Cogent E Services Compliance Executive Interview Questions and Answers

AML stages refer to the steps involved in anti-money laundering process to detect and prevent financial crimes.

• Customer Due Diligence (CDD) - Collecting and verifying customer information

• Transaction Monitoring - Monitoring transactions for suspicious activities

• Suspicious Activity Reporting - Reporting any suspicious activities to authorities

• Investigation and Reporting - Investigating flagged activities and reporting fi

EDD client parameters include risk level, transaction volume, geographic location, and business type.

• Risk level: Assess the client's risk level based on factors such as industry, location, and past compliance history.

• Transaction volume: Determine the frequency and size of transactions to identify any unusual activity.

• Geographic location: Consider the client's location to assess potential regulatory risks and compliance...read more

The three steps in Money Laundering are placement, layering, and integration.

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

• Layering: The process of moving the funds through a series of complex transactions to obscure the audit trail.

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

Money laundering is the illegal process of making large amounts of money generated by a criminal activity, such as drug trafficking or terrorist funding, appear to have come from a legitimate source.

• Money laundering involves three main stages: placement, layering, and integration.

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

• Layering involves moving the funds around to ...read more