Preview Questions AML Specialist | Role Specific Skill

Question 1: What is the main purpose of Customer Due Diligence (CDD) in the context of AML regulations?

Which action should you take?

Choose only one option

To evaluate the transaction behavior of a customer

To confirm the customer's financial stability

To assess the creditworthiness of customers

To verify the identity of customers and assess the risk of money laundering

Question 2: Which external data source is most useful in verifying a customer's involvement in suspicious activity?

Which action should you take?

Choose only one option

Local government financial records

Banking consortium shared data

Public sanction lists

Social media platforms

Question 3: What is the benefit of using digital forensics tools in AML investigations?

Which action should you take?

Choose only one option

They allow for direct communication with regulators

They can help recover and analyze digital evidence related to financial crimes

They reduce the need for human oversight in investigating suspicious activities

They automate the transaction monitoring process

Question 4: In which scenario would an AML specialist be required to file a Suspicious Activity Report (SAR)?

Which action should you take?

Choose only one option

When a client makes a large deposit of less than $5,000

When a client's transaction appears inconsistent with their known business activities

When a client withdraws a small amount of cash from a savings account

When a client opens a new account

Question 5: Which regulatory framework is most commonly used for fraud detection and prevention in the financial services industry?

Which action should you take?

Choose only one option

The Basel III framework

The Foreign Corrupt Practices Act (FCPA)

The Financial Action Task Force (FATF) Recommendations

The Dodd-Frank Act

Question 6: What should be included in a root cause analysis for a SAR filing delay?

Which action should you take?

Choose only one option

An evaluation of the monitoring system

Identification of operational gaps

A summary of the SAR content

A recommendation for staff disciplinary action