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ACAMS CKYCA certification is a valuable asset to individuals in the AML and financial crime prevention field. It provides professionals with the necessary skills and knowledge to effectively combat financial crimes and is recognized globally. CKYCA exam is rigorous and requires extensive preparation, but passing the exam is a testament to an individual's commitment to the AML and financial crime prevention profession.
Obtaining the ACAMS CKYCA certification is a worthwhile investment for financial professionals who want to enhance their credentials and strengthen their understanding of the AML and CFT regulations. It is a testament to an individual's dedication to the financial industry, and it demonstrates their commitment to combating financial crimes globally. Association of Certified Anti Money Laundering certification provides an excellent opportunity for professionals to grow and develop their careers while contributing to the common goal of making the financial industry a safer and more secure place for everyone.
NEW QUESTION # 27
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 # 28
A shell company or corporation is a company that, at the time of incorporation, has no significant? (SELECT 2)
- A. Assets.
- B. Funds.
- C. Employees.
- D. Operations.
Answer: A,D
NEW QUESTION # 29
In the Customer Identification Program (CIP) What are the basic information required to identify a legal person is? (SELECT 3)
- A. Identification number issued by government.
- B. Source of Wealth.
- C. Address, including legal and place of business.
- D. Source of Funds.
- E. Legal Name.
Answer: A,C,E
NEW QUESTION # 30
What Boolean operator words can be used in for searching in EDD? (SELECT 2)
- A. AND.
- B. OR.
- C. EQUAL.
- D. PLUS.
Answer: A,B
NEW QUESTION # 31
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 # 32
Why can Trusts pose a higher risk from a financial crime perspective?
- A. They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.
- B. The trustee can use a trust in order to commit financial crime.
- C. 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.
- D. They can be used to mask the true owner and actual business purpose.
Answer: D
NEW QUESTION # 33
Why is Private Banking Higher Risk? (SELECT 2)
- A. They use Transactions that attempt to mask true ownership.
- B. They almost exclusively use structures that are on secretive jurisdictions.
- C. They use products which are designed for clients with a greater risk tolerance.
- D. Transactions may be confidential.
Answer: A,D
NEW QUESTION # 34
The overall control environment is the set of _________
- A. standards, processes, and structures that provide the basis for carrying out internal control across the organization.
- B. standards, processes, and structures that provide the basis for carrying out external control across the organization.
- C. risk standards, processes, and structures that provide the basis for carrying out internal control across the organization.
Answer: A
NEW QUESTION # 35
For the second prong, the control prong, an organization must collect the identity of one person who exercises control over the company.
Which below are deemed acceptable? (SELECT 3)
- A. Chief Operating Officer.
- B. Managing Director.
- C. Chief Compliance Officer.
- D. Chief AML Officer.
- E. Chief Executive Officer.
Answer: A,B,E
NEW QUESTION # 36
What are key risks in Financial Crime Prevention Control? (SELECT 3)
- A. Financial.
- B. Regulatory.
- C. Insurance.
- D. Reputational.
Answer: A
NEW QUESTION # 37
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 # 38
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 # 39
What prohibits US companies and individuals from paying bribes to foreign officials in furtherance of a business deal. It has extraterritorial reach?
- A. Corruption of Foreign Public Officials Act
- B. The Foreign Corrupt Practices Act of 1977
- C. Bribery Act 2010
- D. International Anti-Bribery Act of 1998
Answer: B
NEW QUESTION # 40
An individual customer with a regular job and a salary opening a savings account would be?
- A. Unable to determine with that information.
- B. Medium Risk.
- C. Low Risk.
- D. High Risk.
Answer: C
NEW QUESTION # 41
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. Control Party Prong.
- B. Control Prong.
- C. Controlling Prong.
- D. KYC Prong.
Answer: B
NEW QUESTION # 42
Are Immediate family members, relatives, and close associates of PEPS classified as PEPS?
- A. Yes.
- B. Perhaps.
- C. No.
Answer: B
NEW QUESTION # 43
The five components of the internal control framework are the overall control environment are risk assessment, control activities, communication, regulations, quality assurance?
- A. Yes.
- B. No.
Answer: B
NEW QUESTION # 44
What is the Primary Money Laundering Regulation in the United Kingdom?
- A. Proceeds of Terrorism Act
- B. Proceeds of Crime Act
- C. The Money Laundering and Terrorist Financing (Amendment) Regulation 2019
- D. UK AML Sanctions Regime
Answer: C
NEW QUESTION # 45
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 # 46
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. Customer, Jurisdiction, Product, and Sub-Channel.
- C. Client, Jurisdiction, Selected Products, and Channel.
- D. Client, Jurisdiction, Product, and Sub-Channel.
Answer: A
NEW QUESTION # 47
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. No.
- C. Depends on the exact circumstances.
Answer: A
NEW QUESTION # 48
What is the Primary legislation for Money Laundering in the United States?
- A. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)
- B. Money Laundering and Financial Crimes Strategy Act (1998)
- C. Anti-Drug Abuse Act of 1988
- D. Bank Secrecy Act (1970)
- E. Money Laundering Control Act of 1986
Answer: D
NEW QUESTION # 49
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 # 50
Who is your customer?
- A. individuals, listed companies, private companies, others.
- B. individuals, listed companies, some private companies, others.
- C. only individuals, listed companies, some private companies
- D. individuals, private companies, dodgy companies, others.
Answer: A
NEW QUESTION # 51
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