Preview Questions AML Specialist | Role Specific Skill

Question 1: What is an example of a secondary risk factor that should be assessed when analyzing the AML risk of a customer?

Which action should you take?

Choose only one option

The client's criminal background

The client's employment history

The client's location of purchase

The client's preferred payment method

Question 2: What is the role of third-party risk management in AML compliance?

Which action should you take?

Choose only one option

To monitor transactions of non-bank entities

To manage internal staffing and compliance systems

To assess risks introduced by external vendors and partners

To evaluate the market risks affecting AML procedures

Question 3: What is the significance of Know Your Customer (KYC) regulations in AML compliance for financial institutions?

Which action should you take?

Choose only one option

To enhance customer satisfaction with quick approvals

To increase the transaction volume of clients

To verify the identity of clients and assess potential risks

To restrict customers from accessing certain financial products

Question 4: What is the most effective way to measure the success of an AML risk assessment program in a financial institution?

Which action should you take?

Choose only one option

By counting the number of new accounts opened

By monitoring employee performance

By analyzing the number of client onboarding forms processed

By tracking the reduction in suspicious activity and related penalties

Question 5: How can cross-border transactions be effectively monitored to prevent terrorist financing?

Which action should you take?

Choose only one option

By imposing a global transaction limit across all customers

By using AML compliance systems that track international money transfers

By restricting transactions with high-risk countries only

By manually reviewing each transaction on a case-by-case basis

Question 6: Which indicator might suggest smurfing in money laundering investigations?

Which action should you take?

Choose only one option

Several high-value transactions within a short timeframe

Large withdrawals following small deposits

Multiple small transactions from a single account

Transactions across multiple jurisdictions