Which factors should lead to a reassessment of the current AML program? (Select Two.)

The correct answer is A. Expansion of business to new territories E. New product offering. The AML program should be reassessed periodically or when there are significant changes in the business environment, such as: Expansion of business to new territories: This could expose the business to new risks, regulations, and customers that require different AML policies…

AML/CFT Compliance Programs

Question

Options

AExpansion of business to new territories
BAppointment of a new Chief Financial Officer
CChange of company name
DChange of internal audit team members
ENew product offering

How the community answered

(41 responses)

A
71% (29)
B
10% (4)
C
17% (7)
D
2% (1)

Explanation

The AML program should be reassessed periodically or when there are significant changes in the business environment, such as: Expansion of business to new territories: This could expose the business to new risks, regulations, and customers that require different AML policies, procedures, and controls. The AML program should be updated to reflect the new jurisdictions and their AML requirements, as well as to conduct appropriate risk assessments and due diligence on the new markets and customers. New product offering: This could introduce new vulnerabilities, opportunities, and challenges for the AML program. The AML program should be revised to incorporate the new product features, benefits, and risks, as well as to ensure compliance with any applicable AML rules and standards for the new product.

Topics

#AML program review#business expansion#new products#program triggers

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