Why should a financial institution (Fl) require an update of its AML risk assessment?
A.
To identify risk considerations for sharing information based on Fl changes
B.
To ensure an accurate reflection of the Fl's money laundering and other illicit financial activity risks
C.
To satisfy law enforcement when reporting suspicious activity
D.
To ensure the Fl's alignment with the board-approved strategic plan
The Answer Is:
B
This question includes an explanation.
Explanation:
A financial institution should regularly update its AML risk assessment in order to ensure that the results of the assessment are accurate and reflect the current money laundering and other illicit financial activity risks that the institution may face. This helps to ensure the institution has a comprehensive understanding of the risks associated with its activities and can implement adequate controls and procedures as necessary.
CAMS PDF/Engine
Printable Format
Value of Money
100% Pass Assurance
Verified Answers
Researched by Industry Experts
Based on Real Exams Scenarios
100% Real Questions
Get 65% Discount on All Products,
Use Coupon: "ac4s65"