Question
To ensure anti-money laundering policies are working at a bank, the bank should do which of the following?
Responses
increase the number of internal audits performed
increase the number of internal audits performed
train senior management on AML policies and procedures
train senior management on AML policies and procedures
include all employees in fraud prevention and money laundering identification training
include all employees in fraud prevention and money laundering identification training
increase the number of anti-money laundering agents
Responses
increase the number of internal audits performed
increase the number of internal audits performed
train senior management on AML policies and procedures
train senior management on AML policies and procedures
include all employees in fraud prevention and money laundering identification training
include all employees in fraud prevention and money laundering identification training
increase the number of anti-money laundering agents
Answers
GPT-4o mini
To ensure anti-money laundering policies are working effectively at a bank, the best approach would be to:
- **Include all employees in fraud prevention and money laundering identification training**: This ensures that everyone in the organization is aware of the policies, understands their roles in preventing money laundering, and is equipped to identify potential suspicious activities.
While increasing the number of internal audits and training senior management are important components of a comprehensive AML strategy, including all employees in training fosters a culture of compliance and vigilance throughout the entire organization. Increasing the number of anti-money laundering agents alone may not be as effective if the overall awareness and culture of compliance are not established among all staff.
- **Include all employees in fraud prevention and money laundering identification training**: This ensures that everyone in the organization is aware of the policies, understands their roles in preventing money laundering, and is equipped to identify potential suspicious activities.
While increasing the number of internal audits and training senior management are important components of a comprehensive AML strategy, including all employees in training fosters a culture of compliance and vigilance throughout the entire organization. Increasing the number of anti-money laundering agents alone may not be as effective if the overall awareness and culture of compliance are not established among all staff.