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Acams Exam CAMS-FCI Topic 1 Question 3 Discussion

Actual exam question for Acams's CAMS-FCI exam
Question #: 3
Topic #: 1
[All CAMS-FCI Questions]

Which reputations risk consequence could a financial entity face for violating AML laws?

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Suggested Answer: D

According to the Certified Anti-Money Laundering Specialist (CAMS) Manual [1], 6th edition, financial entities that violate Anti-Money Laundering (AML) laws can face several reputational risks such as loss of high-profile customers, seizure of assets, increased audit costs to monitor behavior, and monetary penalties. For example, the US Treasury's Financial Crimes Enforcement Network (FinCEN) imposes civil money penalties on 'persons who willfully violate, attempt to violate, conspire to violate, or cause any violation of any provision of the Bank Secrecy Act or its implementing regulations.' (CAMS Manual, 6th edition, page 26).


by Georgiann at Oct 21, 2024, 07:38 PM

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Kenny
5 days ago
I'm going to have to disagree with you, Sharika. Monetary penalties are definitely the biggest risk here. Who needs assets when you're going bankrupt from fines?
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Sharika
9 days ago
I'd have to go with B. The thought of the government seizing my company's assets is pretty terrifying.
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Willard
20 days ago
I believe it could also result in monetary penalties.
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Raina
23 days ago
I agree with you, Belen. Violating AML laws could definitely lead to seizure of assets.
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Sabra
24 days ago
Option D is the most realistic consequence. Monetary penalties can really hurt a financial institution's bottom line.
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Belen
1 months ago
I think the consequence could be seizure of assets.
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