Valid CKYCA Test Answers & ACAMS CKYCA Exam PDF
ACAMS CKYCA Certification Real 2024 Mock Exam
The CKYCA certification is designed for professionals who are responsible for customer due diligence (CDD) and KYC procedures in financial institutions, such as banks, insurance companies, and investment firms. It provides a comprehensive understanding of the KYC process, including customer identification, risk assessment, ongoing monitoring, and reporting of suspicious activities. Association of Certified Anti Money Laundering certification also covers key regulatory requirements, such as the USA PATRIOT Act and the Financial Action Task Force (FATF) recommendations.
NEW QUESTION # 26
The first step in the CDD of a legal person is to?
- A. Understand the ownership structure and to track back to the ultimate beneficial owners and controllers.
- B. Discover the type of business your customer undertakes.
- C. Find out what the account will be used for, and the level of activity your organization should expect to see.
Answer: A
NEW QUESTION # 27
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. True
- B. Depends on the specifics.
- C. False
Answer: A
NEW QUESTION # 28
The overall control environment is the set of _________
- A. standards, processes, and structures that provide the basis for carrying out external control across the organization.
- B. risk standards, processes, and structures that provide the basis for carrying out internal control across the organization.
- C. standards, processes, and structures that provide the basis for carrying out internal control across the organization.
Answer: C
NEW QUESTION # 29
The following are some attributes of reliable sources to use in the EDD process. (SELECT 2)
- A. Reputable and biased.
- B. Industry-recognized.
- C. later publication date.
- D. Internal and external consistency.
Answer: B,D
NEW QUESTION # 30
Who is your customer?
- A. individuals, private companies, dodgy companies, others.
- B. only individuals, listed companies, some private companies
- C. individuals, listed companies, private companies, others.
- D. individuals, listed companies, some private companies, others.
Answer: C
NEW QUESTION # 31
If an organization suspects that a customer is laundering money, or committing other types of financial crime, it has a duty to report it to the authorities? (TRUE OR FALSE)
- A. True.
- B. False
Answer: A
NEW QUESTION # 32
Financial Institutions include? (SELECT 2)
- A. Insurance Companies.
- B. Pay Day Loan Companies.
- C. Broker Dealer.
- D. Companies registered with the SEC.
Answer: A,C
NEW QUESTION # 33
Why is Private Banking Higher Risk? (SELECT 2)
- A. They use products which are designed for clients with a greater risk tolerance.
- B. Transactions may be confidential.
- C. They use Transactions that attempt to mask true ownership.
- D. They almost exclusively use structures that are on secretive jurisdictions.
Answer: B,C
NEW QUESTION # 34
The overall customer risk rating is usually derived as a composite of the following four categories of risk in money laundering prevention.
What are the those four?
- A. Customer, Jurisdiction, Product, and Channel.
- B. Client, Jurisdiction, Product, and Sub-Channel.
- C. Client, Jurisdiction, Selected Products, and Channel.
- D. Customer, Jurisdiction, Product, and Sub-Channel.
Answer: A
NEW QUESTION # 35
What risk increases with non-face-to-face business relationships or transactions, or when payments are sent to or received from unknown or unassociated third parties.
- A. Operational Risk.
- B. Channel Risk
- C. Remittance Risk
- D. Financial Crime Risk.
Answer: B
NEW QUESTION # 36
For secondary forms of non-documentary verification. Is the act of someone from the institution ringing up the individual and confirming the verification sufficient?
- A. Yes.
- B. Depends on the client.
- C. No.
Answer: A
NEW QUESTION # 37
The Source of Funds and the Source of Wealth must be? (SELECT 2)
- A. Provided
- B. Verified.
- C. Consistant.
- D. Explained.
Answer: B,D
NEW QUESTION # 38
The five components of the internal control framework are the overall control environment are risk assessment, control activities, communication, regulations, quality assurance?
- A. No.
- B. Yes.
Answer: A
NEW QUESTION # 39
Trade finance, which is the provision or credit for domestic and international trade transactions is likely?
- A. It depends on the Anti-Money Laundering program.
- B. Usually a Medium Risk Produce.
- C. Usually a High Risk Product
- D. Usually a Low Risk Product.
Answer: C
NEW QUESTION # 40
When is Enhanced Due Diligence (EDD) used?
- A. Financial Institutions use EDD only when the geographical trigger event.
- B. if higher risk or difficult to assess.
- C. Financial Institutions use EDD only when the product trigger event.
- D. If lower risk of easy to assess.
Answer: B
NEW QUESTION # 41
What is the First Line of Defense? (FLOD)
- A. The _______ line of defense is the compliance and internal control functions. That includes the chief money laundering reporting officer, or MLRO, in charge of managing and monitoring AML and CFT activities.
- B. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
- C. The _______ line of defense is also known as the front line, these customer-facing employees are best-equipped to get the information you need for your customer due diligence. Can include Operations, risk, and control teams.
Answer: C
NEW QUESTION # 42
What is the Primary Money Laundering Regulation in the United Kingdom?
- A. Proceeds of Crime Act
- B. UK AML Sanctions Regime
- C. The Money Laundering and Terrorist Financing (Amendment) Regulation 2019
- D. Proceeds of Terrorism Act
Answer: C
NEW QUESTION # 43
Control activities in financial crime prevention include? (SELECT 3)
- A. Corrective controls.
- B. Detective Controls.
- C. Premeditated Controls
- D. Preventative Controls.
- E. Incorrect Controls
Answer: A
NEW QUESTION # 44
Jurisdictions with high risk usually have (SELECT 4)
- A. Poor anti-money laundering regulations.
- B. High levels of corruption
- C. Poverty
- D. Inadequate regulatory and judicial frameworks to prevent terror financing
- E. Host shell and shelf companies.
Answer: A,B,D,E
NEW QUESTION # 45
Although you might find all the information you gathered throughout your research to be interesting, should include only relevant information in your final report?
- A. Yes.
- B. Depends on the discretion of the analyst.
- C. No
Answer: A
NEW QUESTION # 46
What are key risks in Financial Crime Prevention Control? (SELECT 3)
- A. Reputational.
- B. Financial.
- C. Regulatory.
- D. Insurance.
Answer: B
NEW QUESTION # 47
The KYC four step research is?
- A. Assess, Organize, Narrow, Present
- B. Assess, Operations, Explore, Present
- C. Assess, Organize, Explore, Past
- D. Assess, Organize, Explore, Present
Answer: D
NEW QUESTION # 48
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