Question

Truist Enterprise Anti-Money Laundering (AML) Policy
Read the question and select the best answer.
This activity is a key element of an Anti-Money Laundering Program and is to be performed regularly. Teammates are
subject to this key activity, although some requirements may differ based on the teammate's responsibilities. What is it?
a) Training
.
b) Awareness
c) Record retention
d) Risk assessment
Submit

Answer 1

Answer:

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Answer 2

Option D) Risk assessment

Trust Enterprise Anti-Money Laundering (AML) Policy.

• The Bank Secrecy Act and its accompanying laws must be followed by businesses ("AML rules"). The goal of the AML regulations is to assist in the detection and reporting of suspicious conduct, including the precursor crimes to money laundering and terrorism funding, such as market manipulation and securities fraud.
• utilise a risk-based strategy to spot and stop money laundering. recognise the dangers posed by diverse commercial endeavours and corporate connections. the development of guidelines, methods, and safety measures that actively lower the danger of financial crime make better choices regarding your staff and clientele.
• Internal controls, a designated BSA officer, regular training, independent testing, and customer due diligence (CDD), the newest pillar, are the main AML Program pillars. It might be hard to stay on top of BSA compliance and questionable activities.
• These controls must include effective customer due diligence for both new and existing clients. To effectively combat money laundering and the financing of terrorism, financial institutions must implement strong Customer Due Diligence (CDD) procedures and maintain a high level of openness.

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