CAMS · Question #585
A senior government official is trying to open an account in a financial institution (FI) that operates in a different country from where the official is domiciled. The official is using an asset mana
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Question
A senior government official is trying to open an account in a financial institution (FI) that operates in a different country from where the official is domiciled. The official is using an asset manager intermediary to represent them. According to the Wolfsberg Group, which next steps should the FI take regarding the opening of the account? (Select Three.)
Options
- AReport to authorities that a possible suspicious activity is being undertaken by a politically
- BScreen for applicable sanctions only for the official in the name of the person for whom the
- CReasonably establish if the source of wealth and funds of the official is legitimate.
- DPerform due diligence procedures on the managing intermediary.
- EDetermine whether the intermediary representative is acting on the officer's behalf.
- FEnsure the official's client file is updated so that the information is maintained in a consistent and
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