ACAMS
CAMS · Question #283
A Money Laundering Reporting Officer's (MLRO) lack of action led to deficiencies in the bank's AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action…
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AML/CFT Compliance Programs
Question
A Money Laundering Reporting Officer's (MLRO) lack of action led to deficiencies in the bank's AML program and a civil monetary penalty being levied against the MLRO. Why was this direct action taken against the MLRO?
Options
- AThe MLRO is the only individual that can be held responsible for AML program deficiencies.
- BMLROs can be held to an individual accountability standard and face potential penalties for
- CThe MLRO agreed to the civil penalty so that the bank would not be found liable for the AML
- DAction was brought against the MLRO because banks cannot be found liable for AML program
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Topics
#MLRO#individual accountability#civil monetary penalty#AML program deficiencies