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Acams CAMS Exam - Topic 2 Question 76 Discussion

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?
A) Terminate the teller's (cashier's) employment prior to the expiration of the probation peri-od.
B) An audit should be conducted for cash transactions since the last compliance review.
C) The branch manager should be formally reprimanded for failing to ensure proper instruc-tion was given.
D) The teller's (cashier's) employment should be suspended with pay pending appropriate training.

Acams CAMS Exam - Topic 2 Question 76 Discussion

Actual exam question for Acams's CAMS exam
Question #: 76
Topic #: 2
[All CAMS Questions]

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?

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Suggested Answer: A

by Freeman at May 28, 2024, 06:22 PM

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Brittni
10 months ago
An audit is definitely needed to see the full picture here.
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Kati
10 months ago
Wait, how did the branch manager not notice this sooner?
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Yuonne
10 months ago
Terminating the teller seems too harsh without proper training first.
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Delmy
10 months ago
I agree, suspending with pay seems fair until they get trained.
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Cherry
11 months ago
Sounds like a training issue more than a firing one.
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Latrice
11 months 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.
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Regenia
11 months 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.
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Alona
11 months 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.
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Keena
11 months 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.
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Sheron
11 months 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.
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Pansy
11 months 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.
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Marjory
11 months 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.
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Linwood
11 months 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.
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Xuan
11 months ago
This seems like a tricky situation. I'll need to carefully consider the options and the potential consequences of each one.
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Cherrie
12 months ago
I'm not too familiar with Alcatel-Lucent routers, so I'll have to think this through carefully.
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Henriette
12 months 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.
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Refugia
12 months 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.
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Janey
1 year ago
Can we talk about how the branch manager was getting 'daily exception reports'? Talk about a paperwork nightmare!
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Elroy
1 year ago
I think suspending the teller with pay for training is a good initial action to take.
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Hyun
1 year ago
Maybe the branch manager should have been more proactive in ensuring the teller received proper training.
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Keena
1 year ago
I agree, it sounds like a lot of paperwork to keep track of.
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Leslee
1 year ago
That must have been overwhelming for the branch manager to receive daily exception reports.
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Alesia
1 year ago
Suspend the teller with pay? Sounds like a paid vacation to me! But hey, at least they're getting the training they need.
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Bonita
1 year 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.
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Jeniffer
1 year 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.
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Alyce
1 year ago
User 2
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Gilma
1 year ago
User 1
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Carisa
1 year 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.
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Alecia
1 year ago
But shouldn't the branch manager also be held accountable for not providing proper instruction?
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Lamonica
1 year ago
I agree with Harley. The teller needs training before continuing.
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Harley
1 year ago
I think the teller should be suspended with pay for now.
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