Banking · Product Development Regulatory compliance
Consider a bank developing an AI-driven finance manager application. Which of the following situations, if true, identifies a critical regulatory oversight in the bank's product development process?
- 1The technical team notes that integration with the core banking system increases transaction latency by 2 seconds.
- 2The marketing team proposes skipping test marketing to gain a first-mover advantage due to highly positive concept testing.
- 3The risk management team argues that the business analysis failed to account for capital charge increases under the IRB approach if defaults exceed 3 percent.
- 4The legal team points out that recent structural amendments to the Prevention of Money Laundering Act (PMLA) modify transaction reporting rules for the app, necessitating a re-evaluation of the screening phase.✓
Correct answer
The legal team points out that recent structural amendments to the Prevention of Money Laundering Act (PMLA) modify transaction reporting rules for the app, necessitating a re-evaluation of the screening phase.
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