CAMS · Question #225
A compliance officer at a large financial institution has been tasked by senior management to lead a team in an internal review and potential revision of the institution's customer onboarding…
The correct answer is A. Reviewing the institution's risk assessment. Review of any AML/CFT program begins with the Risk Based Approached. It should first check the internal system to identify risk factors and design program accordingly.
Question
A compliance officer at a large financial institution has been tasked by senior management to lead a team in an internal review and potential revision of the institution's customer onboarding program following a regulatory enforcement action of another institution. Which step should the compliance officer perform first?
Options
- AReviewing the institution's risk assessment
- BRevising training materials for frontline staff
- CConducting enhanced due diligence on high risk customers
- DResolving substantive discrepancies in customer verification
How the community answered
(27 responses)- A78% (21)
- B4% (1)
- C4% (1)
- D15% (4)
Explanation
Review of any AML/CFT program begins with the Risk Based Approached. It should first check the internal system to identify risk factors and design program accordingly.
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