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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: A
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31 comments · newest first
BR
Brittni
11 months ago
An audit is definitely needed to see the full picture here.
KA
Kati
11 months ago
Wait, how did the branch manager not notice this sooner?
YU
Yuonne
11 months ago
Terminating the teller seems too harsh without proper training first.
DE
Delmy
12 months ago
I agree, suspending with pay seems fair until they get trained.
CH
Cherry
1 year ago
Sounds like a training issue more than a firing one.
LA
Latrice
1 year ago
I think an audit is necessary, but I wonder if that should be the first step. Option B might be too reactive when we need to address the training issue first.
RE
Regenia
1 year ago
I’m a bit confused about whether terminating the teller's employment is too harsh without giving them a chance to learn. Option A seems extreme to me.
AL
Alona
1 year ago
I feel like we had a similar practice question where the focus was on accountability. Maybe option C could be a valid choice since the branch manager should have ensured training was provided.
KE
Keena
1 year ago
I remember we discussed the importance of training for new hires, so I think option D makes sense, but I'm not sure if suspension is the right approach.
SH
Sheron
1 year ago
I'm a bit torn on this one. Terminating the teller's employment might be justified, but suspending them with pay for training seems like a more reasonable first step. I'll need to weigh the options carefully.
PA
Pansy
1 year ago
The branch manager definitely dropped the ball here. I'd recommend formally reprimanding them for the lack of oversight. That should send a clear message that this kind of thing can't be tolerated.
MA
Marjory
1 year ago
Okay, so we have a new teller who didn't know the proper procedures, and a branch manager who didn't ensure they were properly trained. I think an audit is a good idea to get a full picture of what's been happening.
LI
Linwood
1 year ago
Hmm, terminating the teller's employment right away seems a bit harsh, especially since they haven't received the necessary training yet. I'm leaning more towards the suspension with pay option.
XU
Xuan
1 year ago
This seems like a tricky situation. I'll need to carefully consider the options and the potential consequences of each one.
CH
Cherrie
1 year ago
I'm not too familiar with Alcatel-Lucent routers, so I'll have to think this through carefully.
HE
Henriette
1 year ago
Hmm, I'm a bit unsure about this one. The question is asking what the administrator should check next, but the options don't seem directly related to disk utilization. I'll need to think this through carefully.
RE
Refugia
1 year ago
Okay, let's see. The key here is to identify the main risk concerns when a cloud provider is acquired. I think I've got a good strategy for this.
JA
Janey
2 years ago
Can we talk about how the branch manager was getting 'daily exception reports'? Talk about a paperwork nightmare!
EL
Elroy
1 year ago
I think suspending the teller with pay for training is a good initial action to take.
HY
Hyun
1 year ago
Maybe the branch manager should have been more proactive in ensuring the teller received proper training.
KE
Keena
1 year ago
I agree, it sounds like a lot of paperwork to keep track of.
LE
Leslee
1 year ago
That must have been overwhelming for the branch manager to receive daily exception reports.
AL
Alesia
2 years ago
Suspend the teller with pay? Sounds like a paid vacation to me! But hey, at least they're getting the training they need.
BO
Bonita
2 years ago
Reprimanding the branch manager? Nah, I think that's just passing the buck. The teller should be the one to get the training, no doubt about it.
JE
Jeniffer
2 years ago
An audit is definitely the way to go. Gotta make sure those transactions are legit and not part of some shady money laundering scheme.
AL
Alyce
1 year ago
User 2
GI
Gilma
1 year ago
User 1
CA
Carisa
2 years ago
Yikes, that teller really dropped the ball! But terminating them right away seems a bit harsh, especially since they haven't had the training yet.
AL
Alecia
2 years ago
But shouldn't the branch manager also be held accountable for not providing proper instruction?
LA
Lamonica
2 years ago
I agree with Harley. The teller needs training before continuing.
HA
Harley
2 years ago
I think the teller should be suspended with pay for now.