Preview Questions AML Specialist | Role Specific Skill

Question 1: In the AML Risk Assessment process, which of the following factors is most important when determining the level of customer risk?

Which action should you take?

Choose only one option

The customer's investment strategy

The customer's occupation

The customer's geographic location and transaction history

The customer's preferred bank branch

Question 2: Which statutory reporting is required when a financial institution suspects money laundering activities?

Which action should you take?

Choose only one option

Suspicious activity report (SAR)

Currency transaction report (CTR)

Form 8300

KYC updates

Question 3: 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 4: Under FATCA, which entity is primarily responsible for reporting foreign assets to the IRS?

Which action should you take?

Choose only one option

Foreign corporations

U.S. banks

Foreign financial institutions

U.S. citizens

Question 5: Which of the following best describes the purpose of enhanced due diligence (EDD) in the context of AML investigations?

Which action should you take?

Choose only one option

To automate transaction monitoring for all customers

To thoroughly investigate higher-risk customers and transactions

To review customers only after they initiate a suspicious transaction

To categorize customers based on risk profile without further investigation

Question 6: How can advanced data analytics enhance AML investigation processes?

Which action should you take?

Choose only one option

By automatically filtering out high-risk transactions

By identifying hidden patterns of suspicious activity through large data sets

By processing transactions at a slower pace for manual review

By categorizing customers based on geographic location