17 Questions
What is the purpose of ensuring the CAMLO has unfettered access to Senior Management and the Board in an FRFI's AML/ATF program?
To ensure compliance with regulatory requirements
Why is it essential for those responsible for filing STRs to provide regular summary reports to the CAMLO?
To ensure accurate and timely reporting
What is the significance of establishing a management committee to coordinate the AML/ATF program implementation?
To enhance coordination and oversight
How do threshold-based criteria contribute to ensuring consistent reporting of STRs?
By providing clear guidelines for reporting thresholds
What role does the compliance officer play in terms of responsibility and accountability in an FRFI?
Ensuring adherence to AML/ATF regulations
What should the CAMLO ensure regarding the AML/ATF policies and procedures?
They are kept up to date and approved by a senior officer
What should the CAMLO ensure about the training programs?
They are written for all authorized persons and kept up to date
What is the CAMLO's responsibility regarding the requirement for effectiveness of the AML/ATF program?
To ensure the Auditor is aware of the requirement
What does the CAMLO need to do with regards to elements of the AML/ATF program assigned to business areas that do not report to them?
Take reasonable measures to ensure satisfactory implementation
Why is it essential for the CAMLO to be satisfied with elements delegated to business areas not under their direct supervision?
To ensure effective implementation of all AML/ATF program elements
How often should the CAMLO ensure that systems and processes generating information are adequate?
Every two years
What should Senior Management ensure in terms of responsibility and accountability for AML/ATF program implementation?
Qualified individuals have documented responsibility and accountability.
Which resource should the CAMLO and the Auditor have for implementing the AML/ATF program?
Data management systems.
What information should Senior Management receive to ensure the overall adequacy and effectiveness of the AML/ATF program?
Pertinent information from the CAMLO and other sources.
What does PCMLTFR prescribe regarding written reports on effectiveness testing?
Timing and content of written reports.
In larger, more complex FRFIs, what should be done with AML/ATF reports on effectiveness testing made at different times?
Reports should be collated and consolidated periodically.
What is the role of Senior Management in acting upon significant recommendations in respect to AML/ATF program issues?
Act upon recommendations in a timely manner.
Test your knowledge on considerations for outsourcing the CAMLO function and the responsibilities of qualified individuals in AML/ATF program implementation. Explore the importance of adequate resources for the CAMLO and Auditor in terms of people, data management systems, and budget.
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