In order to demonstrate commitment to AML compliance within a bank, the Board of Directors should:

Question

Options

• Amonitor the fulfilment of AML compliance duties within the bank.
• Bkeep senior management apprised of key developments in the AML regime and the impact of
• Censure senior management maintains accountability for the effectiveness of the AML program
• Destablish a written AML policy that contains the basic principles to be followed by staff from the

• A
  9% (3)
• B
  14% (5)
• C
  6% (2)
• D
  71% (25)

Explanation

According to the Anti-Money Laundering Specialist (the 6th edition) resources, one of the essential elements of an effective AML program is the establishment of a written AML policy that sets out the bank's commitment to comply with the applicable AML laws and regulations, as well as the roles and responsibilities of the board of directors, senior management, and staff in implementing the AML program. The AML policy should also include the bank's risk assessment, customer due diligence, transaction monitoring, record keeping, reporting, training, and audit procedures. The AML policy should be approved by the board of directors and communicated to all staff from the top down. The other options are not incorrect, but they are not the primary responsibility of the board of directors in demonstrating commitment to AML compliance.

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