess the External Review Report:

Validate the scope, methodology, and findings of the external review to determine its adequacy and reliability.

Identify any gaps or areas that require additional scrutiny by internal audit.

Rationale for Review Instead of Reliance:

Relying solely on external reviews without validation risks overlooking key compliance deficiencies. Internal audit must establish an independent assessment to corroborate findings​​.

CAMS-Audit Recommendations:

CAMS-Audit stresses the importance of critical evaluation of third-party reports and ensuring internal audit findings align with organizational compliance priorities​​

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​​.