Maven Tech Services Interview Questions and Answers

CDD is the process of verifying the identity of customers to prevent money laundering and fraud, while EDD is a more thorough investigation for higher-risk customers.

• CDD involves collecting and verifying customer information such as name, address, and identification documents.

• EDD is conducted for customers posing a higher risk of money laundering or terrorist financing, requiring a more in-depth analysis.

• Examples of EDD include conducting background checks, reviewing source o...read more

Structuring involves organizing and arranging data, information, or processes in a systematic way.

• Structuring involves organizing data or information in a logical manner.

• It helps in making complex information easier to understand and navigate.

• Examples include creating databases, outlining project plans, and designing workflows.

The three stages of money laundering are placement, layering, and integration.

• Placement: The initial stage where illegal funds are introduced into the financial system.

• Layering: The process of separating the illicit funds from their original source through complex financial transactions.

• Integration: The final stage where the laundered funds are reintroduced into the legitimate economy.

• Example: A criminal deposits cash from illegal activities into a bank account (placement), t...read more

Red flags in AML refer to suspicious activities or behaviors that may indicate money laundering or terrorist financing.

• Unusual transactions or patterns, such as frequent large cash deposits or withdrawals

• Lack of a logical business explanation for transactions

• Use of shell companies or nominee accounts to obscure the true source of funds

• Customer reluctance to provide identification or other required information

• Transactions involving high-risk countries or politically exposed pe...read more

Potential red flags in an analysis

• Inconsistencies in data or methodology

• Lack of transparency in sources or calculations

• Unrealistic assumptions or projections

• Significant outliers or anomalies

• Conflicts of interest or bias

• Poor quality or outdated data

• Inadequate sample size or representation

The transactions limit in India per day varies depending on the type of transaction and the bank's policies.

• Different banks have different daily transaction limits for various types of transactions such as ATM withdrawals, online transfers, and POS transactions.

• For example, State Bank of India has a daily ATM withdrawal limit of Rs. 40,000 for classic debit card holders.

• Some banks may allow customers to increase their daily transaction limits by contacting customer service or...read more

Anti-money laundering (AML) refers to a set of laws, regulations, and procedures designed to prevent criminals from disguising illegally obtained funds as legitimate income.

• AML involves detecting and reporting suspicious financial activities to authorities.

• Financial institutions are required to have AML programs in place to comply with regulations.

• Examples of AML measures include customer due diligence, transaction monitoring, and reporting of suspicious activities.

• AML laws a...read more