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

Actual exam question for Acams's Advanced-CAMS-Audit exam

Question #: 7
Topic #: 2

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.)

AFile a suspicious activity report as the previous risk rating was not correct.

BDeploy automated monitoring toots to efficiently peruse the customer's KYC information and assure that the customer's KYC risk rating is correct.

CDesignate the account as a PEP-account.

DConduct enhanced due diligence and enhanced ongoing monitoring of the customer relationship.

EReview and document the details of the customer s asset-holding arrangement.

FReview the customer risk profile every two years as with any other customers.
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.

Show Suggested Answer

Suggested Answer: C, D, E

by Elena at Jan 26, 2025, 11:33 AM

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