What types of things should an institution incorporate in it AML policies and procedures? Choose 3 answers

The correct answer is A. On-going training, as well as initial training of new employees B. Periodic audits, to be performed by independent staff at least once a year C. Ability to incorporate relevant legislative and regulatory AML changes. An institution should incorporate on-going training, periodic audits, and ability to incorporate relevant legislative and regulatory AML changes in its AML policies and procedures. These are essential elements of an effective AML program, as they ensure that the staff are aware…

AML/CFT Compliance Programs

Question

Options

AOn-going training, as well as initial training of new employees
BPeriodic audits, to be performed by independent staff at least once a year
CAbility to incorporate relevant legislative and regulatory AML changes
DReview of the AML policy by the Board of Directors

How the community answered

(28 responses)

A
71% (20)
D
29% (8)

Explanation

An institution should incorporate on-going training, periodic audits, and ability to incorporate relevant legislative and regulatory AML changes in its AML policies and procedures. These are essential elements of an effective AML program, as they ensure that the staff are aware of their roles and responsibilities, the institution is compliant with the applicable laws and regulations, and the AML program is updated and adapted to the changing risks and environment.

Topics

#AML compliance program#employee training#independent audit#policy elements

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