Discuss Acams Advanced-CAMS-Audit Exam Topic 3 Question 29

An auditor should verify that an institution has ensured its AML systems and controls include:

Asupporting documents of its risk management policies and risk profile in relation to money laundering.

Bmeasures to ensure that money laundering risk is taken into account in its monthly operations.

Cdaily reports by the institution's money laundering reporting officer on the operation and effectiveness of those systems and controls.

Dtraining for senior management and the governing body only.
Core Components of AML Systems and Controls:
Supporting documentation ensures alignment with regulatory expectations and helps auditors verify that the institution's policies and controls reflect its assessed risks.
Other Options:
B: Monthly operations are operational concerns, not control documentation.
C: Daily reports are excessive for governance purposes.
D: Training must include all staff, not only senior management.

Suggested Answer: A

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15 comments · newest first

Anthony 3 months ago

A covers the bases for risk management. It’s essential!

Anabel 3 months ago

D is definitely wrong. Everyone needs training, not just management.

Andra 3 months ago

C seems excessive. Daily reports? Really?

Rueben 3 months ago

B makes sense too, but it’s more about operations.

Freeman 4 months ago

I agree, A ensures compliance with regulations.

Paola 4 months ago

I think A is the best choice. Supporting documents are crucial.

Barb 4 months ago

Wait, are we really saying daily reports are excessive? That sounds risky.

Dacia 4 months ago

D) training should definitely include all staff, not just management!

Alishia 4 months ago

C) daily reports seem a bit much, don’t you think?

Lisha 6 months ago

Totally agree, B) should be a priority too!

Albina 6 months ago

A) is crucial for compliance.

Lindsey 6 months ago

I recall that training should involve all employees, not just senior management, so D definitely doesn’t fit the requirements.

Valda 7 months ago

I practiced a similar question where daily reports were considered excessive, so I think C is also not the best choice here.

Lino 7 months ago

I’m not entirely sure, but I think B might be too operational and not really about the controls themselves.

Denae 7 months ago

I remember studying that supporting documents are crucial for demonstrating compliance with AML regulations, so A seems right.

Acams Advanced-CAMS-Audit Exam - Topic 3 Question 29 Discussion