Swift Risk Assessment & Management 3

Question 1

Which SWIFT tool provides real-time tracking of payment status and improves transparency in correspondent banking chains?

Accepted Answer

SWIFT gpi Tracker

Answer

The SWIFT gpi Tracker gives all banks in a payment chain end-to-end visibility of payment status, fees, and FX rates in real time.

Question 2

A bank's risk team identifies that a respondent bank processes high volumes of transactions from jurisdictions on the FATF blacklist. This is an example of which risk?

Accepted Answer

Nested correspondent banking risk

Answer

Nested correspondent banking occurs when a respondent bank processes transactions on behalf of other banks, obscuring the ultimate originator and raising AML risk.

Question 3

Which SWIFT CSP advisory control is considered an advanced practice for detecting anomalous messaging patterns?

Accepted Answer

Payment controls software (anomaly detection)

Answer

Payment controls software that flags unusual transaction patterns is listed as an advisory (recommended but not mandatory) control in the CSP framework.

Question 4

Under Wolfsberg Correspondent Banking Principles, what due diligence is required before establishing a new correspondent relationship?

Accepted Answer

Comprehensive KYC/AML due diligence on the respondent bank

Answer

The Wolfsberg Principles require thorough KYC/AML due diligence covering ownership, business model, AML controls, and jurisdiction risk before opening accounts.

Question 5

What does the SWIFT Compliance Analytics tool (formerly called Transaction Pattern Analysis) primarily help institutions do?

Accepted Answer

Benchmark their transaction patterns against peers to identify anomalies

Answer

SWIFT Compliance Analytics lets banks compare their traffic patterns against community norms to spot suspicious flows that may indicate AML risk.

Swift Practice Test

Swift Practice Test

Swift Risk Assessment & Management 3