Preview Questions AML Specialist | Role Specific Skill

Question 1: What is the most significant regulatory impact of failing to comply with AML risk management protocols?

Which action should you take?

Choose only one option

Reduction in available financial products

Penalties, sanctions, and potential loss of operating license

Increased operating costs

Improved customer trust and loyalty

Question 2: Under Basel III regulations, how should financial institutions manage liquidity risks related to AML compliance?

Which action should you take?

Choose only one option

By only investing in long-term, low-risk assets

By conducting quarterly internal audits

By limiting customer withdrawals

By maintaining sufficient liquidity buffers for potential withdrawal demands

Question 3: What is the primary purpose of data mining in fraud detection for financial institutions?

Which action should you take?

Choose only one option

To standardize risk management processes

To improve customer service and reduce processing time

To identify unusual patterns that may indicate fraudulent activities

To automate routine transactions

Question 4: What is the most effective way to prevent fraudulent account openings in financial institutions?

Which action should you take?

Choose only one option

Requiring manual approval for every account opening

Monitoring accounts for unusual behavior post-activation

Focusing solely on high-risk clients during onboarding

Implementing strong identity verification processes, including biometric data

Question 5: Which of the following would not be classified as a high-risk factor in AML risk management?

Which action should you take?

Choose only one option

Complex ownership structures with opaque links

Business location in a high-risk country

Transaction frequency above a specific threshold

Customers from stable, regulated industries

Question 6: Which of the following is an example of layering in a money laundering scheme?

Which action should you take?

Choose only one option

Transferring funds across multiple banks to obscure the origin

Providing false documentation during account opening

Sending funds through a single transaction to a related party

Depositing large sums of money into a single account