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Acams CAMS Exam - Topic 2 Question 59 Discussion

One area of responsibility for the Board of Directors when implementing a successful AML program is to:
A) ensure the appointment of a qualified chief AML officer.
B) create a culture of compliance based on the profit expectation.
C) manage the day-to-day processes of the compliance program.
D) hire a third-party firm to be responsible for the AML compliance.

Acams CAMS Exam - Topic 2 Question 59 Discussion

Actual exam question for Acams's CAMS exam
Question #: 59
Topic #: 2
[All CAMS Questions]

One area of responsibility for the Board of Directors when implementing a successful AML program is to:

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Suggested Answer: A

by Lai at Oct 14, 2022, 04:27 PM

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Garry
7 months ago
Wait, can a board really just hire someone and call it a day?
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Laila
8 months ago
C is just not feasible for the board to handle.
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Elden
8 months ago
Surprised that some think D is a good option.
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Alpha
8 months ago
I disagree, B is more important for long-term success.
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Shanice
8 months ago
A is definitely the right choice!
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Jamie
8 months ago
Hiring a third-party firm sounds risky; I don’t think the Board can just outsource their responsibility like that. I’d go with ensuring a qualified officer is appointed.
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Louvenia
8 months ago
Managing day-to-day processes seems like something the Board wouldn’t typically do. I feel like they should oversee rather than get involved in the details.
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Misty
8 months ago
I remember a practice question where the focus was on creating a culture of compliance. It seems like that could be important too, but I’m leaning towards option A.
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Erinn
8 months ago
I think the Board needs to ensure they have a qualified chief AML officer, but I'm not entirely sure if that's the only responsibility they have.
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Kerry
9 months ago
Okay, I think I've got this. The key is that the accountant is only being asked to review the balance sheet, not the full set of financial statements. So they can't do a complete review, which means option B is the correct answer.
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Glenna
9 months ago
Okay, let me see. Alibaba Cloud Elasticsearch is an open-source product, so I'm guessing the answer is True.
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Cora
9 months ago
Option D looks interesting, but I'm not sure if that's the most efficient approach. Isn't the Stackdriver Error Reporting library designed to simplify the process of reporting errors? I'd probably go with C to keep things simple.
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