Which of the following AML/CFT arrangements should a bank have in place at minimum before opening for business? (Choose three.)

The correct answer is A. Independent compliance testing B. Qualified and knowledgeable staff E. Written policy and procedures. Before opening for business, a bank must have independent compliance testing to ensure controls are functioning, qualified staff who understand AML/CFT requirements, and documented policies and procedures to guide day-to-day compliance. These are foundational elements of an…

AML/CFT Compliance Programs

Question

Options

AIndependent compliance testing
BQualified and knowledgeable staff
CThird-party screening software
DAn automated monitoring system
EWritten policy and procedures

How the community answered

(20 responses)

A
75% (15)
C
15% (3)
D
10% (2)

Explanation

Before opening for business, a bank must have independent compliance testing to ensure controls are functioning, qualified staff who understand AML/CFT requirements, and documented policies and procedures to guide day-to-day compliance. These are foundational elements of an effective AML/CFT framework.

Topics

#compliance program elements#independent testing#policies and procedures#staffing requirements

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