ACFCS Financial Crime SpecialistExam CFCS Question # 84 Topic 4 Discussion

ACFCS Financial Crime SpecialistExam CFCS Question # 84 Topic 4 Discussion

CFCS Exam Topic 4 Question 84 Discussion:
Question #: 84
Topic #: 4

During a risk assessment of its correspondent banking relationships, a financial institution discovers that one of its correspondent banks operates in a high-risk jurisdiction known for weak anti-money laundering (AML) controls. What is the most effective approach for the institution to manage the risks associated with this correspondent banking relationship?


A.

Immediately terminate the correspondent banking relationship with the bank operating in the high-risk jurisdiction.


B.

Conduct enhanced due diligence on transactions involving the correspondent bank.


C.

Limit the types of transactions conducted with the correspondent bank to reduce exposure to risks.


D.

Increase the frequency of audits conducted at the correspondent bank's premises.


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