cams question 267 discussion

Question 267

The compliance officer for a private bank has been tasked with reviewing the procedure for
authorized signatories on customer accounts to ensure it is in line with relevant Wolfsberg Anti-
Money Laundering Principles for Private Banking.
Which three statements from the procedure are in line with Wolfsberg? (Choose three.)

• A. Where the Authorized Signatory is not a lawyer or accountant, due diligence as to the source of funds and wealth of the Authorized Signatory should be undertaken.
• B. The responsible private banker must establish the identity of a holder of general powers over an account (e.g. a signatory for the account) and, as appropriate, verify that identity. Most Votes
• C. Where due diligence has been satisfactorily completed on all authorized signers, the responsible private banker may reduce the due diligence performed on the account holder and/or beneficial owner.
• D. The responsible private banker must obtain the necessary documentation establishing the authorized signers authority to act on behalf of the account holder or beneficial owner (e.g. a Power of Attorney). Most Votes
• E. If an individual has signing authority over an account but does not act on a professional basis as a manager of funds, the responsible private banker must understand and document the relationship between that authorized signer, the account holder, and, if different, the beneficial owner of the account.