Acams Exam CAMS Topic 4 Question 77 Discussion

Actual exam question for Acams's CAMS exam

Question #: 77
Topic #: 4

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 Otis at Jun 22, 2024, 08:44 AM

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Yuriko

5 months ago

Haha, setting up an exchange house through the bank? Sounds like a money laundering scheme waiting to happen. Nice try, D!

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Rochell

3 months ago

C: It's important to assess the risk involved, especially with customers from high-risk countries.

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Bronwyn

4 months ago

B: I agree, we have to follow the AML principles and conduct thorough due diligence.

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Franchesca

4 months ago

A: Definitely sounds suspicious. We need to be careful with these types of requests.

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Adolph

4 months ago

C: It's important to assess the risks involved, especially with customers from high-risk countries.

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Willard

4 months ago

B: I agree, we have to follow the AML principles and conduct thorough due diligence.

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Coral

4 months ago

A: Definitely sounds suspicious. We need to be careful with these types of requests.

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Emilio

5 months ago

Ha! A local wealthy individual opening a retail account? Come on, that's too easy. No need for due diligence there.

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Reuben

4 months ago

B: D) A new customer asks to set up an exchange house using the bank as the correspondent.

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Leatha

5 months ago

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

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Rodrigo

5 months ago

That could also be a red flag, but high-risk countries are a bigger concern.

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Martina

5 months ago

But what about option B, a beneficial owner of an exchange house?

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Moon

5 months ago

I agree with C. Gotta be careful with those wealthy individuals from shady places, you know?

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Salena

4 months ago

B: I agree, it's important to follow the AML principles to prevent any potential risks.

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Emmanuel

5 months ago

A: Definitely, we need to be extra cautious with clients from high-risk countries.

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Lina

5 months ago

I agree with Rodrigo, a wealthy individual from a high-risk country needs extra scrutiny.

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Shalon

5 months ago

Definitely C. You can't just let anyone from a high-risk country open an account without proper scrutiny.

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Rodrigo

6 months ago

I think option C requires due diligence actions.

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Stanton

6 months ago

Option C is the correct answer. High-risk countries require enhanced due diligence according to AML principles.

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Louis

5 months ago

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

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Brittani

5 months ago

That's right, high-risk countries require enhanced due diligence.

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Richelle

5 months ago

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

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