First City Monument Bank Monitoring Engineer Interview Questions and Answers

A mule account is a bank account used to transfer illegally obtained money.

• Mule accounts are typically opened by individuals who are recruited by criminals to help launder money.

• The individuals who open mule accounts are often unaware that they are participating in illegal activities.

• Criminals use mule accounts to move money around in order to avoid detection by authorities.

• Mule accounts are a common tool used in money...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 aims to detect and prevent money laundering activities within financial institutions.

• It involves monitoring transactions, conducting due diligence on customers, and reporting suspicious activities to authorities.

• Examples of AML measures include ...read more

I have detected and prevented multiple fraud cases during my time as a Transaction Monitoring Analyst.

• Detected and prevented numerous fraud cases by analyzing transaction patterns and identifying suspicious activities

• Implemented new monitoring techniques that led to the detection of several fraudulent transactions

• Collaborated with law enforcement agencies to investigate and prosecute fraudsters

• Provided training to team...read more

STR stands for Suspicious Transaction Report.

• STR is a report filed by financial institutions to the authorities when they suspect a transaction to be related to money laundering or terrorist financing.

• It helps in identifying and preventing financial crimes by reporting suspicious activities to the appropriate authorities.

• Examples of activities that may trigger an STR include large cash transactions, unusual patterns of...read more

I detect suspicious transactions by analyzing transaction patterns, monitoring for unusual activity, and investigating alerts.

• Utilize transaction monitoring software to flag potentially suspicious transactions

• Analyze transaction patterns and look for deviations from normal behavior

• Monitor for high-risk transactions such as large amounts, frequent transactions, or transactions to high-risk countries

• Investigate alerts ge...read more

The process for filing a Suspicious Transaction Report (STR) involves gathering relevant information, analyzing the transaction, documenting findings, and submitting the report to the appropriate authorities.

• Gather all relevant information related to the suspicious transaction, including transaction details, customer information, and any supporting documentation.

• Analyze the transaction to determine if it meets the crit...read more