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Dumps Practice Exam Questions Study Guide for the CKYCA Exam
ACAMS CKYCA certification program is a valuable credential for professionals who work in the AML and KYC compliance field. It demonstrates their commitment to advancing their knowledge and skills and their dedication to preventing money laundering activities. In addition, the certification program provides professionals with networking opportunities and access to a global community of AML and KYC professionals.
NEW QUESTION # 42
The Source of Funds and the Source of Wealth must be? (SELECT 2)
- A. Provided
- B. Consistant.
- C. Explained.
- D. Verified.
Answer: C,D
NEW QUESTION # 43
If the legal structure is overly complex.
What step should the analyst do when conducting Customer Due Diligence in identifying the beneficial owners?
- A. Continue, Most legal structures can be overly complex in a normal business setting.
- B. Tread carefully, particularly if they operate in jurisdictions with secrecy la
- C. Escalate, A complex legal structure is a sign of hiding the beneficial owner.
Answer: B
NEW QUESTION # 44
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. standards, processes, and structures that provide the basis for carrying out internal control across the organization.
- C. risk standards, processes, and structures that provide the basis for carrying out internal control across the organization.
Answer: B
NEW QUESTION # 45
The European Union developed its 5th Money Laundering Directive based in part on the following? (SELECT 3)
- A. The exit of Britain from the European Regulatory System.
- B. Money Laundering and Financial Crime were deemed by the European Parliament and local committees as to be out of control in countries such as Andorra, Lichtenstein, and Tunisia.
- C. A significant change in terrorist attacks in Europe over the previous five years.
- D. The adoption of cryptocurrencies and other digital channels for money laundering, which are currently unregulated sectors.
- E. The Panama Papers leaks, which identified the extent to which offshore accounts are used to disguise beneficial ownership.
Answer: C,D,E
NEW QUESTION # 46
The minimum level of Customer Due Diligence that is required when opening a new account includes the following? (SELECT 4)
What type of locations is the account going to be transacting with. (Correct)
Why this account is being opened? (Correct)
What type of people does the customer associate with?
- A. The frequency and expected amounts of those transactions?
- B. What sorts of transactions you should anticipate?
Answer: B
NEW QUESTION # 47
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. Depends on the specifics.
- B. False
- C. True
Answer: C
NEW QUESTION # 48
If you need to reach out to the client for more information and/or verification regarding the Enhanced Due Diligence (EDD) Process. should the KYC employee reach out directly to the client themselves and not the a relationship manager or equivalent.
- A. TRUE.
- B. FALSE.
Answer: B
NEW QUESTION # 49
An individual customer with a regular job and a salary opening a savings account would be?
- A. Low Risk.
- B. High Risk.
- C. Unable to determine with that information.
- D. Medium Risk.
Answer: A
NEW QUESTION # 50
Jurisdictions with high risk usually have (SELECT 4)
- A. Poor anti-money laundering regulations.
- B. High levels of corruption
- C. Host shell and shelf companies.
- D. Poverty
- E. Inadequate regulatory and judicial frameworks to prevent terror financing
Answer: A,B,C,E
NEW QUESTION # 51
What industries are often exploited by criminals (SELECT 3)
- A. Broker Dealers.
- B. Insurance.
- C. Casinos.
- D. Dealers in high value goods.
- E. Charities Non Profits.
Answer: C,D,E
NEW QUESTION # 52
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
- A. False.
- B. True.
Answer: B
NEW QUESTION # 53
What is the Second Line of Defense? (SLOD)
- A. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
- 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 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.
Answer: C
NEW QUESTION # 54
What is legal risk? (SELECT 2)
- A. An organization breaks laws when doing business.
- B. An employee who commits a crime unrelated to the organization.
- C. An employee who commits a crime unrelated to the organization.
- D. A warning from a regulator.
Answer: A,B
NEW QUESTION # 55
Why can Trusts pose a higher risk from a financial crime perspective?
- A. They can be used to mask the true owner and actual business purpose.
- B. They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.
- C. The trustee can use a trust in order to commit financial crime.
- D. There is no major risk from a financial crime perspective? they are legitimate business instrument and that's why they are legal all around the world including in the United States, and Europe.
Answer: A
NEW QUESTION # 56
Usually, the risk associated with the customer can be higher if the customer is nonresident?
- A. Depends
- B. Yes
- C. No
Answer: B
NEW QUESTION # 57
A shell company or corporation is a company that, at the time of incorporation, has no significant? (SELECT 2)
- A. Employees.
- B. Assets.
- C. Funds.
- D. Operations.
Answer: B,D
NEW QUESTION # 58
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ACAMS CKYCA certification is highly respected in the financial industry and is recognized by many leading institutions, including banks, insurance companies, and regulatory bodies. Achieving this certification demonstrates a commitment to excellence and a dedication to the highest standards of professionalism in the field of AML and financial crime prevention. It also provides professionals with a competitive advantage in the job market and can lead to career advancement and increased earning potential.
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