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Outsourcing CAMLO Function Quiz

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Questions and Answers

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 limit the CAMLO's oversight capabilities
To restrict communication channels within the FRFI
To reduce the CAMLO's responsibilities
To ensure compliance with regulatory requirements (correct)

Why is it essential for those responsible for filing STRs to provide regular summary reports to the CAMLO?

To bypass the CAMLO's oversight
To minimize the importance of compliance officer
To hinder the implementation of the AML/ATF program
To ensure accurate and timely reporting (correct)

What is the significance of establishing a management committee to coordinate the AML/ATF program implementation?

To limit access to pertinent information
To complicate the roles of compliance officers
To reduce transparency within the FRFI
To enhance coordination and oversight (correct)

How do threshold-based criteria contribute to ensuring consistent reporting of STRs?

By providing clear guidelines for reporting thresholds (C) Signup and view all the answers

What role does the compliance officer play in terms of responsibility and accountability in an FRFI?

Ensuring adherence to AML/ATF regulations (B) Signup and view all the answers

What should the CAMLO ensure regarding the AML/ATF policies and procedures?

They are kept up to date and approved by a senior officer (B) Signup and view all the answers

What should the CAMLO ensure about the training programs?

They are written for all authorized persons and kept up to date (A) Signup and view all the answers

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 (D) Signup and view all the answers

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 (D) Signup and view all the answers

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 (D) Signup and view all the answers

How often should the CAMLO ensure that systems and processes generating information are adequate?

Every two years (A) Signup and view all the answers

What should Senior Management ensure in terms of responsibility and accountability for AML/ATF program implementation?

Qualified individuals have documented responsibility and accountability. (A) Signup and view all the answers

Which resource should the CAMLO and the Auditor have for implementing the AML/ATF program?

Data management systems. (A) Signup and view all the answers

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. (B) Signup and view all the answers

What does PCMLTFR prescribe regarding written reports on effectiveness testing?

Timing and content of written reports. (C) Signup and view all the answers

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. (A) Signup and view all the answers

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. (A) Signup and view all the answers

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