Acams Exam CAMS Topic 4 Question 78 Discussion

Actual exam question for Acams's CAMS exam

Question #: 78
Topic #: 4

[All CAMS Questions]

An offshore company is owned by four equal partners that reside in separate jurisdictions. One partner presents an authenticated power of attorney apparently executed by the remaining three partners in his favor and requests that a bank account be opened on behalf of all partners. He needs this done quickly because there is a large deposit pending. The account-opening officer contacts the bank's anti-money laundering officer for advice. Which of the following should the anti-money laundering officer advise as an initial step?

AVerify the identity of all the partners.

BVerify the source of the deposit.

CFile a suspicious transaction report with the appropriate Financial Intelligence Unit.

DFile a suspicious transaction report with the Egmont Group.

Show Suggested Answer

Suggested Answer: C, E

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

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Nickie

2 days ago

The Egmont Group? Really? That's like calling the Ghostbusters for a leaky faucet. Stick to the local financial authorities, my friend.

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Sylvie

4 days ago

Reporting a suspicious transaction to the Financial Intelligence Unit is the way to go. Better safe than sorry when it comes to potential money laundering.

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Weldon

10 days ago

I think verifying the source of the deposit is also crucial to ensure the legitimacy of the funds.

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Stephen

10 days ago

Ah, the old 'large deposit pending' trick. The anti-money laundering officer should definitely look into the source of that deposit before anything else.

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