CAMS · Question #772
A newly appointed senior money laundering reporting officer (MLRO) at a digital bank has been instructed to implement an effective AML transaction monitoring system. What are important…
The correct answer is A. Whether the monitoring system is adequate with respect to the bank's size, activities, complexity, D. Whether the monitoring system can be configured to enable the bank to execute trend analysis of. An effective AML transaction monitoring system must align with the bank's operational complexity, risk exposure, and analytical capabilities. Option A (Correct): The system must be tailored to the bank's specific risk profile to ensure Option D (Correct): A strong AML system…
Question
A newly appointed senior money laundering reporting officer (MLRO) at a digital bank has been instructed to implement an effective AML transaction monitoring system. What are important considerations for selecting and implementing the AML system? (Select Two.)
Options
- AWhether the monitoring system is adequate with respect to the bank's size, activities, complexity,
- BWhether the vendor has documented appropriate internal controls for designing the system and
- CWhether the permissions and user access settings for reviewing, investigating, and reporting
- DWhether the monitoring system can be configured to enable the bank to execute trend analysis of
How the community answered
(43 responses)- A84% (36)
- B5% (2)
- C12% (5)
Explanation
An effective AML transaction monitoring system must align with the bank's operational complexity, risk exposure, and analytical capabilities. Option A (Correct): The system must be tailored to the bank's specific risk profile to ensure Option D (Correct): A strong AML system should support trend analysis to identify long-term suspicious behaviors. Why Other Options Are Incorrect:
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