Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

What federal regulator is responsible for auditing risk and compliance measures of federally chartered banks?

1. Federal Reserve

2. Office of the Comptroller of the Currency

3. Financial Industry Regulatory Authority

4. Consumer Financial Protection Bureau

The correct answer is: Office of the Comptroller of the Currency

The Office of the Comptroller of the Currency (OCC) is tasked with overseeing and auditing the risk and compliance measures of federally chartered banks. As a bureau of the U.S. Department of the Treasury, the OCC ensures that these banks operate in a safe and sound manner, adhering to the laws and regulations governing bank operations. The OCC specifically focuses on the integrity of the banking system and promotes the financial stability of the institutions under its jurisdiction. It evaluates banks' risk management practices, compliance with consumer protection laws, and adherence to anti-money laundering regulations, making it the appropriate regulator for this role. While the Federal Reserve also plays a critical role in the regulation of banking institutions, it primarily oversees holding companies and certain state-chartered banks. The Financial Industry Regulatory Authority (FINRA) is not involved with federally chartered banks as it primarily regulates brokerage firms and exchange markets. The Consumer Financial Protection Bureau (CFPB) focuses on consumer protection in financial services, but it does not have the same regulatory authority over compliance as the OCC.