In addition to monitoring for suspicious activity, what are electronic monitoring systems also valuable for?

The correct answer is D. Meeting mandatory regulatory requirements for system implementation. Transaction Monitoring Systems and Ongoing Monitoring: Since the transactional monitoring system is key to mitigating ML risk within the bank, the Committee recognizes that AML risks require more than just appropriate policies and procedures; banks must have adequate and…

AML/CFT Compliance Programs

Question

Options

AIdentifying how customers are using products
BHighlighting the skills of the system analysts
CProving to the Board of Directors that the FIU is doing its job
DMeeting mandatory regulatory requirements for system implementation

How the community answered

(27 responses)

A
7% (2)
B
4% (1)
C
4% (1)
D
85% (23)

Explanation

Transaction Monitoring Systems and Ongoing Monitoring: Since the transactional monitoring system is key to mitigating ML risk within the bank, the Committee recognizes that AML risks require more than just appropriate policies and procedures; banks must have adequate and appropriate monitoring systems. For most banks, this will involve an IT monitoring system. If the bank does not believe it needs an IT monitoring system, it should document the rationale for why it does not need one.

Topics

#transaction monitoring systems#electronic monitoring#regulatory requirements#AML systems

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