Which measures help limit the collection and use of personal data when performing AML-related controls?

The correct answer is B. Implementing data minimization strategies to collect only the personal data necessary for C. Regularly reviewing and updating data processing policies to ensure they align with industry. AML compliance must balance financial crime prevention with data privacy regulations such as GDPR (EU) and CCPA (U.S.). Option B (Correct): Data minimization ensures that only essential data is collected and processed, reducing privacy risks. Option C (Correct): Regularly updatin

AML/CFT Compliance Programs

Question

Options

AAllowing unrestricted access to customer data across departments to facilitate quick decision-
BImplementing data minimization strategies to collect only the personal data necessary for
CRegularly reviewing and updating data processing policies to ensure they align with industry
DAllowing repurposing of collected data to avoid redundant processes.

How the community answered

(43 responses)

A
7% (3)
B
84% (36)
D
9% (4)

Explanation

AML compliance must balance financial crime prevention with data privacy regulations such as GDPR (EU) and CCPA (U.S.). Option B (Correct): Data minimization ensures that only essential data is collected and processed, reducing privacy risks. Option C (Correct): Regularly updating policies helps organizations align with evolving privacy laws and AML requirements.

Topics

#data minimization#data privacy#AML controls#personal data protection

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