CAMS · Question #684
A U.S. bank recently received a regulatory order to remediate its AML programs, which included several violations of law. What degree of accountability is it possible for the bank's senior…
The correct answer is A. The bank's designated AML compliance officer and senior management may face personal. Under U.S. AML laws, senior management and AML officers can face personal liability for compliance failures. Option A (Correct): If senior management was aware of violations but failed to act, they can be held personally liable under FinCEN regulations and the Bank Secrecy Act…
Question
A U.S. bank recently received a regulatory order to remediate its AML programs, which included several violations of law. What degree of accountability is it possible for the bank's senior management and employees to face?
Options
- AThe bank's designated AML compliance officer and senior management may face personal
- BThe bank's designated AML compliance officer is likely to face criminal prosecution because the
- CThe bank's designated AML compliance officer is the only individual in the company's senior
- DThe bank's designated AML compliance officer and senior management can face civil prosecution
How the community answered
(55 responses)- A84% (46)
- B2% (1)
- C5% (3)
- D9% (5)
Explanation
Under U.S. AML laws, senior management and AML officers can face personal liability for compliance failures. Option A (Correct): If senior management was aware of violations but failed to act, they can be held personally liable under FinCEN regulations and the Bank Secrecy Act (BSA).
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