A bank's transaction surveillance system triggers an alert for a deposit of 250.000 USO into a client's account. According to the bank's KYC information, the client works for a financial advisory…

Question

Options

• ADiscard the alert as a false positive hit
• BRequest information and documentation from the client on the background of the transaction.
• CContact the client advisor to learn if he has any insight on the transaction background.
• DReview the alert if the deposit is made in cash.
• EReview the transaction background in the bank's transaction platform.

• A
  5% (3)
• B
  85% (51)
• D
  10% (6)

Explanation

According to the Certified Anti-Money Laundering Specialist (CAMS) Manual , 6th edition, if a bank's transaction surveillance system triggers an alert for a deposit of 250.000 USD into a client's account, the bank should take the following actions: Request information and documentation from the client on the background of the transaction Contact the client advisor to learn if he has any insight on the transaction background (CAMS Manual, 6th edition, page 47). Review the transaction background in the bank's transaction platform (CAMS Manual, 6th edition, Discarding the alert as a false positive hit and reviewing the alert if the deposit is made in cash should not be done. The bank should request additional information and documentation from the client to better understand the nature of the transaction. Additionally, the bank should reach out to the client advisor to learn if they have any insight on the transaction background. Finally, the bank should review the transaction background in the bank's transaction platform to determine if any additional alerts or anomalies are present.

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