As the Chief Risk Officer (CRO) of a regional bank, you have observed that several competing banks have faced regulatory fines for insufficient management of risks linked to money laundering and terrorism financing (ML/FT). Concerned about the potential repercussions for your bank, you aim to strengthen the bank's risk management framework concerning ML/FT. Taking into consideration the Basel Committee's guidelines on managing ML/FT risks, you are exploring the implementation of industry best practices within various business functions, ensuring robust controls across all three lines of defense. What would be the most appropriate recommendation for the CRO to propose in order to effectively address ML/FT risks?