Acams CAMS Exam - Topic 2 Question 81 Discussion

Actual exam question for Acams's CAMS exam

Question #: 81
Topic #: 2

[All CAMS Questions]

During the course of work on behalf of a client, a lawyer participated in the movement of money. If the lawyer suspects an act of money laundering, which of the following should the lawyer do according to European Union Money Laundering Directives?

AFollow bank secrecy laws.

BReport the facts to the competent authorities.

CInform the client of the intent to terminate services.

DAdhere to business confidentiality laws.

Show Suggested Answer

Suggested Answer: C

by Louis at Aug 04, 2024, 08:06 AM

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Joaquin

4 months ago

Not sure if that's the best option, what about client confidentiality?

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Alesia

4 months ago

Totally agree with B, it's the right move.

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Jani

4 months ago

Wait, can a lawyer really just report like that?

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Fanny

4 months ago

I think A is more important, though.

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Carmen

4 months ago

Definitely B, gotta report it!

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Lucy

5 months ago

I believe informing the client about terminating services could be an option, but it seems risky if the lawyer suspects money laundering. Reporting might be the safer route.

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Lynelle

5 months ago

I’m a bit confused about whether following bank secrecy laws applies here. I thought that might conflict with the obligation to report suspicious activities.

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Ashley

5 months ago

I remember a practice question where we discussed the importance of adhering to confidentiality laws, but in cases of suspected money laundering, I feel like reporting is more crucial.

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Ricarda

5 months ago

I think the lawyer should report the facts to the competent authorities, but I'm not entirely sure if that's the only step they need to take.

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Gianna

5 months ago

Based on what we've learned, I believe the right answer is to report the facts to the competent authorities. Even though it might go against typical client confidentiality, the lawyer has an obligation to address potential money laundering. I'll select option B.

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Inocencia

5 months ago

Wait, I'm confused. Shouldn't the lawyer just follow the bank secrecy laws? That seems like the safest option. Or maybe they need to inform the client? I'm not sure, this is a tricky one.

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Chi

5 months ago

Okay, I think I've got this. The key is that the question is specifically about money laundering, so the lawyer's duty to report suspicious activity to the authorities would override any client confidentiality concerns. I'm going to go with option B.

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Kathrine

5 months ago

Hmm, I'm a bit unsure about this one. The question is asking about a lawyer's responsibilities, but the answer choices seem to conflict with each other. I'll need to think this through carefully.

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Ivan

5 months ago

This seems like a straightforward question about legal and ethical obligations for lawyers. I'm pretty confident I know the right answer based on the EU money laundering directives we covered in class.

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Mitsue

6 months ago

I'm pretty confident I know the ISDA MA well, so I'll carefully read through the options and select the one that's not true.

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Ona

6 months ago

Okay, I think I've got this. To ensure private IP addresses and prevent direct public access, the firewall should be configured to use NAT. That way, the internal devices will have private IPs and the firewall will handle the translation to public IPs. Feels like a good strategy to me.

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Wilbert

6 months ago

I actually thought it also helped with HTML5 validation? But consistency seems like a stronger argument in this context.

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Derick

11 months ago

Option B all the way! I mean, who wants to be the next Pablo Escobar's lawyer, am I right? Reporting suspicious activity is the only way to stay on the right side of the law. Unless, of course, you're into that whole 'money laundering' thing. In that case, I've got a great therapist to recommend!

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Miesha

9 months ago

C: Absolutely, reporting to the authorities is the right thing to do in such situations.

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Hui

10 months ago

B: I agree, it's important to follow the law and report any suspicious behavior.

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Wava

10 months ago

A: Definitely! Reporting suspicious activity is crucial to prevent money laundering.

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Shawnee

11 months ago

Ah, the age-old dilemma of lawyer-client confidentiality versus legal obligations. I'd say B is the way to go, but I'd also have a really good lawyer on speed dial just in case the client gets, you know, 'upset'.

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Blair

11 months ago

I'm gonna have to go with B on this one. If I suspect money laundering, I have a duty to report it. Although, I do wonder if the client would be cool with that... Guess we'll find out!

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Makeda

11 months ago

I'd be tempted to go with D and maintain business confidentiality, but that would be a big risk. Better to just fess up and let the authorities handle it, even if it means losing the client.

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Reena

9 months ago

B) Report the facts to the competent authorities.

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Denae

9 months ago

I agree, it's important to report suspicious activities to the authorities.

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Laila

10 months ago

C) Inform the client of the intent to terminate services.

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German

10 months ago

B) Report the facts to the competent authorities.

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Rebbeca

11 months ago

A) Follow bank secrecy laws.

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Rosenda

11 months ago

Hmm, I think the correct answer is B. Reporting the suspicious activity to the authorities seems like the responsible thing to do, even if it goes against the client's wishes.

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