Practice Test for CKYCA Certification Real 2023 Mock Exam
Prepare For Realistic CKYCA Dumps PDF - 100% Passing Guarantee
ACAMS CKYCA exam is an internationally recognized certification, and it is a reflection of an individual's commitment to maintaining a high level of professionalism, ethics, and integrity in their work. Possession of this certification can open up a world of opportunities for financial professionals and can contribute to the growth and success of their organization. With the increasing global concern surrounding money laundering activities, the need for certified AML experts is greater than ever, making it an excellent opportunity for financial professionals to set themselves apart in a competitive market.
NEW QUESTION # 19
If the legal structure is overly complex.
What step should the analyst do when conducting Customer Due Diligence in identifying the beneficial owners?
- A. Escalate, A complex legal structure is a sign of hiding the beneficial owner.
- B. Continue, Most legal structures can be overly complex in a normal business setting.
- C. Tread carefully, particularly if they operate in jurisdictions with secrecy la
Answer: C
NEW QUESTION # 20
If a customer is a PEP and they are using private wealth services from banks, and also appear to have obtained a fair amount of wealth is this a red flag?
- A. Yes.
- B. Depends on the exact circumstances.
- C. No.
Answer: A
NEW QUESTION # 21
The Source of Funds and the Source of Wealth must be? (SELECT 2)
- A. Consistant.
- B. Provided
- C. Explained.
- D. Verified.
Answer: C,D
NEW QUESTION # 22
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 # 23
Financial Institutions include? (SELECT 2)
- A. Companies registered with the SEC.
- B. Pay Day Loan Companies.
- C. Insurance Companies.
- D. Broker Dealer.
Answer: C,D
NEW QUESTION # 24
Why is Private Banking Higher Risk? (SELECT 2)
- A. They almost exclusively use structures that are on secretive jurisdictions.
- B. They use Transactions that attempt to mask true ownership.
- C. They use products which are designed for clients with a greater risk tolerance.
- D. Transactions may be confidential.
Answer: B,D
NEW QUESTION # 25
Are Immediate family members, relatives, and close associates of PEPS classified as PEPS?
- A. Perhaps.
- B. No.
- C. Yes.
Answer: A
NEW QUESTION # 26
Under a risk based approach is a PEP risk manageable If a customer discloses during the KYC, or Know Your Customer process?
- A. Yes, He or she is the spouse of a government official, closely related to the government official
- B. No, PEPs do not need to disclose their status, it is up to the financial institution to find that information out and determine the risk.
- C. Yes, PEPS need bank accounts and access to financial investment products like everyone else.
- D. No, PEPS are do not fit within the risk tolerance of an organization.
Answer: A
NEW QUESTION # 27
What corporate vehicles can a money launderer hide behind, where it is difficult to identify the beneficial owner? (SELECT 4)
- A. Regulated investment advisors
- B. Private investment companies.
- C. Trusts.
- D. Shell companies.
- E. Sole Proprietors.
Answer: B,C,D,E
NEW QUESTION # 28
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. No.
- C. Depends on the client.
Answer: A
NEW QUESTION # 29
Shell companies can only be established as single purpose entities?
- A. No.
- B. Yes.
Answer: A
NEW QUESTION # 30
What prohibits US companies and individuals from paying bribes to foreign officials in furtherance of a business deal. It has extraterritorial reach?
- A. The Foreign Corrupt Practices Act of 1977
- B. Bribery Act 2010
- C. Corruption of Foreign Public Officials Act
- D. International Anti-Bribery Act of 1998
Answer: A
NEW QUESTION # 31
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 # 32
For AML purposes, most jurisdictions require that beneficial ownership be collected at a threshold of (SELECT 2)
- A. 20%
- B. 10% sometimes for high risk customers
- C. 15%
- D. 25%
Answer: B,D
NEW QUESTION # 33
What stage is the explore step in the 4 step process with regards to the 4-step research model?
- A. 3rd.
- B. 2nd.
- C. 1st.
- D. 4th.
Answer: B
NEW QUESTION # 34
What is the advantage of Bearer Shares? (SELECT 3)
- A. They are a more affordable way of setting up a business in certain countries in the Caribbean.
- B. They are an excellent, quick effective way to set up a business in Delaware, Nevada, and Wyoming
- C. Tax haven countries and their strict secrecy laws can further conceal the true ownership.
- D. They can be held under agreement by professionals as another layer of secrecy.
- E. They can't be traced to a central registry because whoever carries them is the purported owner.
Answer: C,D,E
NEW QUESTION # 35
Is collecting identification a legal requirement in jurisdictions?
- A. Most.
- B. No.
- C. Yes.
Answer: A
NEW QUESTION # 36
What is the Second Line of Defense? (SLOD)
- 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 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.
- C. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
Answer: A
NEW QUESTION # 37
What a is supranational organization below? (SELECT 3)
- A. United Nations
- B. World Trade Organization
- C. Australian Transaction Reports and Analysis Centre.
- D. Singapore's Ministry of Law.
- E. European Union.
Answer: A,B,E
NEW QUESTION # 38
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
- A. True.
- B. False.
Answer: A
NEW QUESTION # 39
Most Organizations Use the three risk classifications for customers.
What are they? (SELECT 3)
- A. High.
- B. Medium.
- C. Low.
- D. Moderate.
- E. EDD-High.
- F. Very High.
Answer: A,B,C
NEW QUESTION # 40
Who will review KYC files to determine whether you are complying with your jurisdiction's laws and regulations
- A. Regulators
- B. Law Enforcement
- C. The KYC Analyst
- D. Compliance
Answer: A
NEW QUESTION # 41
What are key risks in Financial Crime Prevention Control? (SELECT 3)
- A. Financial.
- B. Regulatory.
- C. Insurance.
- D. Reputational.
Answer: A
NEW QUESTION # 42
......
Download CKYCA Exam Dumps Questions to get 100% Success: https://exam-labs.prep4sureguide.com/CKYCA-prep4sure-exam-guide.html