On who does the ultimate responsibility for an institution's anti-money laundering program rest?

The correct answer is B. The institution's Board of Directors. The ultimate responsibility for an institution's anti-money laundering program rests with the institution's board of directors. The board of directors is responsible for creating a culture of compliance, approving the AML policies and procedures, appointing the AML compliance…

AML/CFT Compliance Programs

Question

Options

AThe designated AML Compliance Officer
BThe institution's Board of Directors
CAll employees with customer contact
DThe government regulator examining the AML program

How the community answered

(38 responses)

A
3% (1)
B
79% (30)
C
11% (4)
D
8% (3)

Explanation

The ultimate responsibility for an institution's anti-money laundering program rests with the institution's board of directors. The board of directors is responsible for creating a culture of compliance, approving the AML policies and procedures, appointing the AML compliance officer, overseeing the implementation and effectiveness of the AML program, and ensuring adequate resources and training are provided to the staff. The board of directors is also accountable for any deficiencies or violations of the AML program and must take corrective actions when necessary.

Topics

#board of directors#AML program governance#institutional responsibility#compliance oversight

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