ACAMS
CAMS · Question #77
A compliance officer at a small community bank has been asked to review existing customer onboarding policies and procedures to ensure they adequately address anti-money laundering risks. How should…
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AML/CFT Compliance Programs
Question
A compliance officer at a small community bank has been asked to review existing customer onboarding policies and procedures to ensure they adequately address anti-money laundering risks. How should customer due diligence be implemented?
Options
- AWith an annual compliance review and approval of customers
- BWith a one-time event conducted at initial customer onboarding
- CAs an ongoing activity that may vary commensurate with the risk profile of the customer
- DAs applicable to customers that pose higher money laundering or terrorist financing risk
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Topics
#CDD#ongoing monitoring#risk-based approach#customer onboarding