Certified Anti-Money Laundering Specialist (the 6th edition): CAMS

When the minimum CDD standards of the home and host countries differ, the offices in the host countries should follow which requirements?

A. Local rules and regulations

B. The minimum required

C. Thehigher standard of the two

D. The CDD standards required by the home country

What does the Basel Committee's Customer Due Diligence for Banks paper suggest that a bank needs to have in place when establishing an account for a corporate business entity?

A. An understanding of the structure of the company

B. A policy requiring all identified beneficial owners to undergo a national police check

C. A process to ensure that the approval of senior management is obtained prior to opening the account

D. A fee structure that reflects the banks' costs in monitoring the risks associated with entity's business activities

Which factor should a financial institution (FI) consider prior to sharing customer records within the same jurisdiction?

A. The availability of the institution's information sharing practices

B. The degree to which the collected client data is complete

C. The locally applicable restrictions regarding the disclosure of client information

D. The potential different time zones within the same jurisdiction