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A risk consultant is meeting with the senior management of a midsize bank to discuss ways in which the bank can improve its management of financial crime and fraud risk. During the meeting, the consultant uses the example of USAA Bank to explain how weaknesses in controls and processes used to manage these risks can result in large losses as well as regulatory fines. Which of the following best explains the fine imposed by regulators on USAA Bank?
A
The bank failed to implement adequate anti-money laundering controls
B
The bank had insufficient customer due diligence procedures
C
The bank's transaction monitoring system was ineffective
D
The bank lacked proper suspicious activity reporting mechanisms
E
The bank's internal controls for fraud detection were inadequate
F
The bank did not maintain proper records of customer transactions