Acams Exam CAMS Topic 2 Question 81 Discussion

Actual exam question for Acams's CAMS exam

Question #: 81
Topic #: 2

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 Louis at Aug 04, 2024, 08:06 AM

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Justa

3 months ago

Just throw a dart at the options, I'm sure any of them will do. Who needs due diligence when you've got luck on your side, am I right?

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Lorean

3 months ago

I bet option D is the right answer. Setting up an exchange house? Sounds like a recipe for trouble if you ask me.

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Francesco

3 months ago

B: I agree with you. It's important to be extra cautious in those situations.

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Lindsey

3 months ago

A: I think option C is the correct answer. Dealing with wealthy individuals from high-risk countries definitely requires due diligence.

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Lorean

3 months ago

That could also be a red flag for money laundering, so due diligence is necessary there too.

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Teresita

4 months ago

I'm going with C as well. Better safe than sorry when it comes to that kind of client, you know? Can't risk any shady business happening on your watch.

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Mila

2 months ago

You never know what kind of risks are involved with clients from high-risk countries.

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India

2 months ago

Agreed, it's important to follow AML principles in those situations.

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Buffy

3 months ago

Definitely, high-risk countries require extra caution.

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Rutha

3 months ago

Agreed, we have to follow the AML principles to protect against any potential risks.

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Solange

3 months ago

Definitely, it's important to be cautious with clients like that.

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Kiley

3 months ago

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

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Lemuel

3 months ago

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

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Sunshine

4 months ago

But what about option B with the beneficial owner of an exchange house?

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Caitlin

4 months ago

I agree, wealthy individuals from high-risk countries need extra scrutiny.

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Lorean

4 months ago

I think option C requires due diligence.

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Selma

4 months ago

I agree, C is the right choice. You can't be too careful with wealthy individuals from high-risk countries. Gotta follow those AML guidelines to the letter.

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