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Acams Exam Advanced-CAMS-Audit Topic 2 Question 7 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam
Question #: 7
Topic #: 2
[All Advanced-CAMS-Audit Questions]

During the ongoing due diligence process the company becomes aware that the customer is holding personal assets for a politically exposed person (PEP). What should the auditor recommend to enhance the control environment for this customer relationship? (Select Three.)

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Suggested Answer: C, D, E

Contribute your Thoughts:

Glen
8 days ago
This is a tough one, but I think C, D, and E are the right choices. Can't forget the importance of that PEP designation!
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Leanna
10 days ago
Designating the account as a PEP-account seems like a good idea too.
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Lamar
11 days ago
Hmm, I'd go with B, D, and E. Automated monitoring tools can really help streamline the process, and the documentation is key.
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Alison
18 days ago
C, D, and E are the way to go. Designating the account as PEP-related is crucial, and enhanced due diligence will help uncover any potential issues.
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Shanice
24 days ago
Definitely A, B, and D. The auditor needs to take immediate action to address the PEP risk and ensure proper monitoring and controls are in place.
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Darrel
18 days ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
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Clement
19 days ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
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Sueann
1 months ago
I agree, but we should also conduct enhanced due diligence.
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Wenona
1 months ago
I think we should file a suspicious activity report.
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