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

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.

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​​.

Selecting an Audit Firm:

The scope and expertise of the audit firm must align with the institution's risk profile and regulatory requirements to ensure the audit's effectiveness.

Best Practices in Outsourced Audits:

Properly scoping and selecting auditors with relevant AML/CFT experience ensures compliance and minimizes operational risks.

CAMS-Audit Guidance:

Advanced CAMS-Audit emphasizes the importance of tailoring audit scopes and selecting experienced auditors for outsourced engagements​​.