International cooperationis essential in AML investigations, and theEgmont GroupfacilitatesFIU-to-FIU information sharing.
Option D (Correct):Egmont Group members can request and share intelligence for AML investigationsunder established protocols.
Option A (Incorrect):Sovereignty does not prevent cooperationif proper legal frameworks exist.
Option B (Incorrect):AML regulations permit international data sharing, especially under agreements likeMutual Legal Assistance Treaties (MLATs).
Option C (Incorrect):Data sharing is restricted to authorized entities, notall organizations.
Why This Matters:
Failure toshare AML intelligence across borderscan enable:
Cross-border money laundering.
Terrorist financing networks to operate undetected.
Regulatory penalties for non-compliance.
Reference:
FATF Recommendation 40 (International Cooperation in AML)
Egmont Group of FIUs Guidelines
Mutual Legal Assistance Treaties (MLATs) on AML Cooperation

The bank's existing anti-money laundering training is not adequate to be delivered to the employees of the newly acquired credit card business, because anti-money laundering training needs to be tailored and focused on the risks specific to the business. Credit card businesses face different types of money laundering risks than retail banks, suchas card-not-present fraud, identity theft, card skimming, and prepaid card abuse. Therefore, the anti-money laundering training for credit card businesses should cover the specific red flags, indicators, typologies, and mitigation measures related to these risks, as well as the relevant laws and regulations that apply to credit card businesses.
CAMS Study Guide, 6th Edition, Chapter 4, Section 4.31
CAMS Study Guide, 6th Edition, Chapter 5, Section 5.21
Certification Candidate Handbook, Section 3.22
Latest CAMS Exam Questions, Question 433

According to the CAMS Certification Package - 6th Edition1, one of the essential components of customer due diligence is verifying the identity of the customer using reliable and independent sources. This verification process should be done before or during the establishment of the business relationship, and should not be delayed unless there is a low risk of money laundering or terrorist financing, and the delay is necessary to avoid interrupting the normal course of business. Therefore, after customers have provided acceptable identification, the financial institution should next confirm the validity of the customer information, as option A suggests. Option B is not necessary, as an electronic picture of each customer is not a mandatory requirement for customer verification, and may not be feasible or effective in some cases. Option C is not the next step, as closely monitoring the account for 30 days is part of the ongoing due diligence process, which should be performed after the customer verification is completed and the account is established. Option D is not advisable, as establishing the account based on the information provided without verifying its validity may expose the financial institution to money laundering and terrorist financing risks, and may violate the KYC and AML regulations.
1: CAMS Certification Package - 6th Edition | ACAMS, Chapter 3: Compliance Standards for Anti-Money Laundering (AML) and Combating the Financing of Terrorism (CFT), pages 69-70.

The compliance officer should provide regular updates of corrective action to the designated board committee, as they are ultimately responsible for the oversight of the organization's anti-money laundering program. The board committee should be informed of the audit findings, the corrective action plan, the progress and challenges, and the completion of the remediation. This will help ensure that the board committee is aware of the risks and issues, and can provide guidance and support to the compliance officer and the management.
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ACAMS CAMS Certification Study Guide 6th Edition, Chapter 2, page 671
ACAMS CAMS Certification Exam Outline, Domain 2, Task 2.52
ACAMS CAMS Certification Flashcards, Question 893

The Office of Foreign Assets Control (OFAC) is a department of the US Treasury that administers and enforces economic and trade sanctions imposed by the US against countries and groups of individuals, such as terrorists and narcotics traffickers. The sanctions can be either comprehensive or selective, using the blocking of assets and trade restrictions to accomplish foreign policy and national security goals. The main purpose of the US Treasury Department for OFAC's extraterritorial reach is to apply these sanctions to any person or entity that is subject to US jurisdiction, or that engages in transactions involving US persons, US dollars, or US goods or services. This way, the US can exert pressure on the targets of the sanctions and prevent them from accessing the US financial system or market. OFAC's extraterritorial reach is authorized by Congressional legislation or presidential emergency powers, and is often based on UN Security Council resolutions or multilateral agreements.
Office of Foreign Assets Control (OFAC): Definition, Sanctions
About OFAC | Office of Foreign Assets Control
OFAC's Extraterritorial Reach: Purpose of the US Treasury Department
Reference: https://www.natlawreview.com/article/aggressive-extraterritorial-reach-us-economic-sanctions- foreign-company-exposure-to