10 Questions
What is the main purpose of objective indicators in transaction monitoring?
To identify unusual transactions that do not fit the customer profile
What is the role of a compliance professional in the mitigation phase?
To advise senior management on compliance measures and determine heavier measures
What is the purpose of the four-eyes principle in the mitigation phase?
To review the quality of the file and identify risks
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
What is the purpose of the Financial Intelligence Unit?
To collect and share unusual transactions with relevant parties
What is the consequence of non-compliance with laws and regulations by financial institutions?
A fine from the Central Bank
What is the role of subjective indicators in transaction monitoring?
To develop a professional judgment
What is the purpose of internal escalation in the mitigation phase?
To apply internal measures to contain the risk of illegal activities
What is the purpose of blocking transactions in the mitigation phase?
To contain the risk of illegal activities
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
Learn about the Transaction Monitoring process, a crucial component of Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations. This course covers the definition, legislation, and workflow of Transaction Monitoring, as well as mitigation factors and internal stakeholders. Get a comprehensive understanding of this essential KYC work stream.
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