The compliance officer for a private bank has been tasked with reviewing the procedure for authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti- Money Laund

Question

Options

• AWhere the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of
• BThe responsible private banker must establish the identity of a holder of general powers over an
• CWhere due diligence has been satisfactorily completed on all authorized signers, the responsible
• DThe responsible private banker must obtain the necessary documentation establishing the
• EIf an individual has signing authority over an account but does not act on a professional basis as

• A
  6% (2)
• B
  81% (29)
• C
  14% (5)

Explanation

The three statements from the procedure that are in line with Wolfsberg are: B . The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity. This is consistent with the Wolfsberg Principle 1.2.1, which states that the bank will establish the identity of its clients and beneficial owners prior to establishing business relationships with such persons. D . The responsible private banker must obtain the necessary documentation establishing the authorized signer's authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney). This is consistent with the Wolfsberg Principle 1.2.3, which states that the bank will obtain the necessary documentation establishing the authority of the authorized signatory to act on behalf of the client or beneficial owner. E . If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account. This is consistent with the Wolfsberg Principle 1.2.4, which states that the bank will understand and document the relationship between the authorized signatory, the client and, if different, the beneficial owner of the account.

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