Acams CAMS-FCI Exam - Topic 1 Question 4 Discussion

Actual exam question for Acams's CAMS-FCI exam

Question #: 4
Topic #: 1

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.

ADiscard the alert as a false positive hit

BRequest information and documentation from the client on the background of the transaction.

CContact the client advisor to learn if he has any insight on the transaction background.

DReview the alert if the deposit is made in cash.

EReview the transaction background in the bank's transaction platform.

Show Suggested 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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Paris

3 months ago

Reviewing the transaction background is a must before making any decisions.

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Emerson

3 months ago

Contacting the client advisor is a smart move to get more context.

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Sabra

3 months ago

Wait, why would someone earning 100k deposit 250k? Sounds fishy.

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Ettie

4 months ago

I agree, filing it right away seems too hasty.

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Luther

4 months ago

Definitely need to request info from the client about that deposit.

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Bok

4 months ago

I practiced a similar question where reviewing the transaction background was crucial. I think that should be one of our actions too.

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Lindsey

4 months ago

I feel like contacting the client advisor could help clarify things. It seems like a good first step before taking any drastic actions.

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Iluminada

4 months ago

I'm not entirely sure, but I think filing a suspicious transaction report might be necessary if we can't verify the source of the funds.

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Leontine

5 months ago

I remember we discussed the importance of verifying large transactions, especially when they don't match the client's profile. I think we should definitely request more information.

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Rolland

5 months ago

I'm not totally sure, but I think the best approach is to request more information from the client and their advisor before deciding whether to file a report. Gotta be careful not to overreact.

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Queen

5 months ago

This is straightforward - the large deposit amount compared to the client's income is clearly suspicious, so I'll go with filing the report right away.

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Merilyn

5 months ago

Okay, I think I've got a strategy. I'll select the options that involve gathering more information from the client and reviewing the transaction details before jumping to filing a report.

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Leonida

5 months ago

Hmm, I'm a bit confused on the best approach here. I'll need to re-read the question and options a few times to make sure I understand.

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Annice

5 months ago

This seems like a tricky one. I'll need to carefully review the options and think through the bank's KYC policies.

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Amie

1 year 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

1 year 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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Willow

1 year ago

A) Discard the alert as a false positive hit

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Mariann

1 year ago

C) Contact the client advisor to learn if he has any insight on the transaction background.

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Josefa

1 year ago

B) Request information and documentation from the client on the background of the transaction.

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Claribel

1 year 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

1 year 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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