Acams Exam CAMS Topic 1 Question 80 Discussion

Actual exam question for Acams's CAMS exam

Question #: 80
Topic #: 1

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

Limited Time Offer

25%

Off

Get Premium CAMS Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Dana

3 months ago

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

upvoted 0 times

Bette

2 months ago

Absolutely. B and D are essential for effective compliance.

upvoted 0 times

...

Gracia

2 months ago

Agreed. Without those, the program would be incomplete.

upvoted 0 times

...

Meaghan

2 months ago

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

upvoted 0 times

...

Cheryll

3 months ago

E) Reporting suspicious activity

upvoted 0 times

...

Michael

3 months ago

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

upvoted 0 times

...

Claudia

3 months ago

C) Documenting a customer acceptance policy

upvoted 0 times

...

Berry

3 months ago

B) Conducting a money laundering risk assessment

upvoted 0 times

...

Paris

3 months ago

A) Appointing an independent audit function

upvoted 0 times

...

Ciara

4 months ago

I believe appointing an independent audit function is equally essential.

upvoted 0 times

...

Edgar

4 months ago

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

upvoted 0 times

...

Paris

4 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?

upvoted 0 times

...

Malinda

4 months ago

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

upvoted 0 times

Odette

2 months ago

C) Documenting a customer acceptance policy

upvoted 0 times

...

Bong

2 months ago

B) Conducting a money laundering risk assessment

upvoted 0 times

...

Barb

2 months ago

A) Appointing an independent audit function

upvoted 0 times

...

Graciela

3 months ago

C) Documenting a customer acceptance policy

upvoted 0 times

...

Mitzie

3 months ago

B) Conducting a money laundering risk assessment

upvoted 0 times

...

Daren

3 months ago

A) Appointing an independent audit function

upvoted 0 times

...

Lorrie

4 months ago

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

upvoted 0 times

Elvera

4 months ago

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

upvoted 0 times

...

Jutta

4 months ago

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

upvoted 0 times

...

Eladia

4 months ago

I think conducting a money laundering risk assessment is crucial.

upvoted 0 times

...