Which action should the compliance officer take when informed?

The board of directors receives notice from the primary regulator of the bank that potentially suspicious activity has been identified and the bank president appears to be involved. The Board asks the compliance officer for advice.

Which action should the compliance officer take when informed?
A . Destroy all records relating to the matter
B . Insist on the president’s immediate resignation
C . Inform the bank’s legal counsel and follow their instructions
D . Inform the president of the regulator’s suspicions and ask for his advice

View Answer

Answer: C