The anti-money laundering officer should advise the account-opening officer to verify the identity of all the partners as an initial step. This is because opening a bank account for an offshore company with multiple owners from different jurisdictions poses a high risk of money laundering and terrorist financing. Therefore, the bank should apply enhanced due diligence measures to ensure that the offshore company and its owners are legitimate and not involved in any criminal activities. One of the key measures is to verify the identity of all the partners, not just the one who presents the power of attorney. This will help the bank to establish the beneficial ownership and control structure of the offshore company, as well as to detect any possible fraud, forgery, or coercion in the power of attorney document. The bank should also verify the authenticity and validity of the power of attorney, and the scope and purpose of the authority granted to the partner who requests the account opening.
The other options are less important or irrelevant as initial steps. Verifying the source of the deposit is also a part of the enhanced due diligence process, but it should be done after verifying the identity of the partners and the offshore company. Filing a suspicious transaction report with the appropriate Financial Intelligence Unit or the Egmont Group is a possible action that the bank may take if it detects any indicators of money laundering or terrorist financing in the account opening process, but it is not an initial step. The Egmont Group is an international network of Financial Intelligence Units that facilitates information exchange and cooperation, but it is not a reporting authority.
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ACAMS Study Guide, Chapter 3: Customer Identification and Verification, 1 ACAMS Study Guide, Chapter 4: Customer Risk Assessment, 2 ACAMS Study Guide, Chapter 5: Ongoing Monitoring, 3 Powers of attorney: opening a bank account, 4

According to the risk-based approach, financial institutions should apply enhanced due diligence and ongoing monitoring to higher-risk clients, and take appropriate measures to mitigate the risks of money laundering and terrorist financing. If the client exceeds the criteria of an acceptable risk model created by the institution, the institution shouldcommunicate the issues to the client and request remedial actions, such as providing additional information, documentation, or evidence of compliance. If the client does not cooperate or comply with the institution's requirements, the institution should consider terminating the relationship with the client, as the risk may outweigh the benefits of continuing the business relationship.
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ACAMS CAMS Certification Package - 6th Edition, Chapter 2: Risk Assessments, pp. 51-521 ACAMS CAMS Certification Package - 6th Edition, Chapter 4: Customer Due Diligence, pp. 97-981 ACAMS CAMS Certification Video Training Course, Module 2: Risk Assessments, Lesson 2.3: Risk-Based Approach2 ACAMS CAMS Certification Video Training Course, Module 4: Customer Due Diligence, Lesson 4.3:
Enhanced Due Diligence
Reference:
http://www.fatf-gafi.org/media/fatf/documents/reports/Risk-Based-Approach-Banking-Sector.pdf

Sanctions screening and transaction monitoring rules are two of the most common controls that FIs use to identify suspicious money-laundering activity. Sanctions screening is the process of checking customers, transactions, and counterparties against various lists of sanctioned individuals, entities, and countries issued by national and international authorities. Sanctions screening helps FIs to avoid doing business with or facilitating the activities of those who are involved in terrorism, proliferation, human rights violations, or other criminal activities. Transaction monitoring rules are the criteria or scenarios that FIs use to detect unusual or potentially suspicious patterns of transactions or behaviors of customers or accounts. Transaction monitoring rules help FIs to identify transactions that deviate from the expected norms, such as large cash deposits, frequent wire transfers, or transactions with high-risk jurisdictions. Transaction monitoring rules also help FIs to comply with their reporting obligations, such as filing Suspicious Activity Reports (SARs) or Currency Transaction Reports (CTRs).: = ACAMS CAMS Certification Video Training Course, Chapter 4: Developing an Effective Anti-Money Laundering Program, Section 4.2: Customer Identification Program (CIP) and Customer Due Diligence (CDD); Money laundering and terrorist financing, Section: Anti Money Laundering (AML) regulations; The Three Stages Of Money Laundering And How Money Laundering Works, Section: How to Prevent Money Laundering.

Mutual Legal Assistance Treaties (MLATs)areformal agreementsforcross-border law enforcement cooperation.
Option D (Correct):MLATsallow countries toexchange information, conduct joint investigations, and provide legal assistance.
Option A (Incorrect):Memoranda of Agreement (MOA)are typicallynon-binding agreementsbetween private entities.
Option B (Incorrect):Declarations of understandingare informal statements, not legally binding treaties.
Option C (Incorrect):Memoranda of Understanding (MOUs)governgeneral cooperation, notformal legal assistance.
Reference:FATF Recommendation 40 (International Cooperation), U.S.-EU MLATs, INTERPOL Guidelines on Cross-Border Investigations.

Customer composition and product offerings are two important factors that affect the level of risk exposure for a financial institution (FI) in terms of money laundering and terrorist financing. Customer composition refers to the types of customers that the FI serves, such as individuals, businesses, non-profit organizations, or politically exposed persons (PEPs). Different customer segments may pose different levels of risk depending on their activities, sources of funds, geographic locations, and connections to other entities. For example, customers that are cash-intensive, have complex ownership structures, operate in high-risk jurisdictions, or are associated with PEPs may present higher risk indicators than customers that are transparent, regulated, and operate in low-risk jurisdictions12. Product offerings refer to the types of products, services, and transactions that the FI provides, such as deposits, loans, wire transfers, trade finance, or digital assets. Different products, services, and transactions may have different levels of vulnerability to money laundering and terrorist financing depending on their features, complexity, volume, and speed. For example, products that are anonymous, involve high-value or cross-border transfers, enable rapid movement of funds, or involve new or emerging technologies may present higher risk indicators than products that are identifiable, involve low- value or domestic transfers, require multiple verification steps, or involve established or traditional technologies12.
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1: Risk Assessment: Risk Factors & Mitigating Measures2
2: Risk Assessment: Process, Examples, & Tools1