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

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.

Distinguishing General and Specific Licenses:

Ageneral licensepermits predefined categories of transactions without individual approval.

Aspecific licenseis issued for unique transactions based on a written application evaluated on a case-by-case basis.

OFAC Guidance:

Auditors should verify that transactions routed through sanctioned countries align with the licenses and confirm appropriate documentation for compliance​​.

A significant error in an audit report undermines the credibility of the findings. The appropriate action is to recall the report, reassess the error, and submit an accurate report to stakeholders. This ensures integrity and compliance with audit standards​​.