Preview Questions Compliance Officer | Role Specific Skill

Question 1: What is the role of forensic accounting in compliance investigations?

Which action should you take?

Choose only one option

Uncover concealed financial activities

Validate tax filings

Create financial forecasts

Streamline audit processes

Question 2: Which entity oversees the implementation of AML/CFT measures in financial institutions?

Which action should you take?

Choose only one option

Insurance regulators

Federal Bureau of Investigation (FBI)

Tax authorities

Financial Intelligence Units (FIUs)

Question 3: What is a financial institution's obligation under the FATF (Financial Action Task Force) recommendations in terms of record-keeping for financial transactions?

Which action should you take?

Choose only one option

To maintain records for a minimum of two years

To maintain detailed records of transactions for at least five years

To file only high-value transactions with authorities

To disclose records only when requested by clients

Question 4: What is the purpose of a heat map in risk assessment?

Which action should you take?

Choose only one option

Visualize audit frequency

Highlight regulatory changes

Prioritize risk areas

Compare market risks across institutions

Question 5: In the Anti-Money Laundering (AML) regime, which of the following is a required procedure for financial institutions?

Which action should you take?

Choose only one option

Offer a discount for clients with high volume transactions

Provide training on securities trading regulations

Conduct Customer Due Diligence (CDD) on all new clients

Limit the number of transactions per day per account

Question 6: What is a key characteristic of an effective compliance reporting framework?

Which action should you take?

Choose only one option

Accuracy, timeliness, and comprehensiveness

High automation levels

Cost efficiency

Minimal length