Findings from a regulatory examination report states that the job descriptions of personnel outside of the compliance department do not include references to anti- money laundering responsibilities.
Which action should the firm take?
Click on the arrows to vote for the correct answer
A. B. C. D.D
The regulatory examination report has highlighted a concern that the job descriptions of personnel outside the compliance department do not reference anti-money laundering (AML) responsibilities. This could indicate that those personnel are not adequately trained or aware of their obligations to comply with AML laws and regulations.
Answer option A suggests that the firm should update all job descriptions to include AML responsibilities. This action would ensure that all personnel are aware of their AML obligations and may help prevent potential AML violations in the future. This answer option appears to be the most appropriate response to the regulatory examination report's findings.
Answer option B suggests that only compliance personnel have AML responsibilities. This response is incorrect, as AML obligations apply to all personnel in the financial institution, not just the compliance department.
Answer option C suggests that the firm should send an email to all staff stating that personnel must observe the AML policy. While this action may increase awareness of the AML policy, it does not address the specific concern raised in the regulatory examination report, which is the lack of AML responsibilities in job descriptions.
Answer option D suggests that the firm should reply that a description of AML responsibilities is included in the annual training. This response is insufficient because it does not address the need for personnel to be aware of their AML obligations through their job descriptions. Annual training alone may not be sufficient to ensure ongoing compliance with AML laws and regulations.
Therefore, answer option A, updating all job descriptions to include AML responsibilities, appears to be the most appropriate action for the firm to take in response to the regulatory examination report's findings.