CAMS · Question #799
A client advisor at a bank contacts a member of the compliance team for guidance on how to proceed with a client who wants to transfer US$250,000 from the sale of cryptoassets into their savings…
The correct answer is A. Advise further clarification is necessary, including which coins or tokens were sold and whether. The compliance team should request further clarification to assess the AML risk appropriately. This includes understanding which cryptoassets were sold and whether the exchange used applies adequate due diligence. These details help determine the legitimacy of the source of…
Question
A client advisor at a bank contacts a member of the compliance team for guidance on how to proceed with a client who wants to transfer US$250,000 from the sale of cryptoassets into their savings account at the bank. What guidance should the compliance team provide?
Options
- AAdvise further clarification is necessary, including which coins or tokens were sold and whether
- BAdvise that the transaction should be stopped because cryptoassets in general are not regulated
- CConfirm to the advisor that the customer can proceed with the transaction if the client's KYC is up
- DConfirm to the advisor that the customer can proceed with the transaction because clients are
How the community answered
(64 responses)- A78% (50)
- B6% (4)
- C3% (2)
- D13% (8)
Explanation
The compliance team should request further clarification to assess the AML risk appropriately. This includes understanding which cryptoassets were sold and whether the exchange used applies adequate due diligence. These details help determine the legitimacy of the source of funds and ensure compliance with AML requirements.
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