Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti-money laundering responsibilities…

Question

Options

• AUpdate all job descriptions to include anti-money laundering responsibilities
• BRespond that only compliance personnel have anti-money laundering responsibilities
• CSend an email to all staff stating that personnel must observe the anti-money laundering policy
• DReply that a description of anti-money laundering responsibilities is included in the annual training

• A
  74% (25)
• B
  6% (2)
• C
  9% (3)
• D
  12% (4)

Explanation

According to the ACAMS Study Guide, one of the essential elements of an effective anti-money laundering (AML) program is to assign clear roles and responsibilities to all staff members, regardless of their position or department. This ensures that everyone is aware of their obligations and expectations in relation to AML compliance, and that they receive appropriate training and guidance. Therefore, the firm should update all job descriptions to include references to AML responsibilities, such as identifying and reporting suspicious activity, conducting customer due diligence, and adhering to AML policies and procedures.

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