CAMS · Question #370
CAMS Question #370: Real Exam Question with Answer & Explanation
The correct answer is A. The account receives international payments that are substantially higher than other fees they. this activity is unusual and inconsistent with the expected behavior of an accounting firm's operational account. The account should normally receive fees from clients that are proportional to the services rendered and reflect the market rates. Receiving international payments th
Question
Options
- AThe account receives international payments that are substantially higher than other fees they
- BThe account sends monthly donations to several charities that operate in the same communities
- CThe account receives several payments a day from multiple customers who operate in different
- DThe account receives international wires from companies in the Middle East where the accounting
Explanation
this activity is unusual and inconsistent with the expected behavior of an accounting firm's operational account. The account should normally receive fees from clients that are proportional to the services rendered and reflect the market rates. Receiving international payments that are substantially higher than other fees could indicate that the account is being used to launder money or finance terrorism by disguising illicit funds as legitimate income. This could trigger a red flag for the bank and prompt a comprehensive review of the account.
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