CAFCA Practice Questions - ACAMS Certified AML FinTech Compliance Associate Exam

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In 2024 the FDIC issued a consent order against a small partner bank (e.g., Lineage Bank, Choice Bank) for AML/BSA failures tied to its FinTech program. What was the PRIMARY supervisory finding?

The bank failed to monitor proprietary trading activity The bank did not perform adequate oversight or CDD on FinTech partners' end customers The bank charged FinTech partners excessive fees The bank's website lacked TLS encryption

Correct Answer:

The bank did not perform adequate oversight or CDD on FinTech partners' end customers

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