AXA Business Services Senior AML KYC Analyst Interview Questions, Process, and Tips

Pooled accounts refer to accounts where funds from multiple individuals or entities are combined into a single account.

• Pooled accounts are commonly used by investment funds, such as mutual funds or hedge funds, to pool together the investments of multiple investors.

• These accounts allow for diversification of investments and can be managed by a fund manager.

• The funds in a pooled account are typically invested in various...read more

Enhanced due diligence parameters include high-risk customers, politically exposed persons, complex ownership structures, and unusual transactions.

• Identifying high-risk customers based on their industry, location, or transaction history

• Conducting enhanced due diligence on politically exposed persons (PEPs) and their close associates

• Investigating complex ownership structures to identify ultimate beneficial owners (UBOs)

• ...read more

The parameters for enhanced due diligence are customer location, financial status, nature of business, and purpose of transaction.

• Enhanced due diligence is a more thorough investigation of a customer's risk profile.

• Customer location can indicate higher risk jurisdictions.

• Financial status can reveal potential for money laundering or terrorist financing.

• Nature of business can indicate higher risk industries.

• Purpose of tr...read more

KYC Policy refers to the set of guidelines and procedures that a financial institution follows to verify the identity of its clients.

• KYC Policy is a crucial part of AML compliance.

• It outlines the procedures for verifying the identity of clients and assessing their risk.

• It includes guidelines for customer due diligence, ongoing monitoring, and record-keeping.

• Examples of KYC Policy include verifying the identity of clien...read more

Customer Acceptance Policy outlines the criteria for onboarding new customers and ongoing monitoring.

• The policy should include risk assessment procedures

• It should define the types of customers the institution will not do business with

• It should outline the documentation required for customer identification and verification

• It should specify the frequency and scope of ongoing monitoring

• It should be regularly reviewed and ...read more

Customer identification procedure in AML/KYC involves verifying the identity of customers and assessing their risk level.

• Collecting customer information such as name, address, date of birth, and identification documents

• Verifying the authenticity of the provided information through reliable sources

• Assessing the customer's risk level based on factors such as their occupation, source of income, and transaction history

• Moni...read more

Suspicious transactions can be identified by analyzing transaction patterns, customer behavior, and red flags.

• Analyze transaction patterns such as unusual frequency, amounts, or destinations

• Monitor customer behavior such as sudden changes in activity or account information

• Look for red flags such as high-risk countries, politically exposed persons, or unusual business activities

• Use transaction monitoring software to fla...read more