Acams CAMS Exam - Topic 4 Question 78 Discussion

Actual exam question for Acams's CAMS exam

Question #: 78
Topic #: 4

An offshore company is owned by four equal partners that reside in separate jurisdictions. One partner presents an authenticated power of attorney apparently executed by the remaining three partners in his favor and requests that a bank account be opened on behalf of all partners. He needs this done quickly because there is a large deposit pending. The account-opening officer contacts the bank's anti-money laundering officer for advice. Which of the following should the anti-money laundering officer advise as an initial step?

AVerify the identity of all the partners.

BVerify the source of the deposit.

CFile a suspicious transaction report with the appropriate Financial Intelligence Unit.

DFile a suspicious transaction report with the Egmont Group.

Show Suggested Answer

Suggested Answer: C, E

by Emerson at Jun 30, 2024, 02:04 AM

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Francis

5 months ago

I’d lean towards C, better safe than sorry with suspicious transactions.

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Amber

5 months ago

Totally agree with A, can't skip identity verification!

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Johnson

5 months ago

Wait, how can one partner have power of attorney for the others? Sounds fishy.

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Vi

6 months ago

I think B is more important, gotta check where that money's coming from.

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James

6 months ago

Definitely A, you need to know who you're dealing with!

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Marshall

6 months ago

I vaguely recall that in cases like this, the source of the deposit is often prioritized to prevent money laundering.

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Weldon

6 months ago

I feel like filing a suspicious transaction report might be too hasty at this stage. Shouldn't we confirm identities first?

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Bok

7 months ago

I think we practiced a question where verifying the source of funds was crucial, especially with a large deposit involved.

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Kara

7 months ago

I remember discussing the importance of verifying identities in similar scenarios, but I'm not sure if that should be the first step here.

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Mignon

7 months ago

Verifying the identities of the partners seems like the logical first move. I want to make sure everything checks out before proceeding with the account opening.

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Anthony

7 months ago

The key here is to act quickly but also thoroughly. I think verifying the identities of the partners is the best first step, as that will help determine if the power of attorney is valid.

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Glory

7 months ago

Hmm, I'm a bit unsure here. Should I also be looking into the source of the deposit, or is that not the initial step I should take?

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Margret

7 months ago

This question seems straightforward - I would focus on verifying the identity of all the partners to ensure the power of attorney is legitimate.

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Ulysses

7 months ago

I'm leaning towards filing a suspicious transaction report with the appropriate Financial Intelligence Unit. With the large deposit and the power of attorney, there could be some shady activity going on.

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Luisa

7 months ago

I've got a good handle on the TOGAF ADM and the different version numbers. Based on my understanding, the version number that indicates a high-level outline of the architecture is in place is 0.5. I'm feeling pretty sure about that.

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Lou

7 months ago

The Veridata log file could be a good place to start, but I'm not sure if that's the best way to view the out-of-sync rows.

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Refugia

7 months ago

Hmm, this looks like a tricky one. I'll need to carefully review the requirements and compare them to the JSON code segments to determine the right approach.

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Alonzo

7 months ago

I'm confident the answer is statistical multiplexing. The question specifically mentions dividing the channel into an arbitrary number of variable bit-rate streams, which is the defining characteristic of statistical multiplexing.

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Carma

1 year ago

Hmm, a power of attorney and a large deposit? Sounds like someone's trying to pull a fast one. Step 1: Check the signatures, step 2: Call the Avengers.

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Gianna

11 months ago

C) File a suspicious transaction report with the appropriate Financial Intelligence Unit.

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Alishia

11 months ago

B) Verify the source of the deposit.

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Aron

12 months ago

A) Verify the identity of all the partners.

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Nickie

1 year ago

The Egmont Group? Really? That's like calling the Ghostbusters for a leaky faucet. Stick to the local financial authorities, my friend.

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Amber

11 months ago

The Egmont Group? Really? That's like calling the Ghostbusters for a leaky faucet. Stick to the local financial authorities, my friend.

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Franchesca

11 months ago

C) File a suspicious transaction report with the appropriate Financial Intelligence Unit.

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Ilene

12 months ago

B) Verify the source of the deposit.

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Curtis

12 months ago

A) Verify the identity of all the partners.

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Sylvie

1 year ago

Reporting a suspicious transaction to the Financial Intelligence Unit is the way to go. Better safe than sorry when it comes to potential money laundering.

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Weldon

1 year ago

I think verifying the source of the deposit is also crucial to ensure the legitimacy of the funds.

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Stephen

1 year ago

Ah, the old 'large deposit pending' trick. The anti-money laundering officer should definitely look into the source of that deposit before anything else.

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