Which element is generally required of all anti-money laundering programs?

Question

Options

• AA computer-based suspicious activity monitoring system
• BA qualified compliance officer to manage the program
• CAnnual in-person AML training for all employees
• DAn enhanced due diligence program for all new customers

• A
  3% (1)
• B
  82% (32)
• C
  5% (2)
• D
  10% (4)

Explanation

a qualified compliance officer is a mandatory element of all anti-money laundering programs, regardless of the type or size of the financial institution. The compliance officer is responsible for developing, implementing, and overseeing the anti-money laundering program, ensuring its compliance with the relevant laws and regulations, and reporting any suspicious activity to the appropriate authorities. The compliance officer should have sufficient authority, resources, and expertise to perform these duties effectively.

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