Question 6 of 90
An auditor is writing the scope for an AML review of a financial institution. The objective is to evaluate how effectively existing controls are designed and operating.
Which areas should be assessed? (Choose two.)
Answer

Suggested Answer

The suggested answer is A, D.

Question 7 of 90
How should an auditor ensure that a financial institution (FI) has appropriate controls in place for AML risk mitigation?
Answer

Suggested Answer

The suggested answer is D.

Question 8 of 90
During an audit review, the auditor notices that an alert was generated for a large deposit inconsistent with the customer’s usual profile. The customer has provided documentation confirming the deposit as a property sale, and there have been no other suspicious activities in the past 10 years.
What is the most appropriate action for the auditor?
Answer

Suggested Answer

The suggested answer is D.

Question 9 of 90
Which factors should be taken into consideration in designing a follow-up strategy when remedial action needs to be taken due to deficiencies identified in an AML audit?
Answer

Suggested Answer

The suggested answer is B.

Question 10 of 90
A financial institution is auditing its correspondent banking relationships and their respective sanctions compliance programs.
Which condition will merit a higher sample size assuming the correspondent banks have a moderate level of risk mitigation?
Answer

Suggested Answer

The suggested answer is A.