Which two individuals are ordinarily beneficial owners of a private banking account according to the Wolfsberg Anti-Money Laundering Principles for Private Banking? (Choose two.)

Question

Options

• AThose two are authorized signers on the account
• BThose who have legal title to a controlling share interest in the customer
• CThose who generally have ultimate control through ownership or other means over the funds in
• DThose who are the ultimate source of funds for the account and whose source of wealth should

• A
  11% (5)
• B
  6% (3)
• C
  83% (39)

Explanation

According to the Wolfsberg Anti-Money Laundering Principles for Private Banking, the beneficial owners of a private banking account are those who generally have ultimate control over the funds in the account and those who are the ultimate source of funds for the account and whose source of wealth should be subject to due diligence. These two criteria are meant to ensure that the bank knows who is ultimately behind the account and where the funds come from, in order to prevent the use of the bank for money laundering or other criminal purposes. Authorized signers on the account or those who have legal title to a controlling share interest in the customer are not necessarily the beneficial owners, as they may act on behalf of others or have limited influence over the account.

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