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Acams CAMS Exam - Topic 4 Question 64 Discussion

The compliance officer for a bank is reviewing on-boarding documents for a new business account for adomestic corporation. The officer is unable to verify the identity of the beneficial owners of the company. Onlyinformation on the nominee owners was provided, and none of the listed addresses are local. The purpose ofthe business and future expected activity were disclosed to include cash letters, money orders andinternational remittance transfers.Which red flag identifies a heightened money laundering risk?
A) Expected activity was advised to include cash letter and money orders
B) The nature and purpose of the business include international remittance transfers
C) The names provided at account opening are identified as the corporation's representative nominees
D) Account signer's government issued identification lists addresses outside of where the branch account was opened

Acams CAMS Exam - Topic 4 Question 64 Discussion

Actual exam question for Acams's CAMS exam
Question #: 64
Topic #: 4
[All CAMS Questions]

The compliance officer for a bank is reviewing on-boarding documents for a new business account for a

domestic corporation. The officer is unable to verify the identity of the beneficial owners of the company. Only

information on the nominee owners was provided, and none of the listed addresses are local. The purpose of

the business and future expected activity were disclosed to include cash letters, money orders and

international remittance transfers.

Which red flag identifies a heightened money laundering risk?

Show Suggested Answer Hide Answer
Suggested Answer: A

by Catarina at Jan 06, 2023, 02:40 PM

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Florinda
9 months ago
Not sure if cash letters and money orders are that risky, though.
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Tamie
9 months ago
Agreed, nominee owners raise serious questions about transparency.
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Merilyn
9 months ago
Wait, why are all the addresses outside the local area? That seems off.
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Annamaria
9 months ago
I think the international remittance transfers are the biggest concern.
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Jose
10 months ago
Definitely a red flag with nominee owners involved.
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Golda
10 months ago
I practiced a similar question where nominee ownership was a key factor, so I’m leaning towards that being a significant red flag here.
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Selma
10 months ago
I feel like the addresses being outside the local area is definitely suspicious, especially for a new business account.
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Eva
10 months ago
I think the international remittance transfers could indicate higher risk, but I'm not entirely sure if that's the main concern here.
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Karon
10 months ago
I remember we discussed how nominee owners can complicate identity verification, so that might be a red flag.
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Bong
10 months ago
Okay, I think I've got it. The leaf node is missing the EVPN NLRI configuration, so I'll go with option D.
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Francesco
10 months ago
Hmm, this is a tricky one. I know GDPR covers sensitive personal data like health, race, and political views, but I'm not 100% sure about financial information. I'll have to think this through carefully.
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Ilene
10 months ago
I've got this! The question is asking what we customize to prepare for identifying duplicates. The answer has to be options A and B - defining recency/reliability and selecting comparison fields.
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Sharee
10 months ago
Okay, I think I've got this. Based on the question, I'm pretty sure the correct answer is option B, "dladm show-dev". That command should give me the information I need about the network devices installed on the system.
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Dottie
1 year ago
Haha, this is like a 'spot the red flags' game. Nominee owners, international transfers, and no local addresses? Sounds like a money launderer's dream come true. I'd shut this down faster than you can say 'suspicious activity report'.
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Coleen
1 year ago
C) The names provided at account opening are identified as the corporation's representative nominees
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Susana
1 year ago
B) The nature and purpose of the business include international remittance transfers
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Leonor
1 year ago
A) Expected activity was advised to include cash letter and money orders
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Gussie
1 year ago
Hmm, I'm not sure. The international remittance transfers could be legitimate business activities. But the lack of verification on the beneficial owners is concerning. I'd need more information to make a call on this one.
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Valda
1 year ago
C) The names provided at account opening are identified as the corporation's representative nominees
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Whitley
1 year ago
B) The nature and purpose of the business include international remittance transfers
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Ryan
1 year ago
A) Expected activity was advised to include cash letter and money orders
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Aretha
1 year ago
Wow, this is a textbook case of potential money laundering activities. The nominee owners and the disclosed business activities are all huge red flags. I'd be very cautious about this account.
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Verona
1 year ago
We should definitely proceed with caution and conduct further investigation into this account.
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Tresa
1 year ago
The expected activity of cash letters and money orders is also concerning.
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Alecia
1 year ago
I think the fact that the account signer's ID lists addresses outside of where the account was opened is a major red flag.
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Felicia
1 year ago
I agree, the combination of nominee owners and the disclosed business activities is definitely suspicious.
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Honey
1 year ago
D) Account signer's government issued identification lists addresses outside of where the branch account was opened
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Katheryn
1 year ago
C) The names provided at account opening are identified as the corporation's representative nominees
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Tresa
1 year ago
B) The nature and purpose of the business include international remittance transfers
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Lillian
1 year ago
A) Expected activity was advised to include cash letter and money orders
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Kirk
1 year ago
The inability to verify the beneficial owners is a major red flag. Cash letters, money orders, and international remittance transfers are all common money laundering tactics. This is definitely a high-risk scenario.
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Monroe
1 year ago
I think option A is also a red flag, as cash letters and money orders can be used for money laundering.
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Ria
1 year ago
I agree with Mitsue, because the addresses listed should match where the account was opened.
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Mitsue
1 year ago
I think the red flag is option D.
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