Free Acams CKYCA Actual Exam Questions - Question 12 Discussion
month since becoming a customer two years ago. The bank should:
Maybe B. The AML Directives usually set minimum retention times, so the bank should stick to those and its policies rather than just keeping data while the account’s open like in D.
It’s D for me. The bank needs to keep all record changes while the account is open to track any suspicious activity over time, not just the latest info. That helps with proper AML checks.
B imo, because AML Directives usually require specific retention periods beyond just account closure.
B, because AML rules usually dictate retention periods beyond customer activity changes.
A imo, because data privacy rules typically don't allow indefinite storage without a legitimate reason, so holding older info for a limited time seems balanced before deletion.
B seems more precise since AML rules set minimum retention periods regardless of account status.
Makes sense to keep everything while the account is open for proper monitoring, so D fits best here. It ensures compliance and helps spot any suspicious patterns. D
D Banks need to keep a full history of the customer’s info while the account’s active to monitor for suspicious activity, so just keeping current info (like C) wouldn’t cut it.
D, because banks must track all changes while the account is active.
It’s B because banks need to follow specific AML retention periods, not just keep info while the account’s open. Policies have to align with EU rules, so holding info as per those makes the most sense here.
B, since AML rules usually specify exact retention periods beyond just holding the account.
I think C can be ruled out since data privacy laws don’t usually force banks to destroy all old info immediately when updated, especially for AML purposes. So the bank likely needs to keep more than just current info. Would you agree?
It’s B because AML rules usually require specific retention periods beyond just holding the account, so the bank’s policies must align with EU AML Directives. D feels incomplete without that post-closure detail.
B/D? B makes sense because AML rules set specific retention periods, not just while the account’s open. D is good but might miss the post-closure retention part required by EU laws.
Option D