Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

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.)

Show Suggested Answer Hide Answer
Suggested Answer: C, D, E

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

Limited Time Offer

25%

Off

Get Premium Advanced-CAMS-Audit Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel
Glen
1 months 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!
upvoted 0 times
Esteban
15 days ago
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.
upvoted 0 times
...
Mozelle
21 days ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
upvoted 0 times
...
Stefania
1 months ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
upvoted 0 times
...
...
Leanna
2 months ago
Designating the account as a PEP-account seems like a good idea too.
upvoted 0 times
...
Lamar
2 months ago
Hmm, I'd go with B, D, and E. Automated monitoring tools can really help streamline the process, and the documentation is key.
upvoted 0 times
Lashon
27 days ago
E: Documenting the details of the asset-holding arrangement is important for understanding the customer's profile and potential risks.
upvoted 0 times
...
Harrison
1 months ago
D: Enhanced due diligence and ongoing monitoring are crucial for managing risks associated with politically exposed persons.
upvoted 0 times
...
Marylou
1 months ago
B: Deploying automated monitoring tools is a great idea to efficiently review the customer's KYC information.
upvoted 0 times
...
...
Alison
2 months 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.
upvoted 0 times
Vincenza
20 days ago
E: Documenting the details of the asset-holding arrangement provides clarity on the customer's profile and any associated risks.
upvoted 0 times
...
Cherrie
25 days ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
upvoted 0 times
...
Billy
29 days ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
upvoted 0 times
...
...
Shanice
2 months 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.
upvoted 0 times
Darrel
2 months ago
D: Enhanced due diligence (EDD) and ongoing monitoring are essential for PEPs to track their financial activities closely and address any anomalies.
upvoted 0 times
...
Clement
2 months ago
C: Designating the account as a PEP-account triggers additional monitoring and controls as PEPs inherently pose higher risks.
upvoted 0 times
...
...
Sueann
2 months ago
I agree, but we should also conduct enhanced due diligence.
upvoted 0 times
...
Wenona
2 months ago
I think we should file a suspicious activity report.
upvoted 0 times
...

Save Cancel