CAMS · Question #731
An AML/CFT unit often compiles information about customer activity and product usage that might be of interest to other parts of the organization. Before allowing the unit to communicate such…
The correct answer is A. Applicable data privacy laws in relevant jurisdictions and the organization's data security and. AML compliance must be balanced with data privacy laws, such as GDPR (EU), CCPA (U.S.), and jurisdictional banking secrecy laws. Option A (Correct): Data protection laws regulate how customer information can be shared internally and externally, ensuring confidentiality and…
Question
An AML/CFT unit often compiles information about customer activity and product usage that might be of interest to other parts of the organization. Before allowing the unit to communicate such information internally, the organization must review:
Options
- AApplicable data privacy laws in relevant jurisdictions and the organization's data security and
- BEnterprise-wide risk assessments and the employee handbook for any limitations on sharing
- CThe risk rating of the customers to avoid sharing data relating to higher-risk customers.
- DThe organization's AML compliance policies to ensure that customer data can be easily shared
How the community answered
(45 responses)- A80% (36)
- B2% (1)
- C7% (3)
- D11% (5)
Explanation
AML compliance must be balanced with data privacy laws, such as GDPR (EU), CCPA (U.S.), and jurisdictional banking secrecy laws. Option A (Correct): Data protection laws regulate how customer information can be shared internally and externally, ensuring confidentiality and regulatory compliance.
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