In order to prevent financial crime risk, the implemented policies, controls, and procedures must:

The correct answer is B. be proportionate with regard to the size and nature of the firm, approved by senior management. Policies, controls, and procedures must be proportionate to the size and nature of the firm, approved by senior management, and regularly reviewed to ensure they remain effective in preventing and mitigating financial crime risk while aligning with regulatory expectations.

AML/CFT Compliance Programs

Question

Options

Ainclude sophisticated and automated controls that use the newest types of technology available
Bbe proportionate with regard to the size and nature of the firm, approved by senior management,
Cbe completed by the business and validated by an external firm (for example, an auditing or
Dbe created approved, and owned only by the First Line of Defense business team, and reviewed

How the community answered

(19 responses)

A
5% (1)
B
79% (15)
C
11% (2)
D
5% (1)

Explanation

Policies, controls, and procedures must be proportionate to the size and nature of the firm, approved by senior management, and regularly reviewed to ensure they remain effective in preventing and mitigating financial crime risk while aligning with regulatory expectations.

Topics

#AML policies#proportionality principle#senior management approval#governance

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