Preview Questions Compliance Officer | Role Specific Skill

Question 1: Which regulatory framework is primarily responsible for governing anti-money laundering (AML) practices in financial institutions globally?

Which action should you take?

Choose only one option

Dodd-Frank Act

MiFID II

FATF Recommendations

Basel III

Question 2: Under U.K.'s SM&CR (Senior Managers and Certification Regime), what is the duty of senior managers?

Which action should you take?

Choose only one option

Conduct regular financial audits

Ensure reasonable steps are taken to prevent breaches

Train staff on compliance matters

Establish personal liability for organizational risks

Question 3: What is the primary objective of the Sarbanes-Oxley Act (SOX)?

Which action should you take?

Choose only one option

Protect whistleblowers

Improve corporate governance

Simplify tax filings

Prevent money laundering

Question 4: What is the role of regulatory technology (RegTech) in enhancing investigative processes in BFSI institutions?

Which action should you take?

Choose only one option

Tracks employee adherence to policies

Simplifies risk management processes

Automates fraud detection processes

Ensures compliance training

Question 5: Which reporting requirement is mandated by the Foreign Account Tax Compliance Act (FATCA)?

Which action should you take?

Choose only one option

Disclosure of foreign accounts by U.S. taxpayers

Ensuring real-time transaction monitoring

Filing monthly transaction summaries

Conducting annual credit reviews

Question 6: What is the primary objective of conducting a root cause analysis during an investigation?

Which action should you take?

Choose only one option

To penalize the responsible individuals

To understand the fundamental issue

To prepare for regulatory audits

To identify process inefficiencies