Acams Exam Advanced-CAMS-Audit Topic 4 Question 10 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam

Question #: 10
Topic #: 4

Which is considered a minimum requirement in a customer identification program?

ATransaction reporting procedures used to report suspicious transactions to the regulator

BTransaction monitoring procedures that specify the information that will be retained in each transaction

CAccount opening procedures that specify the information that will be obtained from each customer

DCustomer enhanced due diligence procedures used to identify unusual transactions
A customer identification program (CIP) mandates that financial institutions obtain specific information from customers during account opening. This includes verifying identity through reliable documents, understanding the purpose of the account, and assessing associated risks.
Advanced CAMS-Audit and FATF recommendations highlight the necessity of robust account opening procedures as the foundation for AML compliance.

Show Suggested Answer

Suggested Answer: C

by Giovanna at Mar 24, 2025, 02:19 PM

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Viola

21 hours ago

C) is the way to go. After all, you can't monitor transactions or do due diligence if you don't have the basic customer information in the first place. It's like trying to build a house without a foundation.

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Nada

3 days ago

C) is the answer, no doubt. Although, I'm curious if there's a trick question hidden in here somewhere. You know how these exams like to trip you up!

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Latricia

11 days ago

Leave it to the regulators to make a simple thing like customer identification so complicated. Can we get a multiple-choice question on something more fun, like crypto trading strategies?

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Oneida

15 days ago

I think A) and D) are also important, but C) is the core of the CIP. Gotta get that customer info right at the start.

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Aleisha

16 days ago

But what about transaction reporting procedures? Don't they play a crucial role as well?

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Jerry

18 days ago

C) Account opening procedures that specify the information that will be obtained from each customer is definitely the correct answer. That's the fundamental requirement for a CIP.

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Dong

19 days ago

I agree with Thora, account opening procedures are essential for customer identification.

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Thora

24 days ago

I think the minimum requirement is account opening procedures.

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