ACAMS
CAMS · Question #536
CAMS Question #536: Real Exam Question with Answer & Explanation
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Question
An individual opened an account with a minimal cash deposit at a financial institution. He presented a foreign passport and stated he would be working locally for a few months. He also requested information about making electronic fund transfers. The institution was subsequently unable to verify the employment or residence information provided by the individual. Soon after this, a large transfer was sent to the customer's account. Which of the following is the course of action recommended by the Basel Committee on Banking Supervision's Customer Due Diligence for Banks?
Options
- APost the deposit to the account and notify the customer that the deposit has been made.
- BImplement enhanced due diligence procedures to monitor the account for suspicious activity.
- CClose the account and return the funds to the source from which they were received.
- DEnd the relationship by sending a check (cheque) to the customer for the full amount in the
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