U.S. Independence Day Deal! Unlock 25% OFF Today – Limited-Time Offer - Ends In 00:00:00 Coupon code: SAVE25
Welcome to Pass4Success

- Free Preparation Discussions
Mail Us support@pass4success.com
Location US
Mob_nav_barsMENU

Acams CAMS Exam - Topic 1 Question 80 Discussion

When an existing customer becomes a politically exposed person (PEP), what should the KYC analyst do during the review/refresh period?
C) Perform enhanced due diligence for the customer and update the KYC profile.
A) Seek the compliance officer's advice before marking the authorized signatory as PEP.
B) Update the new authorized signatories in the customer profile.
D) Update the list of signatories and perform enhanced due diligence in the next periodic refresh cycle.

Acams CAMS Exam - Topic 1 Question 80 Discussion

Actual exam question for Acams's CAMS exam
Question #: 80
Topic #: 1
[All CAMS Questions]

When an existing customer becomes a politically exposed person (PEP), what should the KYC analyst do during the review/refresh period?

Show Suggested Answer Hide Answer
Suggested Answer: C, E

by Stanton at Jul 17, 2024, 09:55 PM

Limited Time Offer

25%

Off

Get Premium CAMS Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

0/2000 characters
Submit Cancel
Jolene
7 months ago
Updating signatories is a must, but enhanced due diligence is the key!
upvoted 0 times
...
Leota
7 months ago
Surprised this isn't more straightforward, seems like a no-brainer to me.
upvoted 0 times
...
Lottie
7 months ago
Wait, why would you seek advice first? Just do the due diligence!
upvoted 0 times
...
Cyril
7 months ago
I think updating the customer profile is crucial too!
upvoted 0 times
...
Clarinda
7 months ago
Definitely need to perform enhanced due diligence for PEPs.
upvoted 0 times
...
Bea
8 months ago
I vaguely remember that we should update the signatories and then do enhanced due diligence later, but I’m not completely confident about the timing.
upvoted 0 times
...
Erin
8 months ago
I feel like updating the customer profile is definitely necessary, but I can't recall if we should do that before or after the enhanced due diligence.
upvoted 0 times
...
Alline
8 months ago
I think we practiced a question similar to this where we had to decide if we should seek compliance advice first. That might be relevant here too.
upvoted 0 times
...
Lindsey
8 months ago
I remember discussing how important it is to perform enhanced due diligence when a customer becomes a PEP, but I'm not sure if that means we should update the profile immediately or wait.
upvoted 0 times
...
Malcolm
8 months ago
I'm a little confused by this question. Do we need to update the authorized signatories right away, or just during the next review? I'm not sure if that's required as part of the enhanced due diligence. I'll have to double-check the policies on this.
upvoted 0 times
...
Kirk
8 months ago
Okay, I think I've got this. The key is to perform enhanced due diligence on the customer and update the KYC profile as soon as we become aware that they are a PEP, not wait for the next review period. Option C looks like the best answer.
upvoted 0 times
...
Kirk
8 months ago
Hmm, I'm a bit unsure about this one. I know we need to do enhanced due diligence for PEP customers, but I'm not sure if that's required immediately or just during the next periodic review. I'll have to think this through carefully.
upvoted 0 times
...
Rolland
8 months ago
This seems like a straightforward KYC question. I'll carefully read through the options and think about the appropriate steps when an existing customer becomes a PEP.
upvoted 0 times
...
Callie
9 months ago
Okay, let's see. I'll need to use conditions to check for committed code and the user's project role, validators to prevent commenting in a specific status, post functions to set the resolution and send the notification email, and properties to manage the workflow.
upvoted 0 times
...
Dorsey
9 months ago
I honestly can't recall the exact structure we studied. I thought there were arguments for producing separate test plans, but I don't remember. Maybe option D could work too?
upvoted 0 times
...
Twanna
9 months ago
Okay, I think I've got this. I'll need to find the variable overhead expenditure variance by comparing the actual variable overhead costs to the budgeted variable overhead costs based on the actual production volume. I should be able to work this out step-by-step.
upvoted 0 times
...
Evangelina
1 year ago
Haha, A? Come on, you really think the compliance officer wants to be bothered every time a customer becomes a PEP? They're probably busy enough as it is, trying to figure out how to get the coffee machine to stop spitting out lukewarm sludge. C is definitely the right answer here.
upvoted 0 times
Sabrina
1 year ago
Definitely. It's better to be safe than sorry when it comes to compliance and regulations.
upvoted 0 times
...
Colton
1 year ago
Yeah, I agree. It's important to stay on top of these things, especially when dealing with politically exposed persons.
upvoted 0 times
...
Letha
1 year ago
I think C is the best option here. We need to perform enhanced due diligence for the customer and update the KYC profile.
upvoted 0 times
...
...
Terrilyn
1 year ago
D? Nah, that's way too lax. You gotta do the enhanced due diligence ASAP when a customer becomes a PEP. Can't just wait for the next refresh cycle, that's asking for trouble. I'm confident C is the way to go.
upvoted 0 times
Martina
1 year ago
Absolutely, we can't afford to be lax when it comes to PEPs. C is the best option for sure.
upvoted 0 times
...
Albina
1 year ago
Yeah, waiting for the next refresh cycle is risky. We need to act quickly and update the KYC profile.
upvoted 0 times
...
Allene
1 year ago
I agree, C is definitely the right choice. Enhanced due diligence is crucial when a customer becomes a PEP.
upvoted 0 times
...
...
Lynna
1 year ago
B? Really? That's just updating the signatories, not the important PEP stuff. I'm going with C, gotta stay on top of those regulatory requirements, you know? Although, who knows, maybe the compliance officer drinks a little too much coffee and will just mark it all as PEP anyway.
upvoted 0 times
Eleonore
1 year ago
B? Really? That's just updating the signatories, not the important PEP stuff. I'm going with C, gotta stay on top of those regulatory requirements, you know? Although, who knows, maybe the compliance officer drinks a little too much coffee and will just mark it all as PEP anyway.
upvoted 0 times
...
Arlette
1 year ago
C) Perform enhanced due diligence for the customer and update the KYC profile.
upvoted 0 times
...
Wilburn
1 year ago
A) Seek the compliance officer's advice before marking the authorized signatory as PEP.
upvoted 0 times
...
...
Rozella
1 year ago
Hmm, I'm pretty sure it's C. You gotta do that enhanced due diligence right away when a customer becomes a PEP. Can't wait for the next refresh cycle, you know? Otherwise, the compliance officer might give you an earful.
upvoted 0 times
...
Francine
1 year ago
I would also seek the compliance officer's advice before marking the authorized signatory as PEP, just to be safe.
upvoted 0 times
...
Colette
1 year ago
I agree with Carey. It's important to update the KYC profile and keep a close eye on PEPs.
upvoted 0 times
...
Carey
1 year ago
I think we should perform enhanced due diligence for the customer and update the KYC profile.
upvoted 0 times
...

Save Cancel