Which item is NOT listed as a component of an MSB AML program?

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Multiple Choice

Which item is NOT listed as a component of an MSB AML program?

Explanation:
The key idea is what makes an MSB AML program work in practice: it focuses on governance, processes, and risk-based controls to prevent and detect money laundering. Ongoing training, independent audits, and customer due diligence are core elements because they address people, oversight, and risk assessment directly. Anti-money-laundering software, while a valuable tool to monitor transactions and flag suspicious activity, is not typically listed as a core component of the program itself in many frameworks. It supports the program, but the framework emphasizes training, independent review, and due diligence as the essential components.

The key idea is what makes an MSB AML program work in practice: it focuses on governance, processes, and risk-based controls to prevent and detect money laundering. Ongoing training, independent audits, and customer due diligence are core elements because they address people, oversight, and risk assessment directly. Anti-money-laundering software, while a valuable tool to monitor transactions and flag suspicious activity, is not typically listed as a core component of the program itself in many frameworks. It supports the program, but the framework emphasizes training, independent review, and due diligence as the essential components.

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