What should senior management do in order to promote a culture of anti-money laundering compliance?

The correct answer is A. They should include compliance with AML procedures as condition of employment. The line of business is responsible for creating, implementing and maintaining policies and procedures, as well as communicating these to all personnel. It must also establish processes for screening employees to ensure high ethical and professional standards and deliver…

AML/CFT Compliance Programs

Question

Options

AThey should include compliance with AML procedures as condition of employment
BThey should attend all training sessions with front-line employment
CThey should have close ties with the independent auditors of the AML program
DThey should base employee compensation on the amount of suspicious activity they detect

How the community answered

(33 responses)

A
73% (24)
B
12% (4)
C
9% (3)
D
6% (2)

Explanation

The line of business is responsible for creating, implementing and maintaining policies and procedures, as well as communicating these to all personnel. It must also establish processes for screening employees to ensure high ethical and professional standards and deliver appropriate training on AML policies and procedures based on roles and functions performed so employees aware of their responsibilities. To facilitate this, employees should be trained as soon as possible after being hired, with refresher training as appropriate.

Topics

#compliance culture#senior management#AML culture#employee accountability

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