ACAMS
CAMS · Question #530
CAMS Question #530: Real Exam Question with Answer & Explanation
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Question
An anti-money laundering consultant audits a bank's current anti-money laundering policies, procedures and controls. The bank serves high-income, high net-worth clients who include non- residents and offshore businesses. During a review of the custom list, the anti-money laundering consultant determines that he and the bank have mutual clients. The bank's written anti-money laundering program includes a process for the bank to establish the identity of the person with whom they conduct business, but does not address monitoring of customer account activity. The consultant should recommend the bank:
Options
- AContinue to follow the current written anti-money laundering program.
- BFocus on high-risk customer acceptance procedures.
- CReduce the risk rating on the mutual customers.
- DRevise the procedures to better assess ongoing customer activity.
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