Exam CAMS7 Topic 1 Question 40 Discussion

Actual exam question for ACAMS's CAMS7 exam
Question #: 40
Topic #: 1
During a routine periodic KYC refresh of a policyholder and client of an insurance company, updated business registry documentation has highlighted that the policyholder's business has changed addresses five times during the last year and that the ultimate beneficial owner (UBO) changed two weeks ago.
What actions should be taken immediately?

Suggested Answer: A Vote an answer

The combination of frequent address changes and a recent change in the ultimate beneficial owner raises potential red flags that warrant immediate investigation. To mitigate risk, the insurance company should investigate these changes and temporarily decline any payment or withdrawal instructions until the review is complete and appropriate steps are agreed upon. This ensures both regulatory compliance and protection against potential misuse of the policy.

by Bert at Oct 11, 2025, 06:02 AM

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