Preview Questions AML Specialist | Role Specific Skill

Question 1: In the context of fraud detection, which of the following is not typically part of the fraud risk mitigation strategy?

Which action should you take?

Choose only one option

Ensuring a one-size-fits-all approach for all customer segments

Implementing multi-factor authentication for online transactions

Regularly updating fraud detection algorithms based on emerging threats

Maintaining a robust monitoring system for unusual transaction patterns

Question 2: What is the primary responsibility of an AML compliance officer under global regulations?

Which action should you take?

Choose only one option

To report profits and losses to regulatory bodies

To create marketing strategies for financial products

To oversee the institution's AML compliance programs and ensure adherence to regulations

To focus solely on customer transaction monitoring

Question 3: Which key factor determines whether a transaction should be escalated for investigation?

Which action should you take?

Choose only one option

The total transaction amount

The involvement of multiple parties

The timing of the transaction

The presence of red flags identified in monitoring systems

Question 4: How can AML investigators assess the effectiveness of monitoring system-generated alerts?

Which action should you take?

Choose only one option

By ignoring low-priority alerts

By analyzing historical alert data for false positive trends

By increasing the threshold levels for all transactions

By reducing the number of alerts generated

Question 5: What is the Threshold Transaction Report requirement under the Bank Secrecy Act (BSA) in the U.S.?

Which action should you take?

Choose only one option

To report all international transfers

To report transactions over $10,000 in cash

To report transactions over $1,000 in cash

To report transactions involving foreign currencies

Question 6: What is the primary goal of implementing risk-based transaction monitoring systems in AML fraud detection?

Which action should you take?

Choose only one option

To monitor customer accounts based only on transaction frequency

To automatically approve transactions that fall below a certain amount

To process all transactions through the same threshold rules

To focus resources on high-risk transactions and identify fraud patterns early