AI Trade Finance Document Checking Quiz

Answers and explanations appear as you take the quiz.

1. Under UCP 600, how long does a bank have to decide whether a presentation of documents complies?
   • Two calendar days after shipment
   • A maximum of five banking days following the day of presentation
   • Thirty days after the credit expires
   • Until the goods arrive at the port of discharge
2. Why does a naive exact string comparison between trade documents produce many false discrepancies?
   • Banking practice requires data to be not conflicting rather than identical across documents
   • OCR cannot read dates on bills of lading
   • UCP 600 requires every document to be handwritten
   • Letters of credit never state goods descriptions
3. A bill of lading shows a shipment date later than the latest shipment date in the credit. What would an AI checking system most likely do?
   • Ignore it because banks deal with goods, not documents
   • Automatically pay the beneficiary
   • Flag it as a discrepancy for the examiner
   • Change the credit's shipment date to match
4. Which pattern is a trade-based money laundering typology described by the FATF and Egmont Group?
   • Paying an invoice on its due date
   • Using a confirmed letter of credit
   • Over- or under-invoicing goods relative to their real value
   • Shipping goods by container rather than bulk
5. What principle means document checkers examine paperwork rather than inspecting the physical cargo?
   • Banks deal with documents, not goods
   • The shipper bears all risk of loss
   • Insurance certificates override the invoice
   • The applicant must inspect goods before payment
6. Why do robust systems run financial-crime models as a separate stream from compliance checking?
   • Financial-crime checks are optional under UCP 600
   • Their thresholds and escalation paths differ from those for document discrepancies
   • Compliance checking must be done only by hand
   • Financial-crime models cannot read bills of lading
7. What should each automated check output so examiners and auditors can rely on it?
   • Only a pass or fail score
   • A confidence percentage with no explanation
   • The rule applied, the source fields and their location in the document
   • A recommendation to accept all presentations under a set amount
8. How could laws recognizing electronic transferable records change AI document checking?
   • They would ban automated checking entirely
   • They would make bills of lading exchangeable as structured data, shrinking the extraction problem
   • They would remove the need for letters of credit
   • They would require banks to inspect goods physically