?? Part -18, Top AML & KYC Interview Questions and Answers??

OFAC (Office of Foreign Assets Control)

• Q1: What is OFAC?
• A1: OFAC is a U.S. government agency responsible for administering and enforcing economic and trade sanctions against targeted foreign countries and regimes, terrorists, international narcotics traffickers, and other threats to U.S. national security.

• Q2: How does a company ensure compliance with OFAC regulations?
• A2: Companies can ensure compliance by screening transactions and customers against the OFAC's Specially Designated Nationals (SDN) list and other sanctions lists and by having robust compliance programs to monitor high-risk activity.

• Q3: What are the penalties for violating OFAC regulations?
• A3: Penalties for violating OFAC regulations can include substantial fines, criminal prosecution, and civil penalties.

FATF (Financial Action Task Force)

• Q1: What is the Financial Action Task Force (FATF)?
• A1: FATF is an intergovernmental body that develops and promotes policies to combat money laundering, terrorist financing, and other threats to the integrity of the international financial system.

• Q2: What is the FATF's role in global financial crime prevention?
• A2: The FATF sets international standards and recommendations to help countries combat money laundering, terrorist financing, and other financial crimes, and evaluates the effectiveness of global efforts to implement these standards.

• Q3: How do FATF recommendations influence financial institutions?
• A3: Financial institutions must implement FATF’s recommendations to improve anti-money laundering (AML) and counter-terrorist financing (CTF) programs.

FINRA (Financial Industry Regulatory Authority)

• Q1: What is FINRA?
• A1: FINRA is a private, non-profit organization that regulates member brokerage firms and exchange markets in the United States, ensuring market integrity and protecting investors from fraudulent activities.

• Q2: What is FINRA's role in transaction monitoring?
• A2: FINRA monitors trading activities to detect suspicious transactions that may indicate market manipulation or other fraudulent activities and ensures that firms comply with the relevant regulations.

• Q3: What are the reporting requirements under FINRA rules?
• A3: FINRA requires its members to report certain transactions, including suspicious activity, under the Suspicious Activity Report (SAR) rules, which are aligned with AML regulations.

Direct Message ? me to access this amazing study content in PDF format ?? ??

1. Complete set of Sanctions, sanction guidelines, Screening etc

2. All about Suspicious Activity Report

3. Top AML-KYC interview question & answer

4. Money Laundering and Cryptocurrency

5. Global Money Laundering Case Studies

6. From Basic to Advanced: AML and KYC Guide

7. FCA Regulated Firms’ Treatment of PEPs

8. Cyber-Enabled Fraud and; Illicit Money Flows by CAMS

9. Targeted Update on FATF Standards for Virtual Assets amp; VASP

10. …and much more!

??Interview Preparation AssistanceI am here to provide tailored study resources and guidance to support your career advancement.

#AML #KYC #Compliance #CFBR

By Anand Rajpurohit