A division anti-money laundering officer for a financial institution has been conducting a monthly self-assessment. The officer reviews the accounts opened for compliance with a long standing Know…

Question

Options

• AInform the Board promptly of the Know Your Customer policy trend over the last 6 months.
• BDetermine if there is a readily identifiable cause for the deficiencies.
• CImplement a revision to the account-opening training program.
• DRevise the policy to simplify Know Your Customer compliance before the report is issued.

• A
  5% (1)
• B
  79% (15)
• C
  11% (2)
• D
  5% (1)

Explanation

The next course of action for the anti-money laundering officer to take is to determine if there is a readily identifiable cause for the increase in compliance deficiencies. This could involve analyzing the data, interviewing the staff, reviewing the procedures, or conducting a root cause analysis. The anti- money laundering officer should try to find out if the deficiencies are due to human error, system failure, policy ambiguity, training gap, external factors, or any other reason. By identifying the cause, the anti-money laundering officer can then take appropriate corrective or preventive measures to address the issue and improve the compliance performance.

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