The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?

The correct answer is D. At least one person other than the private banker. The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by at least one person other than the private banker. This is because the private banker may have a conflict of interest or be influenced by the client's wealth or reputation…

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Options

AThe board of directors
BOnly the private banker
CThe private banker's supervisor
DAt least one person other than the private banker

How the community answered

(33 responses)

A
6% (2)
B
3% (1)
C
6% (2)
D
85% (28)

Explanation

The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by at least one person other than the private banker. This is because the private banker may have a conflict of interest or be influenced by the client's wealth or reputation. The approval process should involve a senior manager or a compliance officer who can independently assess the client's risk profile and suitability for the institution's services.

Topics

#Wolfsberg Principles#private banking#client approval#relationship manager oversight

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