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CAMS · Question #538

CAMS Question #538: Real Exam Question with Answer & Explanation

The correct answer is B. Results of related audits and examinations.. the results of related audits and examinations are the most useful additional element to report to executive management on a regular basis. Audits and examinations are essential tools to assess the effectiveness and compliance of the anti-money laundering program across the organ

Question

An anti-money laundering specialist at a large institution is responsible for informing senior management about the status of the anti-money laundering program across the organization. The global institution handles retail banking, commercial banking, global markets, private banking and has an affiliated securities dealer. The specialist and the team provide corporate strategic direction to these areas on anti-money laundering related subjects. The following information is reported to executive management on a regular basis: - Total number of suspicious transactions identified and reported - Suspicious transaction trends - Training that has occurred for the various units - Status report on the anti-money laundering regulatory environment - Summary of exception reports Which of the following additional elements is the most useful?

Options

  • AThe total credit exposure for non-cooperative countries and territories.
  • BResults of related audits and examinations.
  • CDetails on inquiries received from law enforcement.
  • DNotification of management changes in the different major divisions.

Explanation

the results of related audits and examinations are the most useful additional element to report to executive management on a regular basis. Audits and examinations are essential tools to assess the effectiveness and compliance of the anti-money laundering program across the organization. They can identify strengths, weaknesses, gaps, risks, and best practices in the program and provide recommendations for improvement. They can also help to monitor the implementation of corrective actions and remediation plans. Reporting the results of audits and examinations can help executive management to oversee the performance of the program, ensure accountability, and demonstrate commitment to the anti-money laundering objectives.

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