Acams Exam CAMS Topic 1 Question 80 Discussion

Actual exam question for Acams's Certified Anti-Money Laundering Specialist exam

Question #: 80
Topic #: 1

[All Certified Anti-Money Laundering Specialist Questions]

The bank's Compliance Officer is tasked with designing standards based on Basel's KYC principles. Which essential elements should be included in the program? (Choose two.)

AAppointing an independent audit function

BConducting a money laundering risk assessment

CDocumenting a customer acceptance policy

DEstablishing on-going monitoring of high-risk accounts

EReporting suspicious activity

Show Suggested Answer

Suggested Answer: C, E

by Stanton at Jul 17, 2024, 09:55 PM

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Dana

2 months ago

This is a no-brainer. B and D, hands down. Can't have an effective KYC program without those elements.

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Bette

27 days ago

Absolutely. B and D are essential for effective compliance.

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Gracia

28 days ago

Agreed. Without those, the program would be incomplete.

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Meaghan

1 months ago

Definitely B and D. They are crucial for a strong KYC program.

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Cheryll

1 months ago

E) Reporting suspicious activity

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Michael

1 months ago

D) Establishing on-going monitoring of high-risk accounts

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Claudia

1 months ago

C) Documenting a customer acceptance policy

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Berry

1 months ago

B) Conducting a money laundering risk assessment

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Paris

2 months ago

A) Appointing an independent audit function

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Ciara

2 months ago

I believe appointing an independent audit function is equally essential.

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Edgar

2 months ago

I agree with Eladia. Documenting a customer acceptance policy is also important.

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Paris

2 months ago

Hold up, I'm pretty sure the bank's compliance officer has to be independent too. Wouldn't A be a good choice as well?

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Malinda

2 months ago

I agree, B and D are critical. Reporting suspicious activity (E) is also a must-have in my opinion.

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Odette

22 days ago

C) Documenting a customer acceptance policy

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Bong

26 days ago

B) Conducting a money laundering risk assessment

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Barb

1 months ago

A) Appointing an independent audit function

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Graciela

1 months ago

C) Documenting a customer acceptance policy

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Mitzie

2 months ago

B) Conducting a money laundering risk assessment

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Daren

2 months ago

A) Appointing an independent audit function

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Lorrie

3 months ago

Definitely B and D. Conducting a risk assessment and monitoring high-risk accounts are essential for a robust KYC program.

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Elvera

2 months ago

Monitoring high-risk accounts is also important to ensure ongoing compliance with regulations.

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Jutta

2 months ago

I agree, conducting a risk assessment is crucial to identify potential money laundering risks.

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Eladia

3 months ago

I think conducting a money laundering risk assessment is crucial.

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