Exam CAMS Topic 1 Question 78 Discussion

Actual exam question for ACAMS's CAMS exam
Question #: 78
Topic #: 1
A financial institution in a jurisdiction with currency reporting thresholds is undergoing a branch office compliance review. A large number of currency transactions in amounts exceeding a reporting threshold were discovered without a currency transaction report (CTR) being filed. The transactions were handled by the same teller (cashier). This teller (cashier) was recently hired and had not received anti-money laundering training yet. The branch manager received daily exception reports of all large currency transactions as well as a report of all CTR filings. Which of the following should the compliance officer recommend as the initial action?

Suggested Answer: B Vote an answer

The compliance officer should recommend an audit for cash transactions since the last compliance review, as this would help to identify the extent of the problem, the root causes, and the potential risks involved. The audit would also provide evidence for corrective actions and remedial measures to prevent future occurrences of non-compliance. The compliance officer should not recommend terminating or suspending the teller's employment, as this would be premature and disproportionate without a thorough investigation and due process. The compliance officer should not recommend formally reprimanding the branch manager, as this would not address the underlying issues and could create a hostile work environment.
References:
ACAMS CAMS Certification Study Guide, 6th Edition, Chapter 5, page 1251 ACAMS CAMS Certification Video Training Course, Module 5, Lesson 12 ACAMS CAMS Certification Exam Outline, Domain 5, Task 33

by Hilary at May 01, 2025, 09:11 AM

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