ACAMS
CAMS · Question #262
The board of directors receives notice from the primary regulator of the bank that potentially suspicious activity has been identified and the bank president appears to be involved. The Board asks the
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Conducting and Responding to Investigations
Question
The board of directors receives notice from the primary regulator of the bank that potentially suspicious activity has been identified and the bank president appears to be involved. The Board asks the compliance officer for advice. Which action should the compliance officer take when informed?
Options
- ADestroy all records relating to the matter
- BInsist on the president's immediate resignation
- CInform the bank's legal counsel and follow their instructions
- DInform the president of the regulator's suspicions and ask for his advice
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Topics
#regulatory notification#legal counsel#investigations governance#senior official involvement