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

ï‚·Outsourced Training Oversight Requirements:

CAMS-Audit emphasizes that institutions must ensure outsourced providers deliver training aligned with internal policies and regulatory standards​​.

ï‚·Control Mechanisms for Outsourced AML Providers:

The bank must have controls in place to:

Review the content of training sessions.

Validate trainer qualifications.

Assess the effectiveness of training through feedback or testing.

ï‚·Deficiencies in the Current Approach:

Failure to implement verification mechanisms for outsourced training compromises the consistency and quality of the AML education program.

ï‚·Regulatory Requirements:

FATF and Basel guidelines mandate oversight of third-party service providers, especially for critical functions like AML compliance training​​.

ï‚·Definition of Residual Risk:

Residual risk is the risk that remains after controls are implemented to mitigate inherent risks.

It reflects the effectiveness of controls and highlights areas requiring further attention.

ï‚·Relevance in Risk Management:

Evaluating residual risk helps determine whether existing controls adequately address the identified risks.

ï‚·CAMS-Audit Best Practices:

Auditors must assess residual risk as part of the broader risk management framework to ensure regulatory compliance and operational resilience​​.

ï‚·Importance of Risk Assessment and Controls:

A money laundering risk assessment identifies inherent risks and vulnerabilities the institution faces, forming the foundation for mitigation efforts​​.

Internal controls, including policies and procedures, are critical to operationalize the risk assessment and ensure compliance with AML requirements​​.

ï‚·Irrelevant Options:

C:A management action plan is remedial, not preventive.

D:The list of PEPs is specific to high-risk individuals, not the institution's overall risk framework.

E:Law enforcement logs provide insight into reactive measures but not ongoing control adequacy.