Deal of The Day! Hurry Up, Grab the Special Discount - Save 25% - 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 Exam CAMS Topic 4 Question 78 Discussion

Actual exam question for Acams's CAMS exam
Question #: 78
Topic #: 4
[All CAMS Questions]

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?

Show Suggested Answer Hide Answer
Suggested Answer: C, E

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

Limited Time Offer

25%

Off

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

Contribute your Thoughts:

Submit Cancel
Weldon
2 days ago
I think verifying the source of the deposit is also crucial to ensure the legitimacy of the funds.
upvoted 0 times
...
Stephen
2 days 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.
upvoted 0 times
...
Penney
4 days ago
I agree with Howard. It's important to confirm the identities before proceeding with anything else.
upvoted 0 times
...
Veronika
6 days ago
Verifying the identities of all the partners is the logical first step. You can't just trust a power of attorney without confirming the signatories.
upvoted 0 times
...
Howard
8 days ago
I think the anti-money laundering officer should verify the identity of all the partners first.
upvoted 0 times
...

Save Cancel