Feb 19, 2024 Reliable Study Materials for CKYCA Exam Success For Sure
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The Association of Certified Anti Money Laundering Specialists (ACAMS) is a globally recognized organization that has been providing certification and training programs for professionals in the anti-money laundering (AML) and financial crime prevention industry for over twenty years. The Certified KYC Associate (CKYCA) is one of the certification programs offered by ACAMS that focuses on know your customer (KYC) procedures, which are critical in identifying and preventing money laundering activities.
NEW QUESTION # 17
Control activities in financial crime prevention include? (SELECT 3)
- A. Preventative Controls.
- B. Corrective controls.
- C. Premeditated Controls
- D. Incorrect Controls
- E. Detective Controls.
Answer: B
NEW QUESTION # 18
What is an example of secondary identification in a customers CIP program? (SELECT 3)
- A. Identification from another financial institution.
- B. Identification from a registry of secretary of state.
- C. Identification from a utility company.
- D. Identification from a college.
- E. Identification from securities and exchange commission. (SEC)
Answer: A,C,D
NEW QUESTION # 19
The KYC four step research is?
- A. Assess, Organize, Explore, Present
- B. Assess, Organize, Explore, Past
- C. Assess, Organize, Narrow, Present
- D. Assess, Operations, Explore, Present
Answer: A
NEW QUESTION # 20
An individual customer with a regular job and a salary opening a savings account would be?
- A. Medium Risk.
- B. Unable to determine with that information.
- C. High Risk.
- D. Low Risk.
Answer: D
NEW QUESTION # 21
What is the purpose of having controls to Know Your Customer, also known as KYC?
- A. Manage the compliance risk of your customer.
- B. Manage the financial crime risk to your customer.
- C. Manage the financial crime risk to your organization.
- D. Manage the compliance risk of your organization.
Answer: C
NEW QUESTION # 22
A person disclosing to any other person, information or any other matter, which is likely to prejudice a money laundering investigation is known to be?
- A. Dripping off
- B. Ripping off
- C. Tipping off
- D. Dipping off
Answer: C
NEW QUESTION # 23
Who will review KYC files to determine whether you are complying with your jurisdiction's laws and regulations
- A. Compliance
- B. Regulators
- C. Law Enforcement
- D. The KYC Analyst
Answer: B
NEW QUESTION # 24
The first step in the CDD of a legal person is to?
- A. Find out what the account will be used for, and the level of activity your organization should expect to see.
- B. Understand the ownership structure and to track back to the ultimate beneficial owners and controllers.
- C. Discover the type of business your customer undertakes.
Answer: B
NEW QUESTION # 25
The ownership of a legal person is often described as having two prongs. The first one is the beneficial owner, this is the natural or legal person who owns the entity and who benefits from its activities. The second one is called?
- A. Controlling Prong.
- B. KYC Prong.
- C. Control Party Prong.
- D. Control Prong.
Answer: D
NEW QUESTION # 26
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 Low Risk Product.
- D. Usually a High Risk Product
Answer: D
NEW QUESTION # 27
Which documents rates countries based on their money laundering controls and corruption? (SELECT 2)
- A. Financial Action Task Forces red flags related to jurisdiction risk
- B. Transparency International's Corruption Perceptions Index
- C. United Nations report on Money Laundering Controls
- D. US State Department's annual International Narcotics Control Strategy Report
- E. Transparency International's Corruption Perceptions Index
Answer: B,D
NEW QUESTION # 28
The European Union developed its 5th Money Laundering Directive based in part on the following? (SELECT 3)
- A. A significant change in terrorist attacks in Europe over the previous five years.
- B. The exit of Britain from the European Regulatory System.
- C. The Panama Papers leaks, which identified the extent to which offshore accounts are used to disguise beneficial ownership.
- D. 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.
- E. The adoption of cryptocurrencies and other digital channels for money laundering, which are currently unregulated sectors.
Answer: A,C,E
NEW QUESTION # 29
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
- A. False.
- B. True.
Answer: B
NEW QUESTION # 30
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 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: A
NEW QUESTION # 31
Who is your customer?
- A. individuals, private companies, dodgy companies, others.
- B. individuals, listed companies, some private companies, others.
- C. only individuals, listed companies, some private companies
- D. individuals, listed companies, private companies, others.
Answer: D
NEW QUESTION # 32
A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?
- A. Yes, anyone who brings that type of currency is likely involved to have received it from illegal means.
- B. It depends on the location, business, and feeling of the employee accepting the deposit.
- C. No, the customer profile for the hospitality worker fits their occupation.
Answer: C
NEW QUESTION # 33
What is a regional risk (SELECT 3)
- A. Global Financial Centers
- B. Port Cities.
- C. High Intensity Financial Crime Areas (HIFCA)
- D. Lax Immigration Controls.
- E. Free Trade Zones.
Answer: B,C,E
NEW QUESTION # 34
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 # 35
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. Escalate, A complex legal structure is a sign of hiding the beneficial owner.
- C. Tread carefully, particularly if they operate in jurisdictions with secrecy la
Answer: C
NEW QUESTION # 36
What is the Primary Money Laundering Regulation in the United Kingdom?
- A. Proceeds of Crime Act
- B. The Money Laundering and Terrorist Financing (Amendment) Regulation 2019
- C. Proceeds of Terrorism Act
- D. UK AML Sanctions Regime
Answer: B
NEW QUESTION # 37
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. False
- B. Depends on the specifics.
- C. True
Answer: C
NEW QUESTION # 38
Jurisdictions with high risk usually have (SELECT 4)
- A. Host shell and shelf companies.
- B. Poverty
- C. High levels of corruption
- D. Poor anti-money laundering regulations.
- E. Inadequate regulatory and judicial frameworks to prevent terror financing
Answer: A,C,D,E
NEW QUESTION # 39
The four step model is a model designed to?
- A. Improve the quality of your KYC Research.
- B. Improve the quality of your KYC Files.
- C. Improve the quality of the KYC Rule.
- D. Improve the quality of your KYC Program.
Answer: A
NEW QUESTION # 40
For AML purposes, most jurisdictions require that beneficial ownership be collected at a threshold of (SELECT 2)
- A. 10% sometimes for high risk customers
- B. 15%
- C. 25%
- D. 20%
Answer: A,C
NEW QUESTION # 41
What stage is the explore step in the 4 step process with regards to the 4-step research model?
- A. 3rd.
- B. 4th.
- C. 2nd.
- D. 1st.
Answer: C
NEW QUESTION # 42
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