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A U.S. bank recently received a regulatory order to remediate its AML programs, which included several violations of law. What degree of accountability is it possible for the bank's senior management and employees to face?
Correct Answer: A
Senior management and AML officers may face personal liability if they knowingly allow AML violations to persist. Option A (Correct): If senior management or the AML officer was aware of violations and failed to act, they could face regulatory or criminal liability. Option B (Incorrect): Criminal liability depends on intent and negligence-an AML officer is not automatically prosecuted because a bank receives a regulatory order. Option C (Incorrect): Liability extends beyond the AML officer-other senior executives can also be held accountable. Option D (Incorrect): Violations can result in both civil and criminal prosecution, depending on the severity. Legal Risks for AML Compliance Failures: Civil penalties (fines and sanctions) for AML program deficiencies. Criminal charges if executives knowingly ignore violations. Regulatory enforcement actions leading to license revocation. Reference: USA PATRIOT Act Section 352 (AML Compliance Program Requirements) FinCEN Guidelines on AML Compliance Officer Liability FATF Recommendation 35 (Sanctions for AML Non-Compliance)