Certified AML FinTech Compliance Associate Free Sample Questions

Governance, Guidance, and Regulation · Risk Management Framework

1. A

   The Internal Audit team (3rd Line) reports directly to the CEO and helps the Compliance team (2nd Line) draft the annual AML risk assessment to ensure it meets audit standards.

2. B

   The MLRO (2nd Line) is responsible for owning the risk and executing daily transaction monitoring alert closures to maintain operational speed.

3. C

   The Compliance Officer (2nd Line) conducts the initial KYC checks on high-risk customers to ensure accuracy before the Sales team (1st Line) onboards them.

4. D

   The Customer Support team (1st Line) executes CDD procedures, while the Compliance team (2nd Line) monitors regulatory changes and advises on policy, and Internal Audit (3rd Line) independently tests the effectiveness of the controls.

Governance, Guidance, and Regulation · Data Privacy and Information Handling

1. A

   The customer's personal email address.

2. B

   The customer's mobile phone number.

3. C

   The customer's full residential address.

4. D

   The customer's biometric facial scan data used for liveness detection.

Governance, Guidance, and Regulation · Regulatory Principles for FinTechs

1. A

   To bypass the requirement for obtaining a money transmitter license in the target jurisdictions.

2. B

   To test innovative products in a controlled environment with regulatory supervision, allowing for the evaluation of risks and controls before a full-scale launch.

3. C

   To allow the regulator to take ownership of the product's intellectual property in exchange for compliance waivers.

4. D

   To operate indefinitely without the need for full AML/KYC controls to maximize user acquisition.

Governance, Guidance, and Regulation · Risk-Based Approach and Risk Assessment

1. A

   We rely entirely on our partner bank's risk appetite and do not maintain our own internal risk thresholds.

2. B

   We accept medium operational risks associated with innovative onboarding but have zero tolerance for willful sanctions violations or bribery.

3. C

   We have zero tolerance for any financial crime risk and will block all transactions that trigger any monitoring alert.

4. D

   We accept high risks in all categories to ensure rapid market expansion and will address compliance issues retrospectively.

Governance, Guidance, and Regulation · FinTech Risk Categorization by Traditional Institutions

1. A

   True

2. B

   False

Governance, Guidance, and Regulation · Types of Financial Crime

1. A

   Drug Trafficking

2. B

   Placement

3. C

   Bribery and Corruption

4. D

   Structuring

5. E

   Know Your Customer (KYC) failure