Acams Exam CAMS Topic 4 Question 68 Discussion

Actual exam question for Acams's CAMS exam

Question #: 68
Topic #: 4

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

AA local wealthy individual wants to become a customer of a local retail bank.

BA beneficial owner of an exchange house wants to open an account with the bank.

CA wealthy individual from a high-risk country wants to open an account with a private bank.

DA new customer asks to set up an exchange house using the bank as the correspondent.

Show Suggested Answer

Suggested Answer: C

by Dorothy at Feb 08, 2024, 01:13 AM

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5 months ago

I'm leaning towards C as the best answer, as dealing with customers from high-risk countries is a major concern in private banking.

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5 months ago

I think both C and B are valid choices, as they involve potentially risky situations that require due diligence measures.

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5 months ago

That's true, B could also be a valid option as it involves a high-risk entity wanting to open an account.

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6 months ago

But what about B? Doesn't a beneficial owner of an exchange house also pose a risk?

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6 months ago

I agree, C seems to be the most appropriate choice according to AML principles.

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7 months ago

I think the correct answer is C, because a wealthy individual from a high-risk country requires extra due diligence.

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