Acams Exam CAMS Topic 1 Question 51 Discussion

Actual exam question for Acams's CAMS exam

Question #: 51
Topic #: 1

According to the Basel Committee on Banking Supervision standards, which statements best describe sound practices in relation to customer due diligence (CDD) policies and procedures? (Choose three.)

ABanks should identify its customers based on a general-rules based assessment without considering the expected size and use of the account.

BBanks should never allow for verification to be completed after the establishment of the business relationship since it would not be essential for the normal conduct of business.

CBanks should take into consideration the occasional banking transaction or the size/level of assets to build an understanding of the customer's profile and behavior.

DBanks should develop and implement clear acceptance policies and procedures to identify the types of customer that are likely to pose a higher risk of financing terrorism or money laundering.

EBanks should implement enhanced due diligence measures for entering business relationships with high-risk customers, such as approval by senior management.

FBanks should use CDD procedures based in another bank's standards when subject to the same criteria for handling funds of a shared customer.

Show Suggested Answer

Suggested Answer: A, C, E

by Joanna at May 07, 2022, 08:24 PM

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