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Acams Exam CAMS-FCI Topic 1 Question 4 Discussion

Actual exam question for Acams's CAMS-FCI exam
Question #: 4
Topic #: 1
[All CAMS-FCI Questions]

A bank's transaction surveillance system triggers an alert for a deposit of 250.000 USO into a client's account. According to the bank's KYC information, the client works for a financial advisory firm, and earns approximately 100,000 USD per year. Which actions should be taken? (Select Three.)

File the suspicious transaction immediately to the financial intelligence unit.

Show Suggested Answer Hide Answer
Suggested Answer: B, C, E

According to the Certified Anti-Money Laundering Specialist (CAMS) Manual , 6th edition, if a bank's transaction surveillance system triggers an alert for a deposit of 250.000 USD into a client's account, the bank should take the following actions:

Request information and documentation from the client on the background of the transaction (CAMS Manual, 6th edition, page 46).

Contact the client advisor to learn if he has any insight on the transaction background (CAMS Manual, 6th edition, page 47).

Review the transaction background in the bank's transaction platform (CAMS Manual, 6th edition, page 47).

Discarding the alert as a false positive hit and reviewing the alert if the deposit is made in cash should not be done.

The bank should request additional information and documentation from the client to better understand the nature of the transaction. Additionally, the bank should reach out to the client advisor to learn if they have any insight on the transaction background. Finally, the bank should review the transaction background in the bank's transaction platform to determine if any additional alerts or anomalies are present. (CAMS Manual, 6th Edition, Pages 117-118)


by Charlie at Oct 23, 2024, 03:51 AM

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Amie
17 hours ago
Exactly, can't just sweep this under the rug. Gotta dig deep and make sure everything checks out. Although, if the client's a financial advisor, maybe they just hit the jackpot in Vegas or something. You never know!
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Reta
6 days ago
Haha, 'false positive'? That's rich. With that much money, I'd be more worried about a 'false negative' than a false alarm. Better to be safe than sorry!
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Claribel
12 days ago
I agree, but I'd also go with D. If it's a cash deposit, that's an extra red flag we need to look into.
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Chun
13 days ago
Definitely B, C, and E. We need to verify the source of that large deposit. That's way too much money for the client's annual income, so something fishy is going on.
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Johnson
19 days ago
I'm not sure, maybe we should contact the client advisor first before taking any action.
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Alisha
20 days ago
I agree with Arthur. We should also request information from the client and review the transaction background.
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Arthur
28 days ago
I think we should file the suspicious transaction to the financial intelligence unit.
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