The compliance officer should inform the bank’s legal counsel and follow their instructions when informed of the regulator’s notice. This is the most prudent and professionalcourse of action, as it ensures that the compliance officer acts in accordance with the bank’s policies and procedures, as well as the applicable laws and regulations. The compliance officer should also document the communication and cooperation with the legal counsel and the regulator, and preserve all relevant records and evidence relating to the matter. The compliance officer should not take any action that could compromise the integrity or confidentiality of the investigation, such as destroying records, insisting on the president’s resignation, or informing the president of the suspicions.

ACAMS CAMS Certification Study Guide, 6th Edition, page 47

ACAMS CAMS Certification Exam Outline, 6th Edition, Domain 2, Task 2.4

ACAMS CAMS Certification Video Training Course, Module 2, Lesson 2.4

Exam CAMS: Certified Anti-Money Laundering Specialist (the 6th edition), Question 337