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While reviewing a sample of trade financing documents in a financial institution, an auditor notes that there were instances of potential overvaluation and undervaluation of goods. The auditor intends to check if these were detected and escalated. Which is a reason for such overvaluation and undervaluation?
Correct Answer: C
Reason for Overvaluation/Undervaluation: * This technique is often used in trade-based money laundering to transfer funds or value disguised as legitimate trade transactions. Auditor's Responsibility: * Auditors must ensure such discrepancies are detected, escalated, and adequately addressed to prevent money laundering. CAMS-Audit Insight: * Advanced CAMS-Audit emphasizes vigilance in trade finance as a high-risk area for money laundering activities.
