IDFC FIRST Bank Transaction Monitoring Officer 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