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Acams CAMS Exam - Topic 1 Question 29 Discussion

Actual exam question for Acams's CAMS exam

Question #: 29
Topic #: 1

[All CAMS Questions]

Which action should be taken regarding a particular account once suspicious activity is reported by the institution?

ANotify the client that the transaction has been reported

BFreeze the funds pending notification from the competent authority

CSecure all supporting documentation

DImmediately close the account

Show Suggested Answer

Suggested Answer: C

by Renea at May 06, 2022, 01:16 AM

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Ronnie

11 months ago

Securing documentation is crucial, but it shouldn't be the first step.

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Mable

11 months ago

Not sure if notifying the client is a good idea.

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Rosalind

11 months ago

Wait, can you really just close the account immediately?

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Stephania

11 months ago

Definitely agree with option B!

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Julieta

11 months ago

I think freezing the funds is the safest option.

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Hildred

12 months ago

Okay, I think I've got it. The costs of information would include things like data storage, data processing, and the time/effort required to gather and analyze information. I'll go with option C.

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Chana

12 months ago

I'm pretty sure this is about preventing potential financial crimes. Option B sounds the most prudent - freezing funds stops any further suspicious transactions while authorities investigate.

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