CAMS Exam Dumps | A client has retained a lawyer to create a financial holding company. The lawyer resides in Europe. The

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Question 182/263

A client has retained a lawyer to create a financial holding company. The lawyer resides in Europe. The client provides all requested documentation to the lawyer. However, the lawyer becomes suspicious that the customer is engaged in criminal activity and intends to use the financial holding company for money laundering purposes. Which of the following should an anti-money laundering specialist recommend according to the European Union Money Laundering Directives?

A. There is no need to file a suspicious transaction report, as this activity is covered by attor-ney-client privilege.

B. Freeze the client's assets so that all records can be turned over to the competent authori-ties.

C. Report the activity as suspicious to the competent authority because the lawyer is covered by these directives.

D. Consult with the competent authority to receive advice on how to handle the transaction.

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Question 182/263

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