Acams Exam CAMS Topic 3 Question 93 Discussion

Actual exam question for Acams's CAMS exam

Question #: 93
Topic #: 3

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.)

ALoss of professional accounting and legal designations

BCivil and criminal prosecution, fines, and imprisonment

CBan from employment in the financial services industry

DRecommend termination of employment from the FI

EAdd to the Office of Foreign Assets Control Specially Designated Nationals and Blocked Persons List

FProhibition from dealing with goods on the Wassenaar List

Show Suggested 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

by Katlyn at Jan 23, 2025, 09:22 PM

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