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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?

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Suggested Answer: C, E

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

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Carma
1 months 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
9 days ago
C) File a suspicious transaction report with the appropriate Financial Intelligence Unit.
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Alishia
15 days ago
B) Verify the source of the deposit.
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Aron
18 days ago
A) Verify the identity of all the partners.
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Nickie
1 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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Amber
13 days 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
15 days ago
C) File a suspicious transaction report with the appropriate Financial Intelligence Unit.
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Ilene
27 days ago
B) Verify the source of the deposit.
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Curtis
29 days ago
A) Verify the identity of all the partners.
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Sylvie
1 months 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
2 months ago
I think verifying the source of the deposit is also crucial to ensure the legitimacy of the funds.
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Stephen
2 months 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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Huey
18 days ago
Agreed, that should be the first step to take in this situation.
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Huey
21 days ago
Verify the source of the deposit.
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Penney
2 months ago
I agree with Howard. It's important to confirm the identities before proceeding with anything else.
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Veronika
2 months 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.
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Howard
2 months ago
I think the anti-money laundering officer should verify the identity of all the partners first.
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