Acams Exam CAMS Topic 4 Question 78 Discussion

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

Question #: 78
Topic #: 4

[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 Emerson at Jun 30, 2024, 02:04 AM

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Haley

1 months ago

Establishing on-going monitoring of high-risk accounts is key to detecting suspicious activity.

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Brett

1 months ago

I believe appointing an independent audit function is essential for accountability.

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Elly

1 months ago

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

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Daniel

1 months ago

I think conducting a money laundering risk assessment is crucial.

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Stephaine

1 months ago

A? Are they kidding? I'd rather have an independent audit function than a dependent one, if you ask me. But hey, what do I know? I'm just here for the free coffee.

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Lynelle

27 days ago

B) Conducting a money laundering risk assessment

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Mila

28 days ago

A) Appointing an independent audit function

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Felix

1 months ago

I'm going with C and E too. Wouldn't want to be the one who missed that suspicious activity and ended up on the news, you know?

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Louisa

3 days ago

Definitely. It's crucial to assess risks and monitor accounts to prevent any illegal activities.

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Royal

4 days ago

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

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Lenna

5 days ago

B) Conducting a money laundering risk assessment

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Alysa

13 days ago

That's a good point. It's important to have those policies in place to avoid any issues.

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Goldie

14 days ago

E) Reporting suspicious activity

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Corrinne

17 days ago

C) Documenting a customer acceptance policy

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Zita

1 months ago

A) Appointing an independent audit function

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Brett

2 months ago

B and D for sure. Gotta cover those bases, even if it's a pain to monitor all those high-risk accounts. At least it keeps the bank out of hot water, right?

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Ivette

2 months ago

I'd go with C and E. Documenting the customer policy and reporting suspicious activity are key to a solid KYC program, in my opinion.

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Naomi

22 days ago

Reporting suspicious activity is definitely important to prevent money laundering.

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Irving

1 months ago

I agree, having a clear customer acceptance policy is crucial for KYC.

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Rikki

2 months ago

Definitely B and D. Gotta assess that money laundering risk and keep an eye on those high-risk accounts, am I right?

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Mitsue

2 months ago

I agree, conducting a risk assessment and monitoring high-risk accounts are key in preventing money laundering.

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Venita

2 months ago

Yes, you're absolutely right. Those are crucial elements to include in the program.

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