ACAMS
CAMS · Question #229
Which step should be taken to understand the types of financial institutions to whom the services are being offered when a correspondent bank permits "nested" relationships according to the…
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Compliance Standards (International AML/CFT Standards and the role of FATF)
Question
Which step should be taken to understand the types of financial institutions to whom the services are being offered when a correspondent bank permits "nested" relationships according to the Wolfsberg Group?
Options
- AReview peer-group clients by risk category
- BUnderstand the type and volume of accounts serviced
- CEvaluate the distribution of downstream correspondents and identify any direct or indirect issues
- DObtain independent audits or examination reports for "nested" relationships to determine risk
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Topics
#nested correspondents#Wolfsberg Group#correspondent banking#downstream risk