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In the context of improving the bank's strategies to combat money laundering and financial terrorism (ML/FT) risks, consider the following scenario: The bank's risk committee is currently deliberating on this objective and seeks to align its approach with industry best practices. What would be the most suitable recommendation for the bank to enhance its ML/FT risk management strategies accordingly?
A
Require the bank's business units to screen potential employees as part of the first line of defense in managing ML/FT risk.
B
Establish a threshold transaction value and review all transactions above this threshold for evidence of ML/FT.
C
Exclude politically exposed persons (PEPs) from screening for ML/FT risk due to their much lower ML/FT risk.
D
Give the compliance and legal functions the primary responsibility for managing ML/FT risk.