AML/CFT Compliance Senior Management Quiz

AML/CFT Compliance Senior Management Quiz

Professional Development

15 Qs

quiz-placeholder

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AML/CFT Compliance Senior Management Quiz

AML/CFT Compliance Senior Management Quiz

Assessment

Quiz

Professional Development

Professional Development

Easy

Created by

Qamar Ak

Used 5+ times

FREE Resource

15 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Who holds ultimate responsibility for the effectiveness of an exchange house’s AML/CFT compliance program?

Compliance Officer

Senior Management

Internal Audit

Regulatory Authorities

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary role of senior management in an AML/CFT program?

Approving suspicious transaction reports (STRs)

Delegating compliance tasks entirely to the compliance officer

Ensuring adequate resources and oversight for compliance programs

Performing transaction monitoring reviews

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As per the CBUAE guidelines, how often should senior management receive reports on AML/CFT program performance?

Annually

Biannually

Quarterly

Monthly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Senior management must ensure that the exchange house complies with which regulatory requirement related to sanctions?

Creation of internal policies

Customer service reviews

Ongoing sanctions screening against CBUAE lists

Financial forecasting

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What action should senior management take if they identify gaps in the AML/CFT compliance program?

Delay addressing the issue until the next review cycle

Address gaps immediately with appropriate corrective measures

Refer the issue solely to the compliance officer

Ignore the gaps if they are minor

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

What is the primary objective of senior management in combating AML/CFT risks?

Maximizing profit while reducing compliance spending

Ensuring business continuity at any cost

Promoting a strong compliance culture across the organization

Delegating responsibility to external consultants

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

According to the CBUAE, senior management must approve which of the following documents related to AML/CFT?

Marketing strategies

Annual compliance reports

Employee leave policies

IT system manuals

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