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Home / Guides / Customer Due Diligence (CDD): A Practica…

Final exam · 12 questions · pass at 10/12

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12 questions across all 3 chapters. Score 10 or better and claim a free, verifiable certificate of completion you can add to your LinkedIn profile. Retake it as often as you like.

01 Chapter 1 What is the primary purpose of customer due diligence (CDD) within an AML program?

A To recover funds after a money laundering case has already been confirmed B To screen and understand customers before and during a business relationship, to prevent financial crime C To replace the need for transaction monitoring entirely D To generate marketing leads from new account applications

02 Chapter 1 During the KYC phase of CDD, what is the investigator primarily trying to establish?

A The customer's preferred banking app B The customer's marital status C Why the customer wants the relationship and what activity to expect from it D The exchange rate the customer will be charged

03 Chapter 1 A prospective customer is identified as a politically exposed person (PEP). What does this typically require?

A Enhanced due diligence and closer, more frequent review B Automatic account closure with no further process C No additional action beyond standard onboarding D A reduced documentation requirement compared to other customers

04 Chapter 1 Why does a risk-based approach to CDD apply lighter-touch reviews to low-risk customers rather than the same checklist used for everyone?

A Low-risk customers are exempt from all AML regulation B Regulators require identical treatment of every customer regardless of risk C Low-risk customers pay lower account fees, which determines review frequency D It balances thorough scrutiny with operational efficiency, focusing resources where risk is actually higher

05 Chapter 2 Why is ongoing monitoring necessary even after a customer has been successfully onboarded?

A A customer's risk profile can change over time as their business, ownership, or transaction patterns evolve B Ongoing monitoring is only a marketing requirement with no compliance value C Once onboarded, a customer's risk rating is permanently fixed and cannot change D It is only required for customers who submit a formal complaint

06 Chapter 2 What distinguishes perpetual KYC (pKYC) from a traditional periodic review cycle?

A pKYC eliminates the need for any customer review whatsoever B pKYC refreshes customer information continuously, triggered by relevant events rather than a fixed calendar date C pKYC only applies to customers rated as low risk D pKYC reviews customers only once, at the point of onboarding

07 Chapter 2 A machine learning transaction monitoring tool flags an anomaly, and the alert is automatically closed with no human review. What is the compliance concern?

A Machine learning tools should never be used anywhere in CDD B There is no concern, since full automation is always preferable to human review C Regulators expect a documented human review of flagged anomalies, and an unreviewed auto-closed alert leaves no audit trail of the decision D The alert should have been escalated automatically to law enforcement instead

08 Chapter 2 What is the main advantage AI and machine learning tools bring to CDD compared to fully manual review?

A They eliminate the need for any customer documentation at all B They replace the need for a documented risk rating C They remove the requirement for ongoing monitoring entirely D They can identify patterns and anomalies across large datasets at a scale and speed manual review cannot match

09 Chapter 3 How should a compliance team frame a CDD information request to reduce resistance from an uncooperative client?

A Explain what the request protects, such as the integrity of the financial system, rather than only citing regulatory obligation B Threaten to close the account immediately if documents are not provided C Avoid explaining the reason for the request at all D Only send the request through automated emails with no additional context

10 Chapter 3 What is a key operational risk of relying on legacy, manual CDD technology?

A It has no real impact on operational risk, only on speed B It increases the risk of human error and makes the process harder to audit consistently C It automatically ensures a higher standard of due diligence quality D It eliminates the need for staff training on financial crime typologies

11 Chapter 3 Why do effective CDD training programs need to be refreshed regularly rather than delivered once?

A Regulators formally prohibit any repeat training sessions B Refresher training is only ever relevant for brand-new employees C Financial crime typologies evolve, so training frozen at one point in time becomes outdated D Training has no measurable effect on CDD program quality

12 Chapter 3 A firm wants to speed up CDD onboarding that is frustrating customers. What is the risk of achieving this purely by cutting steps out of the process?

A There is no risk at all, since faster onboarding is always strictly better B Cutting steps out of the process is a formal regulatory requirement C Efficiency and due diligence quality can never both improve at the same time D It may remove genuinely risk-mitigating controls instead of removing low-value friction; well-designed automation and risk-based tiering can often improve speed and quality together

0 of 12 answered

Not this time, and that is fine: the exam is here to point you at what to rewatch. Review the chapters below, then retake the exam. Your best path is the study notes panel on each chapter.

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