Question: ( a ) Discuss why licenced financial institutions need a compliance program and department. ( b ) Identify the key elements of an effective AML

(a) Discuss why licenced financial institutions need a compliance program and department.
(b) Identify the key elements of an effective AML/CFT compliance program; and
(c) Design a compliance department outlining the positions that must be filled by law and any
other roles to support the compliance program

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