The AML compliance officer of a financial institution (Fl) has been advised that the institution is being investigated by the country's financial intelligence unit (FIU). What should the AML…

Question

Options

• Ainform senior leadership and the board of the investigation.
• BShare investigation results with other FIs to help them prepare.
• CMonitor the progress of the investigation by keeping clear records.
• DSend an informative communication to all employees about the investigation.
• EProvide all information to the FIU as soon as possible to avoid delays.

• A
  82% (47)
• B
  5% (3)
• D
  4% (2)
• E
  9% (5)

Explanation

According to the Certified Anti-Money Laundering Specialist (CAMS) Sixth Edition manual, the AML compliance officer should inform senior leadership and the board of the investigation (page 124) and monitor the progress of the investigation by keeping clear records (page 127). Additionally, the AML compliance officer should provide all information to the FIU as soon as possible to avoid delays (page 126). According to the CAMS Manual, when a financial institution is being investigated by the financial intelligence unit (FIU), the AML compliance officer should inform senior leadership and the board of the investigation and monitor the progress of the investigation by keeping clear records. The "The AML compliance officer should inform senior leadership and the board of any investigations and then monitor the progress of the investigation by keeping clear records of what has been requested and submitted, deadlines and extensions granted, and any findings or reports received. This will allow the financial institution to respond effectively and efficiently to the investigation and take appropriate action if necessary."

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