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The regulators of a US financial institution find that the institution has failed to establish and maintain a reasonably designed AML program. Which regulatory actions should be taken? (Select Two.)
Correct Answer: B,D
A deferred prosecution agreement (DPA) is a type of enforcement action that allows a financial institution to avoid criminal prosecution if it admits to wrongdoing, pays a fine, and agrees to remediate its AML program deficiencies within a specified period of time1. A cease and desist order (C&D) is another type of enforcement action that requires a financial institution to stop engaging in unsafe or unsound practices or violations of law, and to take corrective actions to address its AML program weaknesses2. Both of these actions are commonly used by regulators to address serious or systemic AML program failures by financial institutions, as evidenced by recent cases345. Reference: 1: Deferred Prosecution Agreement - Wikipedia 2: FFIEC BSA/AML Appendices - Appendix R - Enforcement Guidance 3: FinCEN Announces $15 Million Civil Money Penalty against Bancrédito International Bank for Willful Violations of the Bank Secrecy Act 4: Lessons From The Seven Largest AML Bank Fines In 2021 5: Fines for AML Compliance Failures - ACAMS Today