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KYC: Understanding Transaction Monitoring in AML

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KYC: Understanding Transaction Monitoring in AML

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Questions and Answers

What is the main purpose of objective indicators in transaction monitoring?

To monitor compliance with laws and regulations

To develop a professional judgment

To advise senior management on compliance measures

To identify unusual transactions that do not fit the customer profile (correct)

What is the role of a compliance professional in the mitigation phase?

To monitor compliance with laws and regulations

To advise senior management on compliance measures and determine heavier measures (correct)

To report unusual transactions to the Financial Intelligence Unit

To review the quality of the file and identify risks

What is the purpose of the four-eyes principle in the mitigation phase?

To report unusual transactions to the Financial Intelligence Unit

To advise senior management on compliance measures

To monitor compliance with laws and regulations

To review the quality of the file and identify risks (correct)

What is the role of the Central Bank in countering money laundering and terrorist financing?

To supervise compliance with laws and regulations of financial institutions Signup and view all the answers

What is the purpose of the Financial Intelligence Unit?

To collect and share unusual transactions with relevant parties Signup and view all the answers

What is the consequence of non-compliance with laws and regulations by financial institutions?

A fine from the Central Bank Signup and view all the answers

What is the role of subjective indicators in transaction monitoring?

To develop a professional judgment Signup and view all the answers

What is the purpose of internal escalation in the mitigation phase?

To apply internal measures to contain the risk of illegal activities Signup and view all the answers

What is the purpose of blocking transactions in the mitigation phase?

To contain the risk of illegal activities Signup and view all the answers

What is the role of senior management in the mitigation phase?

To be aware of and authorize the reporting of unusual transactions to the Financial Intelligence Unit Signup and view all the answers

KYC: Understanding Transaction Monitoring in AML

Choose a study mode

Podcast

Questions and Answers

What is the main purpose of objective indicators in transaction monitoring?

What is the role of a compliance professional in the mitigation phase?

What is the purpose of the four-eyes principle in the mitigation phase?

What is the role of the Central Bank in countering money laundering and terrorist financing?

What is the purpose of the Financial Intelligence Unit?

What is the consequence of non-compliance with laws and regulations by financial institutions?

What is the role of subjective indicators in transaction monitoring?

What is the purpose of internal escalation in the mitigation phase?

What is the purpose of blocking transactions in the mitigation phase?

What is the role of senior management in the mitigation phase?

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