Exam CAMS Topic 3 Question 739 Discussion

Actual exam question for ACAMS's CAMS exam
Question #: 739
Topic #: 3
the Financing of Terrorism (CFT)]
The vice president of the foreign correspondent banking department at a large United States bank has been notified that a foreign bank with an offshore license wants to open a correspondent account.
Which two things must the vice president acquire under the USA PATRIOT Act? (Choose two.)

Suggested Answer: C,D Vote an answer

According to section 312 of the USA PATRIOT Act, U.S. financial institutions that maintain correspondent accounts for foreign financial institutions must apply due diligence to such accounts. The due diligence must include obtaining information relating to the foreign bank's anti-money laundering program, as well as the identity of any person who owns 10% or more of the foreign bank, unless the foreign bank is publicly traded.
These requirements are intended to prevent the use of correspondent accounts by foreign shell banks or other entities that may pose a high risk of money laundering or terrorist financing.
:
USA PATRIOT Act | FinCEN.gov
FACT SHEET for Section 312 of the USA PATRIOT Act Final Regulation and Notice of Proposed Rulemaking | FinCEN.gov US PATRIOT ACT | State Street CAMS Exam: USA PATRIOT Act Requirements for Opening a Correspondent Account

by Murray at Sep 17, 2025, 10:45 AM

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