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​​.

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​​.

In follow-up strategies, the focus should be on ensuring accountability and tracking progress. Establishing a target completion date and regularly updating the status of remedial actions ensures timely and effective resolution of deficiencies.

CAMS-Audit emphasizes tracking timelines and milestones for corrective actions to align with regulatory expectations and internal compliance frameworks​​.