10+ Suraj Informatics Interview Questions and Answers

The stages of AML include customer identification, transaction monitoring, and reporting. Types of alerts in transaction monitoring include high-risk transactions, unusual activity, and potential money laundering. Sanctions refer to restrictions imposed on individuals or entities by governments or international organizations.

• Stages of AML: customer identification, transaction monitoring, reporting

• Types of alerts in transaction monitoring: high-risk transactions, unusual activ...read more

CDD is basic due diligence while EDD is enhanced due diligence.

• CDD is a standard process of verifying the identity of a customer and assessing the risk associated with them.

• EDD is a more thorough process that involves gathering additional information about the customer to mitigate higher risks.

• CDD is typically used for low-risk customers while EDD is used for high-risk customers.

• Examples of EDD include conducting background checks, reviewing financial statements, and obtainin...read more

Sanctioned countries are those that have been subjected to economic or political restrictions by other countries or international organizations.

• Sanctions are typically imposed as a means of exerting pressure on a country to change its behavior.

• Sanctions can include trade restrictions, financial restrictions, travel bans, and arms embargoes.

• Examples of currently sanctioned countries include Iran, North Korea, Syria, and Venezuela.

Banking process refers to the set of activities and procedures involved in managing financial transactions within a bank.

• Banking process involves opening and closing accounts, processing deposits and withdrawals, issuing loans and credit cards, and managing investments.

• It also includes compliance with regulatory requirements, risk management, and fraud prevention.

• Examples of banking processes include account opening procedures, loan application processes, and transaction proc...read more

Sanction process is a legal or administrative action taken against an individual or entity for violating laws or regulations.

• Sanctions can include fines, restrictions, or even criminal charges.

• The process typically involves an investigation, followed by a determination of guilt or innocence.

• If found guilty, the individual or entity may have the opportunity to appeal the decision.

• Examples of sanctions include the US government's sanctions against Iran for its nuclear program, ...read more

KYC AML process is a set of procedures and policies designed to prevent money laundering and terrorist financing.

• KYC (Know Your Customer) involves verifying the identity of customers and assessing their potential risks

• AML (Anti-Money Laundering) involves monitoring transactions and reporting suspicious activities

• The process includes customer due diligence, risk assessment, ongoing monitoring, and reporting

• Financial institutions and other regulated entities are required to com...read more

Transaction monitoring is the process of reviewing and analyzing financial transactions to detect suspicious activity.

• It involves monitoring financial transactions in real-time or near real-time

• It helps to identify potential money laundering, fraud, or other illegal activities

• It involves setting up rules and thresholds to flag suspicious transactions

• Examples include monitoring large cash deposits, frequent international transfers, and transactions involving high-risk countrie...read more

CDD stands for Customer Due Diligence and EDD stands for Enhanced Due Diligence.

• CDD is a process of verifying the identity of a customer and assessing the risks associated with them.

• EDD is a more detailed and thorough process of due diligence that is conducted for high-risk customers.

• CDD is mandatory for all customers, while EDD is only required for high-risk customers.

• Examples of high-risk customers include politically exposed persons (PEPs), customers from high-risk countri...read more

Entities can be classified into different types based on their legal structure and purpose.

• Sole Proprietorship: owned and operated by one individual

• Partnership: owned and operated by two or more individuals

• Corporation: a legal entity separate from its owners

• Limited Liability Company (LLC): combines elements of partnerships and corporations

• Nonprofit Organization: operates for charitable, educational, or other public purposes