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Question 300

When should a financial institution (FI) exit a relationship? (Choose two.)

  • A. The reputational risk to the FI posed by closing the account
  • B. The request from law enforcement to close the account Most Votes
  • C. The FI's requirements for opening an account
  • D. The suspicious conduct of the account holder
  • E. The FI's stated policies and procedures for closing an account Most Votes
Answer:

C, E


Explanation:
Reference:
https://www.fdic.gov/regulations/laws/rules/8000-1600.html

User Votes:
A 10 votes
50%
B 15 votes
50%
C 6 votes
50%
D 9 votes
50%
E 13 votes
50%
Discussions
0 / 1000
zahidgokal
1 year, 1 month ago

I think it should be B and E. Ref: ACAMS study guide 6th Edition page # 214 section closing the account: Based on its internal investigation, the financial institution should make an independent determination as to whether to close the account in issue. Some of the factors that the institution should
consider are:
• The legal basis for closing an account.
• The institution’s stated policies and procedures for closing an account, which may include automatic closure recommendation following a specified number of STR filings. (given in the above choice)
• The seriousness of the underlying conduct. If the conduct rises to the level where the account would ordinarily be closed, then the institution should consider closing the account.
• The reputational risk to the institution posed by maintaining the account.
• Correspondence with law enforcement and requests from law enforcement to either cancel or
maintain the account. (Given in the above choice)

3
aseel
3 months, 3 weeks ago

B. The request from law enforcement to close the account
E. The FI's stated policies and procedures for closing an account

0