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SIE practice questionmediumAML Compliance Program

Every broker-dealer must establish an Anti-Money Laundering (AML) compliance program that includes all of the following EXCEPT:

  1. ADesignation of an AML compliance officer
  2. BA guarantee that no illicit funds will ever enter the firm✓ Correct answer
  3. CIndependent testing of the AML program
  4. DOngoing employee training
Explanation

Why B — A guarantee that no illicit funds will ever enter the firm

An AML compliance program must include internal policies and procedures, designation of an AML compliance officer, ongoing employee training, and independent testing. No firm can guarantee that illicit funds will never enter; the obligation is to maintain reasonable procedures to detect and report suspicious activity. The program must also include a Customer Identification Program.

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