Acams Exam Advanced-CAMS-Audit Topic 4 Question 10 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam

Question #: 10
Topic #: 4

Which is considered a minimum requirement in a customer identification program?

ATransaction reporting procedures used to report suspicious transactions to the regulator

BTransaction monitoring procedures that specify the information that will be retained in each transaction

CAccount opening procedures that specify the information that will be obtained from each customer

DCustomer enhanced due diligence procedures used to identify unusual transactions
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

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Suggested Answer: C

by Giovanna at Mar 24, 2025, 02:19 PM

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Thora

3 days ago

I think the minimum requirement is account opening procedures.

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