According to the FATF Recommendation 10, financial institutions should conduct ongoing due diligence on the business relationship and scrutiny of transactions undertaken throughout the course of that relationship to ensure that the transactions being conducted are consistent with the institution's knowledge of the customer, their business and risk profile, including, where necessary, the source of funds. This is one of the core measures of customer due diligence (CDD) that aim to prevent and detect money laundering and terrorist financing risks.
References: = The main reference for this question is the document titled "International Standards on Combating Money Laundering and the Financing of Terrorism & Proliferation - The FATF Recommendations" published by the FATF in February 2018. You can access it by clicking here. You can also find more information about the CDD measures and the risk-based approach on the FATF website, the CFATF website, the Central Bank of Ireland website, and the Medium blog.

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, such as 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.
References:
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

The Third European Union Money Laundering Directive (3MLD) is a legal framework that aims to prevent the use of the financial system for the purposes of money laundering and terrorist financing. It was adopted in
2005 and repealed by the Fourth European Union Money Laundering Directive (4MLD) in 2015. The 3MLD applies to a range of entities that are considered to be exposed to the risk of money laundering and terrorist financing, such as:
Financial institutions, which include credit institutions, financial intermediaries, insurance companies, investment firms, and payment service providers.
Casinos, which include both online and offline gambling services that involve wagering a stake with monetary value.
Real estate agents, which include both natural and legal persons that act as intermediaries in the buying and selling of real property or rights over it.
The 3MLD requires these entities to implement a number of measures to prevent and detect money laundering and terrorist financing, such as:
Conducting customer due diligence, which involves identifying and verifying the customer and the beneficial owner, understanding the purpose and nature of the business relationship, and applying enhanced or simplified measures depending on the level of risk.
Keeping records of customer and transaction data for at least five years after the end of the business relationship or the execution of the transaction.
Reporting suspicious transactions or activities to the competent authorities without delay and without tipping off the customer.
Establishing internal policies, procedures, and controls to ensure compliance with the 3MLD, and providing adequate training and awareness to staff.
Cooperating with the relevant supervisory and regulatory authorities and financial intelligence units.
The 3MLD does not apply to defense attorneys, as they are not considered to be obliged entities under the directive. However, the 3MLD does apply to other legal professionals, such as notaries, lawyers, and accountants, when they perform certain activities on behalf of their clients, such as:
Buying and selling of real property or business entities
Managing of client money, securities, or other assets
Opening or managing bank, savings, or securities accounts
Organizing contributions for the creation, operation, or management of companies Creating, operating, or managing trusts, companies, foundations, or similar structures References:
THE THIRD EU DIRECTIVE ON MONEY LAUNDERING AND TERRORIST FINANCING, page
11-12
Anti-money laundering and countering the financing of terrorism legislative package, page 1 CAMS Study Guide - 6th Edition, Chapter 1, Section 1.2, page 11 V

Explanation/Reference: