ACAMS
CAMS · Question #609
CAMS Question #609: Real Exam Question with Answer & Explanation
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Question
According to the USA PATRIOT Act, under which condition would US financial institutions (Fls) maintain correspondent accounts for foreign shell banks?
Options
- AUS Fls cannot maintain correspondent bank accounts for foreign shell banks.
- BUS Fls can open correspondent bank accounts for foreign shell banks but only in certain
- CUS Fls must undertake a rigorous, risk-based approval process to open correspondent bank
- DUS Fls must be certified by the Financial Action Task Force to maintain correspondent accounts
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