CAMS · Question #522
A well-developed anti-money laundering compliance program is unlikely to achieve institutional goals without
The correct answer is B. Training appropriate employees. According to the ACAMS CAMS Certification Study Guide, 6th Edition, one of the four pillars of an effective anti-money laundering compliance program is the training of appropriate employees on their responsibilities and the institution's policies and procedures. Training is…
Question
A well-developed anti-money laundering compliance program is unlikely to achieve institutional goals without
Options
- AScreening all staff.
- BTraining appropriate employees.
- CVerification of account owners.
- DEndorsement by a competent authority.
How the community answered
(21 responses)- A5% (1)
- B76% (16)
- C5% (1)
- D14% (3)
Explanation
According to the ACAMS CAMS Certification Study Guide, 6th Edition, one of the four pillars of an effective anti-money laundering compliance program is the training of appropriate employees on their responsibilities and the institution's policies and procedures. Training is essential to ensure that employees are aware of the risks of money laundering and terrorist financing, the applicable laws and regulations, the red flags and indicators of suspicious activity, and the reporting and record-keeping requirements. Without proper training, employees may not be able to perform their duties effectively and efficiently, and may expose the institution to legal, regulatory, reputational, and operational risks.
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