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CAMS · Question #163

CAMS Question #163: Real Exam Question with Answer & Explanation

The correct answer is C. Directing the teller (cashier) to file a suspicious transaction report.. The specialist should recommend directing the teller (cashier) to file a suspicious transaction report (STR). This is because the teller (cashier) has failed to comply with the bank's internal policies and procedures for reporting unusual or suspicious activity, which is a key co

Question

The anti-money laundering specialist of a small bank has identified suspicious activity at a branch located in an area of town where drug dealers are known to operate. An investigation of this activity discloses that the suspicious transactions occurred within the last 3 months and were processed by the same teller (cashier). The teller (cashier) did not file an internal report of unusual activity on these transactions. When checking personnel files, the specialist finds that the teller (cashier) has been a trusted employee for over 15 years, has an impeccable work record, and has participated in several anti-money laundering training sessions. The specialist recently became aware that the employee's daughter has contracted a rare disease and is undergoing a very expensive treatment program. Regarding the teller's (cashier's) failure to report the unusual activity to the institution, the specialist should recommend

Options

  • AContinuing to monitor the accounts.
  • BRefreshing anti-money laundering training for the teller (cashier).
  • CDirecting the teller (cashier) to file a suspicious transaction report.
  • DSuspending the teller's (cashier's) employment.

Explanation

The specialist should recommend directing the teller (cashier) to file a suspicious transaction report (STR). This is because the teller (cashier) has failed to comply with the bank's internal policies and procedures for reporting unusual or suspicious activity, which is a key component of an effective anti- money laundering (AML) program. The teller (cashier) should have filed an internal report of unusual activity as soon as he or she noticed the suspicious transactions, regardless of the personal circumstances or the length of service of the customer involved. Failing to do so could expose the bank to regulatory sanctions, reputational damage, or legal

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