Cams Exam Quesiton No 9

Question No 9:

 Which three statements are true about the 3rd EU Directive on Money Laundering of 2005?

A. Was proposed in order to update European Community legislation in line with all of the revised Financial Action Task Force (FATF) 40 Recommendations.
B. Expands on some of the definitions included in the Second Directive, including the definition of a politically exposed person.
C. Repeats the main customer due diligence requirements of the first and second Directives, but adds more detail to the requirements by, for example, including a specific requirement to identify the beneficial owner if one exists and includes ongoing monitoring requirements.
D. Requires firms to apply the customer due diligence requirements to existing customers at appropriate times on a risk sensitive basis

Answer: A, C, D