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NEW QUESTION # 45
The mam characteristics of an AML program testing are:
Answer: D
Explanation:
Characteristics of Effective AML Program Testing:
* Tailored:Custom-designed to address specific organizational risks.
* Risk-Based:Prioritizes high-risk areas to ensure optimal resource allocation and compliance.
Alignment with CAMS-Audit and FATF Principles:
* Both emphasize the importance of a risk-based approach to AML program evaluation to mitigate the most significant threats.
NEW QUESTION # 46
What factors are considered tor conducting an external audit and assurance review? (Select Three.)
Answer: C,D,E
Explanation:
Factors for External Audit:
* C. Purpose of the Review: Determines the scope and focus of the audit to align with regulatory or organizational objectives.
* D. Type of Risk Assessment Needed: Tailors the audit methodology to the identified risks.
* E. Users of the External Report: Ensures the audit addresses the needs of regulators, stakeholders, or management.
NEW QUESTION # 47
Following completion of testing and tuning of the parameters and thresholds of the transaction monitoring model which final step should the team recommend as necessary to verify effective model functioning?
Answer: C
Explanation:
Purpose of Model Validation:
* Model validation ensures that the transaction monitoring model is functioning as intended, effectively identifying suspicious transactions and mitigating AML/CFT risks.
* It encompasses testing data accuracy, parameter relevance, threshold efficacy, and compliance with regulatory requirements.
Process:
* Validation includes end-to-end reviews, statistical evaluations, and expert assessments of model outputs.
* According to FATF and Basel Committee standards, model validation is a critical component of the AML framework.
Irrelevance of Other Options:
* Audit continuous monitoringfocuses on ongoing oversight, not the specific confirmation of initial model functionality.
* Data validationaddresses data quality but does not verify operational model performance.
* Regulatory approvalsare necessary for compliance but are not a step in verifying model functioning.
NEW QUESTION # 48
Which should be requested from a financial institution (FI) prior to beginning a data integrity review?
Answer: A
Explanation:
Data Integrity Review:
* An end-to-end diagram provides a comprehensive view of data sources, flows, and integrity checkpoints, enabling auditors to assess the completeness and accuracy of transactional data in AML systems.
Importance of Visual Representation:
* FATF and Basel guidelines stress the need for clarity in data flows to ensure accurate monitoring and reporting of suspicious activities.
NEW QUESTION # 49
Review of client files reveals that staff members have been performing negative media searches for clients only when they recognize the client name. When an interesting story is identified a print of the results is inserted in the client file. There are no clear procedures on adverse media screening. Which should the auditor recommend? {Select Two.)
Answer: A,D
Explanation:
Adverse Media Screening Requirements:
* Negative media screening is a critical part of customer due diligence (CDD) as highlighted in FATF Recommendation 10. Proper training ensures staff apply consistent procedures.
* Regular screening of all clients ensures ongoing monitoring of risks, aligning with the risk-based approach mandated by AML standards.
Key Compliance Justification:
* Staff training and procedural updates mitigate the risk of inconsistent adverse media identification, a key finding in compliance audits.
NEW QUESTION # 50
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