ACAMS
CAMS · Question #701
When under a regulator's consent order or similar action, who at an organization is ultimately accountable for the remediation of any violations of AML/CFT laws and regulations?
The correct answer is B. Board of Directors. The Board of Directors holds ultimate responsibility for AML/CFT compliance and governance. Option B (Correct): The Board must oversee, approve, and ensure AML programs are effective.
AML/CFT Compliance Programs
Question
When under a regulator's consent order or similar action, who at an organization is ultimately accountable for the remediation of any violations of AML/CFT laws and regulations?
Options
- AChief Operating Officer (COO)
- BBoard of Directors
- CDesignated AML Compliance Officer
- DChief Executive Officer (CEO)
How the community answered
(21 responses)- A10% (2)
- B81% (17)
- C5% (1)
- D5% (1)
Explanation
The Board of Directors holds ultimate responsibility for AML/CFT compliance and governance. Option B (Correct): The Board must oversee, approve, and ensure AML programs are effective.
Topics
#Board of Directors#regulatory accountability#consent order#governance
Community Discussion
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