CAMS Exam Dumps | Which of the following statements best describes the role of the Board of Directors in overseeing an

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Question 243/374

Which of the following statements best describes the role of the Board of Directors in overseeing an institution's AML governance and compliance framework, according to the Basel Committee on Banking Supervision?

A. The compliance function should report directly to the CEO concerning the bank's compliance with applicable laws, rules, and standards and only update the Board of Directors on the bank's efforts in managing compliance risk when required.

B. The compliance function must have sufficient authority, stature, independence, and resources to be effective on its own and should not have access to the Board of Directors.

C. The Board of Directors should be responsible for overseeing the management of the bank's compliance risk but not be involved in establishing a compliance policy that explains the processes by which compliance risks are to be identified and managed throughout the organization.

D. The Board of Directors should establish a compliance function and approve the bank's policies for identifying, assessing, monitoring, reporting, and advising on compliance risk.

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