Preview Questions AML Specialist | Role Specific Skill

Question 1: What is the primary purpose of the Suspicious Activity Report (SAR)?

Which action should you take?

Choose only one option

To summarize customer complaints

To assess transaction profitability

To document a financial institution's suspicion of potential illegal activity

To report customer satisfaction metrics

Question 2: Which of the following is a correct example of Mitigating Risk in AML compliance?

Which action should you take?

Choose only one option

Increasing client transaction volume

Reducing customer fees

Increasing the frequency of direct marketing campaigns

Implementing transaction monitoring and sanction screening systems

Question 3: Which of the following fraud detection techniques is most effective for identifying identity theft in the context of online banking transactions?

Which action should you take?

Choose only one option

Transaction velocity monitoring

IP address tracking alone

Traditional security questions (e.g., mother's maiden name)

Biometric authentication (e.g., fingerprint or facial recognition)

Question 4: Which of the following is not a typical fraud detection technique used to combat internal fraud in the BFSI industry?

Which action should you take?

Choose only one option

Implementing external surveillance systems to track employees

Monitoring employees' online behavior and work activities

Segregating duties to prevent unauthorized access to financial systems

Limiting access to sensitive information based on job roles

Question 5: What type of transaction monitoring system would be most effective for detecting potential money laundering activity?

Which action should you take?

Choose only one option

One that monitors customer complaints

One that uses predictive analytics to identify unusual patterns and behaviors

One that only looks for transactions exceeding certain thresholds

One that only flags transactions above $10,000

Question 6: What is the primary goal of applying Know Your Customer (KYC) principles in risk management for AML?

Which action should you take?

Choose only one option

To evaluate customer satisfaction

To assess the potential risk posed by a customer

To comply with GDPR requirements

To ensure all clients receive similar services