A key element required to ensure an anti-money laundering compliance program is effectively embedded into an institution's culture is

Question

Options

• Aan internal audit.
• Bongoing training.
• Cpeer review.
• Da record retention policy.

• A
  5% (1)
• B
  70% (14)
• C
  20% (4)
• D
  5% (1)

Explanation

According to the Anti-Money Laundering Specialist (the 6th edition) study guide, ongoing training is a key element of an effective anti-money laundering compliance program, as it ensures that the staff are aware of their roles and responsibilities, the latest regulatory developments, and the emerging risks and trends in money laundering and terrorist financing. Ongoing training also helps to foster a culture of compliance within the institution, where the staff are committed to adhering to the policies and procedures, detecting and reporting suspicious activities, and protecting the institution from reputational and legal damages.

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