Which of the following is an important factor to consider when setting up an anti-financial crimes (AFC) compliance program governance structure?

Question

Options

• AEnsuring the structure is reviewed by an outside auditor or consultant
• BEstablishing a system of internal controls commensurate with the institution's size and complexity
• CDesignating a qualified board of directors to monitor day-to-day compliance
• DEstablishing clear roles and responsibilities for AFC risk escalations and issues

• A
  8% (2)
• B
  15% (4)
• C
  4% (1)
• D
  73% (19)

Explanation

One of the core components of a strong AFC (Anti-Financial Crimes) compliance program is establishingclear roles, responsibilities, and lines of accountability, especially forescalating and addressing AFC risks and compliance issues. This governance clarity ensures effective implementation, transparency in decision-making, and timely resolution of compliance concerns. While external audits (option A) and internal controls (option B) are important,defining governance structure and escalation responsibilities (option D)is a foundational element. Additionally, the board of directors (option C) provides oversight--not day-to-day compliance

No community discussion yet for this question.