Preview Questions AML Specialist | Role Specific Skill

Question 1: In the fraud detection process, what does the term ?false positive? mean?

Which action should you take?

Choose only one option

A transaction that meets the compliance threshold

A fraudulent transaction that goes undetected

An innocent transaction flagged as suspicious

A legitimate customer flagged as a high-risk individual

Question 2: What is the main goal of AML risk assessment in a financial institution?

Which action should you take?

Choose only one option

To evaluate customer loyalty

To determine the profitability of high-risk transactions

To assess customer creditworthiness

To identify and mitigate potential risks associated with money laundering

Question 3: Which of the following is NOT a consequence of failing to meet AML regulatory requirements?

Which action should you take?

Choose only one option

Temporary suspension of licenses

Loss of tax-exempt status

Reputation damage

Fines and penalties

Question 4: What is the potential impact of failure to comply with AML regulations on an institution's risk profile?

Which action should you take?

Choose only one option

Increased legal and reputational risk

Increased regulatory reporting

Reduced transaction monitoring capabilities

Higher transaction volumes

Question 5: How does fraudulent transaction profiling enhance AML compliance in fraud detection systems?

Which action should you take?

Choose only one option

By creating a baseline of normal activity to identify deviations

By simplifying compliance reporting for regulators

By automatically flagging all customer accounts over a certain age

By offering automatic approvals for high-volume transactions

Question 6: What is a key challenge when reporting transactions involving virtual assets in AML investigations?

Which action should you take?

Choose only one option

Aligning with international AML standards

Tracking the value fluctuations of the virtual asset

Verifying the identity of the asset owner

Identifying the underlying blockchain