CAMS · Question #152
A European Union (EU) bank has a correspondent banking relationship with a U.S. bank. Under USA PATRIOT Act Section 311, the U.S. government has enacted special measures against a designated entity…
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Question
A European Union (EU) bank has a correspondent banking relationship with a U.S. bank. Under USA PATRIOT Act Section 311, the U.S. government has enacted special measures against a designated entity that has a payable-through account with the EU bank. Which of the following actions might the U.S. bank be required to take regarding the EU bank's services for the designated entity?
Options
- AEnsure the designated entity's confidential information is not shared with other entities.
- BObtain additional information about customers permitted to use this account.
- CVerify that the EU bank serves the designated entity.
- DPerform enhanced due diligence on the EU bank.
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