Acams Exam CAMS Topic 1 Question 72 Discussion

Actual exam question for Acams's CAMS exam

Question #: 72
Topic #: 1

Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

AA local wealthy individual wants to become a customer of a local retail bank.

BA beneficial owner of an exchange house wants to open an account with the bank.

CA wealthy individual from a high-risk country wants to open an account with a private bank.

DA new customer asks to set up an exchange house using the bank as the correspondent.

Show Suggested Answer

Suggested Answer: C

by Dorothy at Apr 25, 2024, 09:27 PM

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Shasta

7 months ago

I'm not sure, but I think A could also be a correct answer. Local wealthy individuals may also require due diligence checks.

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Julian

7 months ago

I disagree, I believe the correct answer is B. Beneficial owners of exchange houses are considered high-risk and require due diligence.

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Julian

7 months ago

I think the answer is C. The AML principles of the Wolfsberg group require due diligence actions for high-risk individuals.

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Justine

8 months ago

Because high-risk countries require extra scrutiny to prevent money laundering and terrorism financing.

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Armando

8 months ago

Why is that the correct answer?

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Justine

8 months ago

C) A wealthy individual from a high-risk country wants to open an account with a private bank.

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Ivette

8 months ago

Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

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