A retail bank has just acquired a credit card business. The bank's anti-money laundering policy requires that new employees are trained within 30 days of their hire date and refresher training is…

Question

Options

• AYes, the existing training covers the bank's policies, procedures, and processes.
• BNo, anti-money laundering training needs to be delivered face-to-face for credit card businesses.
• CNo, anti-money laundering training needs to be tailored and focused on the risks specific to the
• DYes, the existing training covers the anti-money laundering regulations that the bank is required to

• B
  7% (1)
• C
  80% (12)
• D
  13% (2)

Explanation

The bank's existing anti-money laundering training is not adequate to be delivered to the employees of the newly acquired credit card business, because anti-money laundering training needs to be tailored and focused on the risks specific to the business. Credit card businesses face different types of money laundering risks than retail banks, such as card-not-present fraud, identity theft, card skimming, and prepaid card abuse. Therefore, the anti-money laundering training for credit card businesses should cover the specific red flags, indicators, typologies, and mitigation measures related to these risks, as well as the relevant laws and regulations that apply to credit card businesses.

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