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Acams Exam CAMS Topic 3 Question 93 Discussion

Actual exam question for Acams's CAMS exam
Question #: 93
Topic #: 3
[All CAMS Questions]

A financial institution (FI) is fined for failure to implement an effective AML program. Which consequences could the regulator impose on the bank's Chief AML Officer? (Select Three.)

Show Suggested Answer Hide Answer
Suggested Answer: B, C, D

Civil and Criminal Prosecution, Fines, and Imprisonment: The Chief AML Officer may face legal action, including both civil and criminal proceedings. This could result in fines and even imprisonment if found guilty of negligence or misconduct related to anti-money laundering compliance.

Ban from Employment: Regulators have the authority to ban individuals from working in the financial services industry if they are deemed unfit due to AML-related failures. Such a ban can significantly impact the individual's career prospects.

Recommend Termination of Employment: While the regulator cannot directly terminate employment, they can recommend that the financial institution (FI) take appropriate action, including termination, based on the Chief AML Officer's performance.


Anti-Money Laundering Specialist (the 6th edition) resources.

ACAMS AML Glossary (definitions of terms related to AML).1

ACAMS AML Foundations Certificate (overview of AML concepts and responsibilities).2

ComplyAdvantage: 6th Money Laundering Directive (6AMLD) (details on AML regulations and penalties).3

Contribute your Thoughts:

Amie
2 days ago
Hmm, I'm not sure about E and F. Those seem a bit over the top for an AML program failure. But B, C, and D make perfect sense.
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Daron
8 days ago
I agree, B, C, and D are the correct answers. The regulator needs to send a strong message to deter this kind of behavior.
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Margarita
23 days ago
B, C, and D seem like the most likely consequences for the Chief AML Officer. It's important to take compliance seriously in this industry.
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Staci
8 days ago
User 2: Agreed, the Chief AML Officer must ensure proper implementation of AML programs to avoid such penalties.
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Weldon
13 days ago
User 1: B, C, and D are serious consequences for sure. Compliance is key in the financial industry.
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Maurine
24 days ago
I heard they could also be banned from employment in the financial services industry.
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Glenna
29 days ago
Yeah, I agree. They could lose their professional designations and face civil and criminal prosecution.
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Anabel
1 months ago
I think the consequences could be severe for the Chief AML Officer.
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