Discuss Acams CKYCA Exam Topic 5 Question 13

As part of the source of wealth investigation of a high-net-worth individual, the compliance department at a private bank is tasked with obtaining documentary evidence pertaining to a family trust, through which the client's assets are controlled. KYC identification efforts should primarily include the:

Abank statements for investigation of transaction patterns.

Btrust deed including trustees, settlors, and beneficiaries.

Cclient asset declaration, open source, and public databases.

Ddetails of nominees (if any) and trust intermediaries.

Suggested Answer: B

The trust deed is the primary legal document that establishes the trust and identifies the trustees, settlors, and beneficiaries, making it essential for verifying the structure, control, and legitimacy of the client's assets.

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27 comments · newest first

Keneth 7 days ago

Yes, without the trust deed, you miss the whole picture.

Daryl 12 days ago

I feel B is essential for compliance. It’s the core document.

Ivette 17 days ago

B gives the foundation for understanding the trust structure.

Caitlin 23 days ago

D is relevant, but without B, it’s incomplete.

Vallie 28 days ago

C is useful for background checks, but B is key.

Leigha 1 month ago

A could help too, but not as crucial as B.

Gregoria 1 month ago

Agreed, B provides clarity on roles and beneficiaries.

Alaine 1 month ago

I think B is the most important. Trust deed shows everything.

Edelmira 2 months ago

B covers all key players involved.

Karon 2 months ago

It’s all about understanding the trust.

Rodolfo 2 months ago

I feel confident about choosing B.

Darrin 2 months ago

Trust deed shows who controls the assets.

Ben 2 months ago

D might help, but B is essential.

Wilson 2 months ago

C is important, but secondary to B.

Solange 3 months ago

B gives clear insight into the trust structure.

Man 3 months ago

A could be useful too, but not as primary.

Vernell 3 months ago

Agreed, the trust deed is crucial.

Alfreda 3 months ago

I think B is the best choice.

Kathrine 3 months ago

Not sure if all this info is really necessary for a family trust.

Leonida 4 months ago

D is also important, but B is key for KYC.

Marion 4 months ago

Surprised that the trust deed isn't the top priority!

Iraida 4 months ago

I think bank statements are more crucial for transaction patterns.

Mona 4 months ago

Definitely need the trust deed for clarity.

Pete 4 months ago

I think it’s definitely between B and D, but I lean towards B since it gives the foundational details about the trust structure.

Roxane 6 months ago

I’m a bit confused; could bank statements also be relevant for KYC? I feel like they might help, but they don’t directly relate to the trust itself.

Justine 6 months ago

I remember practicing a similar question where the trust deed was emphasized, so I feel like option B is probably the right choice here.

Tarra 6 months ago

I think the trust deed is really important because it outlines who is involved in the trust, but I'm not entirely sure if it's the primary focus for KYC.

Acams CKYCA Exam - Topic 5 Question 13 Discussion