Preview Questions AML Specialist | Role Specific Skill

Question 1: How can an AML Specialist assess the effectiveness of risk mitigation measures already in place?

Which action should you take?

Choose only one option

By analyzing the number of new clients

By calculating the average transaction value

By evaluating the amount of customer complaints

By reviewing past incident reports and evaluating response times

Question 2: Which regulatory compliance framework requires AML compliance officers to maintain robust reporting mechanisms for financial transactions?

Which action should you take?

Choose only one option

The Volcker Rule

The Bank Secrecy Act (BSA)

The Sarbanes-Oxley Act

The Dodd-Frank Act

Question 3: What is the recommended action when a suspicious activity report (SAR) is filed in an AML investigation?

Which action should you take?

Choose only one option

Ensure that no further action is taken on the transaction until cleared by authorities

Immediately freeze the suspect's account

Alert the customer of the filed report

Disclose the details to the public

Question 4: Which fraud detection system is best used to flag suspicious transactions involving rapid account activity?

Which action should you take?

Choose only one option

Real-time transaction monitoring systems

Customer self-reporting systems

Static rule-based fraud detection

Batch processing fraud detection

Question 5: What is the first step in analyzing suspicious transactions during an AML investigation?

Which action should you take?

Choose only one option

Blocking the account

Reviewing the customer's transaction history and behavior patterns

Contacting the regulator for advice

Alerting the customer

Question 6: Which of the following is NOT required for KYC compliance under global AML regulations?

Which action should you take?

Choose only one option

Determining the source of funds for high-risk customers

Understanding the nature and purpose of the customer's business

Monitoring customer transactions daily

Verifying the identity of clients and beneficial owners