Exam CAMS Topic 3 Question 191 Discussion

Actual exam question for ACAMS's CAMS exam
Question #: 191
Topic #: 3
The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by whom?

Suggested Answer: D Vote an answer

The Wolfsberg Anti-Money Laundering Principles for Private Banking require new clients to be approved by at least one person other than the private banker. This is because the private banker may have a conflict of interest or be influenced by the client's wealth or reputation. The approval process should involve a senior manager or a compliance officer who can independently assess the client's risk profile and suitability for the institution's services12.
Reference:
1: CAMS Certification Package - 6th Edition | ACAMS, Chapter 2: Money Laundering Risks and Methods, p. 37 2: The Wolfsberg Group, The Wolfsberg Anti-Money Laundering Principles for Private Banking, June 2000, p. 3, https://www.wolfsberg-principles.com/sites/default/files/wb/pdfs/Wolfsberg-AML-Principles-for-Private-Banking-June-2000.pdf
20Wolfsberg-Private-Banking-Prinicples-May-2012.pdf (04)

by Lindsay at Feb 10, 2026, 10:42 AM

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