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Acams Exam CAMS Topic 1 Question 70 Discussion

Actual exam question for Acams's CAMS exam
Question #: 70
Topic #: 1
[All CAMS Questions]

Which private banking situation requires due diligence actions to be implemented according to the AML principles of the Wolfsberg group?

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Suggested Answer: C

by Markus at Mar 18, 2024, 09:20 PM

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Ammie
8 months ago
That's true, but I believe the focus here is on individual customers and their country of origin.
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Ty
8 months ago
But what about option B? Isn't a beneficial owner of an exchange house also a high-risk situation?
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Ashley
9 months ago
I agree, opening an account for a wealthy individual from a high-risk country requires due diligence.
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Leila
9 months ago
I think the answer is C.
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Theodora
9 months ago
C: But don't forget, even local wealthy individuals can be used for money laundering, so due diligence is still necessary.
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Verlene
9 months ago
D: I think the correct answer is A, as local wealthy individuals are typically lower risk customers.
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German
9 months ago
A: That's a good point, it's crucial for banks to carefully screen beneficial owners of exchange houses.
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Shawnda
9 months ago
C: I'm not sure, but I think answer B also makes sense because exchange houses can be a higher risk.
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Wilford
10 months ago
B: I agree, it's important to follow AML principles when dealing with high-risk customers.
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Bernardine
10 months ago
A: I think the answer is C, because wealthy individuals from high-risk countries need extra due diligence.
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