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Acams CAMS Exam - Topic 1 Question 34 Discussion

What are three potential issues for foreign financial institutions maintaining correspondent accounts with U.S. banks under the Patriot Act? Choose 3 answers
A) Cancellation of correspondent banking relationships and B) Forfeiture of funds in a U.S. interbank account and C) Prohibition of correspondent accounts for shell banks
D) U.S. residents maintaining private banking accounts

Acams CAMS Exam - Topic 1 Question 34 Discussion

Actual exam question for Acams's CAMS exam
Question #: 34
Topic #: 1
[All CAMS Questions]

What are three potential issues for foreign financial institutions maintaining correspondent accounts with U.S. banks under the Patriot Act? Choose 3 answers

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Suggested Answer: A, B, C

http://www.ffiec.gov/bsa_aml_infobase/pages_manual/olm_027.htm

by Chantell at May 09, 2022, 06:10 AM

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Vilma
8 months ago
Wait, are shell banks really that common?
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Nikita
8 months ago
I thought private banking accounts were separate from this issue?
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Chantay
8 months ago
Forfeiture of funds? That sounds extreme!
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Peter
8 months ago
Totally agree, cancellation of relationships is a real risk too.
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Glory
8 months ago
Shell banks can't have correspondent accounts, that's a big one.
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Paz
9 months ago
Okay, I think I've got this. I'll need to locate the Customer Support Members group, select the three members, and then click the remove option.
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Allene
9 months ago
This is a good test of our understanding of object properties and getter functions. I think the answer is B, cat.fullName(), since the fullName is defined as a getter function and not a regular property.
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