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Acams CAMS Exam - Topic 1 Question 30 Discussion

A compliance officer is looking to update an institution's private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?
A) Approval of Politically Exposed Persons (PEPs) by at least one person other than the relationship manager
B) Dedicated automated AML monitoring of client activity
C) Review of client files annually if there are unusual transactions
D) The institution's senior management has primary responsibility for the relationship

Acams CAMS Exam - Topic 1 Question 30 Discussion

Actual exam question for Acams's CAMS exam
Question #: 30
Topic #: 1
[All CAMS Questions]

A compliance officer is looking to update an institution's private bank procedures. What should be included as recommended by the Wolfsberg AML Principles on Private Banking?

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Suggested Answer: A

by Lettie at May 09, 2022, 10:17 AM

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Tiera
9 months ago
Wait, are we really still debating PEP approvals? I thought that was standard!
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Mitsue
9 months ago
Senior management should always take responsibility, no doubt about that!
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Wynell
9 months ago
Not sure about the annual review for unusual transactions... seems excessive?
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Katina
10 months ago
I think automated AML monitoring is a must too.
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Ernestine
10 months ago
Definitely need PEP approval from someone else!
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Wilbert
10 months ago
Convertible Reserved Instances seem like the way to go. They allow you to change instance types within the same family, which meets the requirement, and they're generally more cost-effective than On-Demand.
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Stacey
10 months ago
This seems like a tricky question. I'll need to carefully consider the requirements and think through the different options.
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Veronique
10 months ago
I think VXLAN is the best option here. It's a widely adopted standard for network virtualization and can handle multiple payload types.
upvoted 0 times
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Teddy
10 months ago
I'm not sure, honestly. Last week, I mixed up the flash drive arrays with memory categories. I hope this isn't one of those trick questions!
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