CAMS · Question #455
CAMS Question #455: Real Exam Question with Answer & Explanation
The correct answer is B. Stop accepting payments from persons other than the beneficiary. D. Limit the acceptance of purchases without adequate customer identification information.. The two most relevant measures for a professional dealer in precious metals and stones to reduce the risk of being misused for money laundering purposes are: Stop accepting payments from persons other than the beneficiary: This measure can help to ensure that the source of funds
Question
Options
- AOnly accept trades related to precious metal pool accounts maintained by sophisticated precious
- BStop accepting payments from persons other than the beneficiary.
- CLimit direct contact between customer and employees.
- DLimit the acceptance of purchases without adequate customer identification information.
- EStop accepting cash payments in currencies other than Euro.
Explanation
The two most relevant measures for a professional dealer in precious metals and stones to reduce the risk of being misused for money laundering purposes are: Stop accepting payments from persons other than the beneficiary: This measure can help to ensure that the source of funds is legitimate and can be traced back to the customer. Limit the acceptance of purchases without adequate customer identification information: Adequate customer identification information is necessary for the purpose of identifying and verifying the customer's identity and determining whether the customer is a politically exposed person (PEP) or has any other risk characteristics that may require enhanced due diligence
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