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Acams CAMS-FCI Exam - Topic 1 Question 4 Discussion

A bank's transaction surveillance system triggers an alert for a deposit of 250.000 USO into a client's account. According to the bank's KYC information, the client works for a financial advisory firm, and earns approximately 100,000 USD per year. Which actions should be taken? (Select Three.)File the suspicious transaction immediately to the financial intelligence unit.
B) Request information and documentation from the client on the background of the transaction. and C) Contact the client advisor to learn if he has any insight on the transaction background. and E) Review the transaction background in the bank's transaction platform.
A) Discard the alert as a false positive hit
D) Review the alert if the deposit is made in cash.

Acams CAMS-FCI Exam - Topic 1 Question 4 Discussion

Actual exam question for Acams's CAMS-FCI exam
Question #: 4
Topic #: 1
[All CAMS-FCI Questions]

A bank's transaction surveillance system triggers an alert for a deposit of 250.000 USO into a client's account. According to the bank's KYC information, the client works for a financial advisory firm, and earns approximately 100,000 USD per year. Which actions should be taken? (Select Three.)

File the suspicious transaction immediately to the financial intelligence unit.

Show Suggested Answer Hide Answer
Suggested Answer: B, C, E

According to the Certified Anti-Money Laundering Specialist (CAMS) Manual , 6th edition, if a bank's transaction surveillance system triggers an alert for a deposit of 250.000 USD into a client's account, the bank should take the following actions:

Request information and documentation from the client on the background of the transaction (CAMS Manual, 6th edition, page 46).

Contact the client advisor to learn if he has any insight on the transaction background (CAMS Manual, 6th edition, page 47).

Review the transaction background in the bank's transaction platform (CAMS Manual, 6th edition, page 47).

Discarding the alert as a false positive hit and reviewing the alert if the deposit is made in cash should not be done.

The bank should request additional information and documentation from the client to better understand the nature of the transaction. Additionally, the bank should reach out to the client advisor to learn if they have any insight on the transaction background. Finally, the bank should review the transaction background in the bank's transaction platform to determine if any additional alerts or anomalies are present. (CAMS Manual, 6th Edition, Pages 117-118)


by Charlie at Oct 23, 2024, 03:51 AM

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Paris
10 months ago
Reviewing the transaction background is a must before making any decisions.
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Emerson
10 months ago
Contacting the client advisor is a smart move to get more context.
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Sabra
10 months ago
Wait, why would someone earning 100k deposit 250k? Sounds fishy.
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Ettie
10 months ago
I agree, filing it right away seems too hasty.
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Luther
11 months ago
Definitely need to request info from the client about that deposit.
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Bok
11 months ago
I practiced a similar question where reviewing the transaction background was crucial. I think that should be one of our actions too.
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Lindsey
11 months ago
I feel like contacting the client advisor could help clarify things. It seems like a good first step before taking any drastic actions.
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Iluminada
11 months ago
I'm not entirely sure, but I think filing a suspicious transaction report might be necessary if we can't verify the source of the funds.
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Leontine
11 months ago
I remember we discussed the importance of verifying large transactions, especially when they don't match the client's profile. I think we should definitely request more information.
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Rolland
11 months ago
I'm not totally sure, but I think the best approach is to request more information from the client and their advisor before deciding whether to file a report. Gotta be careful not to overreact.
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Queen
11 months ago
This is straightforward - the large deposit amount compared to the client's income is clearly suspicious, so I'll go with filing the report right away.
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Merilyn
11 months ago
Okay, I think I've got a strategy. I'll select the options that involve gathering more information from the client and reviewing the transaction details before jumping to filing a report.
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Leonida
11 months ago
Hmm, I'm a bit confused on the best approach here. I'll need to re-read the question and options a few times to make sure I understand.
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Annice
11 months ago
This seems like a tricky one. I'll need to carefully review the options and think through the bank's KYC policies.
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Amie
2 years ago
Exactly, can't just sweep this under the rug. Gotta dig deep and make sure everything checks out. Although, if the client's a financial advisor, maybe they just hit the jackpot in Vegas or something. You never know!
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Reta
2 years ago
Haha, 'false positive'? That's rich. With that much money, I'd be more worried about a 'false negative' than a false alarm. Better to be safe than sorry!
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Willow
2 years ago
A) Discard the alert as a false positive hit
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Mariann
2 years ago
C) Contact the client advisor to learn if he has any insight on the transaction background.
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Josefa
2 years ago
B) Request information and documentation from the client on the background of the transaction.
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Claribel
2 years ago
I agree, but I'd also go with D. If it's a cash deposit, that's an extra red flag we need to look into.
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Chun
2 years ago
Definitely B, C, and E. We need to verify the source of that large deposit. That's way too much money for the client's annual income, so something fishy is going on.
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Truman
2 years ago
E) Review the transaction background in the bank's transaction platform.
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Zona
2 years ago
C) Contact the client advisor to learn if he has any insight on the transaction background.
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Darrin
2 years ago
B) Request information and documentation from the client on the background of the transaction.
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Johnson
2 years ago
I'm not sure, maybe we should contact the client advisor first before taking any action.
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Alisha
2 years ago
I agree with Arthur. We should also request information from the client and review the transaction background.
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Arthur
2 years ago
I think we should file the suspicious transaction to the financial intelligence unit.
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