The financial industry relies heavily on rules-based approaches to transaction monitoring to detect suspicious activities. Scenario-based systems use technology and algorithms to identify: (Choose…

The correct answer is B. suspicious behavior involving a transaction that occurs at an unusual time of day. D. transaction patterns involving transactions that exceed a certain dollar amount. E. anomalies involving a transaction that occurs in a location far away from the customer's usual. Scenario-based systems use algorithms to detect suspicious behaviors, such as transactions occurring at unusual times, those exceeding specified thresholds, or those taking place in locations inconsistent with a customer's typical activity. These anomalies help identify…

AML/CFT Compliance Programs

Question

The financial industry relies heavily on rules-based approaches to transaction monitoring to detect suspicious activities. Scenario-based systems use technology and algorithms to identify: (Choose three.)

Options

Afraudulent identities involving stolen or manufactured identification.
Bsuspicious behavior involving a transaction that occurs at an unusual time of day.
Chidden beneficial owners.
Dtransaction patterns involving transactions that exceed a certain dollar amount.
Eanomalies involving a transaction that occurs in a location far away from the customer's usual

How the community answered

(49 responses)

A
8% (4)
B
76% (37)
C
16% (8)

Explanation

Scenario-based systems use algorithms to detect suspicious behaviors, such as transactions occurring at unusual times, those exceeding specified thresholds, or those taking place in locations inconsistent with a customer's typical activity. These anomalies help identify potential financial crime risks.

Topics

#transaction monitoring#scenario-based systems#rules-based monitoring#suspicious activity detection

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