Exam CAMS Topic 2 Question 45 Discussion

Actual exam question for ACAMS's CAMS exam
Question #: 45
Topic #: 2
A foreign bank operating under an offshore license wants to open a correspondent account with a United States (U.S.) bank. The foreign bank plans to provide payable through account services to some of its customers.
What must the foreign bank provide to the U.S. bank under the USA PATRIOT Act?

Suggested Answer: C Vote an answer

Under the USA PATRIOT Act, a U.S. bank that maintains a correspondent account for a foreign bank operating under an offshore license must obtain from the foreign bank the name and address of a person residing in the United States who is authorized to accept service of legal process for records related to the correspondent account1. This requirement is intended to facilitate the U.S. authorities' access to information and records regarding the correspondent account and its underlying transactions, especially in cases where the foreign bank is located in a jurisdiction that does not cooperate with U.S. law enforcement or regulatory requests2.
References:
USA PATRIOT Act, Section 319(b)(2)(A)1
ACAMS, CAMS Examination Study Guide, 6th Edition, Chapter 5, pp. 151-152 Reference: https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/CBDDQ-Capacity-Building/ Wolfsberg%27s_CBDDQ_Capacity_Building_Guidance_Final%20V1.1.pdf

by Zara at May 04, 2026, 02:18 AM

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