What is the primary difference between an AML investigation and a standard audit?
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A
Audits are conducted by regulators while investigations are internal
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B
Investigations follow a specific suspicious transaction or pattern to determine if illegal activity occurred, while audits systematically evaluate the overall effectiveness of AML controls
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C
Investigations only examine historical transactions while audits focus on future controls
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D
Audits must be reported to FinCEN while investigations are confidential