22 Questions
What is the first phase of the risk pyramid in transaction monitoring?
Identification
In transaction monitoring, what does 'identification' primarily refer to?
Identifying unusual or suspicious transactions
What triggers the system to signal that a cash transaction is above a certain threshold value?
Cash withdrawal or deposit
How does the system recognize when to trigger an investigation in transaction monitoring?
By exceeding a certain threshold value or meeting specific scenario criteria
What is the purpose of the assessment phase in the risk pyramid of transaction monitoring?
To evaluate and investigate unusual transactions
How are investigations for unusual or suspicious transactions typically assessed in transaction monitoring?
By analyzing anomalous indicators and the investigation framework
What is the role of the Financial Intelligence Unit?
Collect and share unusual transactions with investigative agencies
What happens if there is a delay in reporting an unusual transaction?
A fine may be imposed
Who must be informed about a suspicious transaction before it is reported to the Financial Intelligence Unit?
The Compliance team
What action can the central bank of a country take if financial institutions do not comply with regulations?
Imposing fines on non-compliant institutions
What is the consequence of reporting an unusual transaction to the Financial Intelligence Unit?
Other relevant parties are notified and involved
Why does the Financial Intelligence Unit share reported unusual transactions with other parties?
To collect data on suspicious activities
What is the first step in conducting a customer survey?
Writing a general customer picture
What is the purpose of reviewing transactions in the customer survey?
To check if transactions fit the client profile
What is the role of a Compliance professional in the survey process?
To advise senior management on cases
What is the purpose of the four-eye principle in the survey process?
To check the overall quality of the file
What are subjective indicators in the survey process?
Indicators developed over time based on professional judgment
Which management measures can be taken in the mitigation phase?
All of the above
What is the purpose of internal escalation in the survey process?
To apply internal measures immediately
What is the role of the Quality Checker in the survey process?
To check the overall quality of the file
What is the purpose of blocking transactions in the survey process?
To investigate unusual transactions
What is the purpose of external reporting to the Financial Intelligence Unit?
To report suspicious activities
Test your knowledge on the phases of the risk pyramid in Transaction Monitoring, including Identification, Assessment, and Mitigation. Understand the process of identifying unusual or suspicious transactions and setting threshold values.
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