ACAMS Certified Anti-Money Laundering Specialist (the 6th edition) CAMS Question # 108 Topic 11 Discussion

ACAMS Certified Anti-Money Laundering Specialist (the 6th edition) CAMS Question # 108 Topic 11 Discussion

CAMS Exam Topic 11 Question 108 Discussion:
Question #: 108
Topic #: 11

The Board of Directors for a small private bank has asked the management to no longer apply the identity requirements for high net worth individuals to protect their privacy. Which of the following Financial Action Task =once 40 Recommendations should cause an anti-money laundering specialist the most concern?


A.

Financial institutions should not warn their customers when information relating to them is being reported to the competent authorities.


B.

Financial institutions should not keep anonymous accounts.


C.

Financial institutions should maintain all necessary suspicious transaction report records on transactions, both domestic are international, for at least 5 years.


D.

If financial institutions suspect that funds stem from criminal activity, they should be required to close the account.


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