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Acams Exam Advanced-CAMS-Audit Topic 4 Question 10 Discussion

Actual exam question for Acams's Advanced-CAMS-Audit exam
Question #: 10
Topic #: 4
[All Advanced-CAMS-Audit Questions]

Which is considered a minimum requirement in a customer identification program?

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Suggested Answer: C

by Giovanna at Mar 24, 2025, 02:19 PM

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Viola
1 months ago
C) is the way to go. After all, you can't monitor transactions or do due diligence if you don't have the basic customer information in the first place. It's like trying to build a house without a foundation.
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Reid
3 days ago
C) Account opening procedures that specify the information that will be obtained from each customer
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Oliva
9 days ago
B) Transaction monitoring procedures that specify the information that will be retained in each transaction
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Leila
15 days ago
B) Transaction monitoring procedures that specify the information that will be retained in each transaction
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Desmond
21 days ago
A) Transaction reporting procedures used to report suspicious transactions to the regulator
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Darrin
27 days ago
A) Transaction reporting procedures used to report suspicious transactions to the regulator
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Nada
1 months ago
C) is the answer, no doubt. Although, I'm curious if there's a trick question hidden in here somewhere. You know how these exams like to trip you up!
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Latricia
2 months ago
Leave it to the regulators to make a simple thing like customer identification so complicated. Can we get a multiple-choice question on something more fun, like crypto trading strategies?
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Rossana
27 days ago
N/A
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Alfred
1 months ago
C) Account opening procedures that specify the information that will be obtained from each customer
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Oneida
2 months ago
I think A) and D) are also important, but C) is the core of the CIP. Gotta get that customer info right at the start.
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Tamekia
8 days ago
D) Customer enhanced due diligence procedures play a role in identifying unusual transactions.
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Lizette
16 days ago
C) Account opening procedures are indeed the core of the Customer Identification Program.
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Anglea
20 days ago
B) Transaction monitoring procedures are important for keeping track of transaction information.
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Scarlet
23 days ago
A) Transaction reporting procedures used to report suspicious transactions to the regulator are crucial for compliance.
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Aleisha
2 months ago
But what about transaction reporting procedures? Don't they play a crucial role as well?
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Jerry
2 months ago
C) Account opening procedures that specify the information that will be obtained from each customer is definitely the correct answer. That's the fundamental requirement for a CIP.
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Dong
2 months ago
I agree with Thora, account opening procedures are essential for customer identification.
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Thora
2 months ago
I think the minimum requirement is account opening procedures.
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