31. How does banking technology facilitate compliance with anti-money laundering (AML) regulations in remittance transactions?
a) By implementing transaction monitoring systems
b) By maintaining comprehensive audit trails
c) By conducting due diligence on customers and beneficiaries
d) All of the above
32. What technology allows customers to send remittance directly from their bank accounts to the recipient’s bank account?
a) Bank-to-bank transfers
b) Automated Clearing House (ACH) transfers
c) Electronic Funds Transfers (EFTs)
d) All of the above
33. How does banking technology improve the accuracy of remittance transactions?
a) By automating reconciliation processes
b) By reducing manual data entry
c) By leveraging artificial intelligence for data validation
d) All of the above
34. What technology allows for the instant conversion of remittance funds into the recipient’s local currency?
a) Dynamic currency conversion
b) Instant currency exchange platforms
c) Cross-border payment networks
d) All of the above
35. Which technology allows customers to set up recurring remittance transactions?
a) Standing instructions
b) Direct debits
c) Tokenization
d) All of the above
