Which statement about principal MSBs is NOT true?

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Multiple Choice

Which statement about principal MSBs is NOT true?

Explanation:
Principal MSBs are required to have an AML compliance program that includes a designated BSA/AML Officer, written AML policies and procedures, and ongoing training for staff. They also must undergo independent testing of the AML program to ensure it’s effective, conducted by someone independent of the program (internal audit or an external reviewer) at least annually. The statement that they must not conduct independent reviews contradicts this requirement, so it is not true.

Principal MSBs are required to have an AML compliance program that includes a designated BSA/AML Officer, written AML policies and procedures, and ongoing training for staff. They also must undergo independent testing of the AML program to ensure it’s effective, conducted by someone independent of the program (internal audit or an external reviewer) at least annually. The statement that they must not conduct independent reviews contradicts this requirement, so it is not true.

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