ACAMS
CAMS · Question #338
A compliance officer is looking to update an institutions private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?
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AML/CFT Compliance Programs
Question
A compliance officer is looking to update an institutions private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?
Options
- AApproval of Politically Exposed Persons (PEPs) by at least one person other than the relationship
- BDedicated automated AML monitoring of client activity
- CReview of client files annually if there are unusual transactions
- DThe institution's senior management has primary responsibility for the relationship
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Topics
#Wolfsberg Principles#private banking#PEP approval#due diligence procedures