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Syllabus C: Business functions, regulation and technologySection BSyllabus CMTQTechnology

ACCA · Question 49 · Syllabus C: Business functions, regulation and technology

SCENARIO: 'FinBank' is adopting new technologies to combat financial crime. They are implementing a decentralized, immutable ledger to track cross-border payments. They are also using software to analyze millions of unstructured social media posts to detect sentiment. To access the server room, staff now need a fingerprint scan. Finally, they are training staff to spot criminals trying to hide the illicit origins of drug money.

Identify the correct terms for:

  1. The immutable ledger technology.
  2. The technology analyzing millions of unstructured posts.
  3. The control type for the fingerprint scan.
  4. The specific crime of hiding illicit money origins.

Which option represents the correct combination?

Answer options:

A.

1-Cloud Computing, 2-Artificial Intelligence, 3-Logical Detective Control, 4-Teeming and Lading

B.

1-Blockchain, 2-Big Data Analytics, 3-Physical Preventative Control, 4-Money Laundering

C.

1-Blockchain, 2-Big Data Analytics, 3-Logical Preventative Control, 4-Fraudulent Trading

D.

1-Distributed Database, 2-Machine Learning, 3-Physical Detective Control, 4-Money Laundering

How to approach this question

Match the definitions: immutable ledger = blockchain. Massive unstructured data = Big Data. Door lock = physical preventative. Hiding dirty money = money laundering.

Full Answer

B.1-Blockchain, 2-Big Data Analytics, 3-Physical Preventative Control, 4-Money Laundering✓ Correct
1. Blockchain is a decentralized, immutable ledger. 2. Big Data deals with high volume, unstructured data like social media. 3. A fingerprint scanner on a server room door is a Physical (real-world) Preventative (stops it happening) control. 4. Money laundering is the process of making illegally-gained proceeds appear legal.

Common mistakes

Confusing physical controls (locks, guards) with logical controls (passwords, firewalls).
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