Sample interview questions: How do you ensure compliance with anti-money laundering and other regulatory requirements?
Sample answer:
Ensuring Compliance with Anti-Money Laundering and Regulatory Requirements
- Know Your Customer (KYC) Procedures: Conducting thorough KYC due diligence on clients to verify their identities, source of wealth, and business activities.
- Transaction Monitoring: Implementing robust systems to monitor transactions for suspicious activity, including large or unusual transfers, and reporting any suspicious behavior to regulatory authorities.
- Customer Due Diligence (CDD): Performing enhanced CDD on high-risk clients, politically exposed persons (PEPs), and customers in high-risk jurisdictions.
- Risk Management Framework: Establishing a comprehensive risk management framework that identifies, assesses, and mitigates potential compliance risks.
- Anti-Money Laundering Training: Providing regular and comprehensive training to employees on anti-money laundering laws, regulations, and best … Read full answer