ACAMS Certification CKYCA Practice Test Engine: Try These 72 Exam Questions
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The CKYCA certification program is ideal for AML professionals who work in financial institutions, such as banks, insurance companies, and investment firms, as well as those who work in regulatory agencies and law enforcement. Association of Certified Anti Money Laundering certification program is also ideal for AML professionals who work in other industries, such as real estate, gaming, and money service businesses.
ACAMS CKYCA (Association of Certified Anti Money Laundering) Certification Exam is a widely recognized and respected certification for professionals working in the anti-money laundering field. CKYCA exam covers a broad range of topics and tests the knowledge and skills of candidates in several areas of anti-money laundering, including best practices, risk assessment, regulatory compliance, and investigative techniques.
NEW QUESTION # 43
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
- A. True.
- B. False.
Answer: A
NEW QUESTION # 44
Under a risk based approach is a PEP risk manageable If a customer discloses during the KYC, or Know Your Customer process?
- A. Yes, PEPS need bank accounts and access to financial investment products like everyone else.
- B. No, PEPS are do not fit within the risk tolerance of an organization.
- C. Yes, He or she is the spouse of a government official, closely related to the government official
- D. 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.
Answer: C
NEW QUESTION # 45
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. No.
- B. Yes.
- C. Depends on the client.
Answer: B
NEW QUESTION # 46
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. 20%
- D. 25%
Answer: A,D
NEW QUESTION # 47
What prohibits US companies and individuals from paying bribes to foreign officials in furtherance of a business deal. It has extraterritorial reach?
- A. Bribery Act 2010
- B. Corruption of Foreign Public Officials Act
- C. International Anti-Bribery Act of 1998
- D. The Foreign Corrupt Practices Act of 1977
Answer: D
NEW QUESTION # 48
Who will review KYC files to determine whether you are complying with your jurisdiction's laws and regulations
- A. Regulators
- B. Law Enforcement
- C. Compliance
- D. The KYC Analyst
Answer: A
NEW QUESTION # 49
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. Transactions may be confidential.
- D. They use products which are designed for clients with a greater risk tolerance.
Answer: A,C
NEW QUESTION # 50
What Boolean operator words can be used in for searching in EDD? (SELECT 2)
- A. EQUAL.
- B. OR.
- C. AND.
- D. PLUS.
Answer: B,C
NEW QUESTION # 51
The four step model is a model designed to?
- A. Improve the quality of your KYC Program.
- B. Improve the quality of your KYC Research.
- C. Improve the quality of your KYC Files.
- D. Improve the quality of the KYC Rule.
Answer: B
NEW QUESTION # 52
What is legal risk? (SELECT 2)
- A. A warning from a regulator.
- B. An employee who commits a crime unrelated to the organization.
- C. An employee who commits a crime unrelated to the organization.
- D. An organization breaks laws when doing business.
Answer: C,D
NEW QUESTION # 53
Control activities in financial crime prevention include? (SELECT 3)
- A. Incorrect Controls
- B. Corrective controls.
- C. Detective Controls.
- D. Preventative Controls.
- E. Premeditated Controls
Answer: B
NEW QUESTION # 54
What is the Second Line of Defense? (SLOD)
- A. 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.
- 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 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 # 55
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. Channel Risk
- B. Remittance Risk
- C. Operational Risk.
- D. Financial Crime Risk.
Answer: A
NEW QUESTION # 56
What of the following countries are considered Tax Havens? (SELECT 2)
- A. Cayman Islands.
- B. British Virgin Islands.
- C. United States Virgin Islands.
- D. Barbados.
Answer: A,B
NEW QUESTION # 57
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. Low Risk.
- D. High Risk.
Answer: C
NEW QUESTION # 58
Trade finance, which is the provision or credit for domestic and international trade transactions is likely?
- A. Usually a Low Risk Product.
- B. Usually a High Risk Product
- C. Usually a Medium Risk Produce.
- D. It depends on the Anti-Money Laundering program.
Answer: B
NEW QUESTION # 59
What is the Primary legislation for Money Laundering in the United States?
- A. Money Laundering Control Act of 1986
- B. Anti-Drug Abuse Act of 1988
- C. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)
- D. Money Laundering and Financial Crimes Strategy Act (1998)
- E. Bank Secrecy Act (1970)
Answer: E
NEW QUESTION # 60
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 # 61
Why can Trusts pose a higher risk from a financial crime perspective?
- A. The trustee can use a trust in order to commit financial crime.
- B. 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.
- C. They can be used to mask the true owner and actual business purpose.
- D. They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.
Answer: C
NEW QUESTION # 62
For benefitial ownership, the exact account-opening procedures and customer acceptance policies will depend on the type of? (SELECT 3)
- A. Local Regulations.
- B. Customer.
- C. Product.
- D. Risk.
- E. Geography.
Answer: A,B,D
NEW QUESTION # 63
Most Organizations Use the three risk classifications for customers.
What are they? (SELECT 3)
- A. Moderate.
- B. Low.
- C. Very High.
- D. Medium.
- E. EDD-High.
- F. High.
Answer: B,D,F
NEW QUESTION # 64
Are Immediate family members, relatives, and close associates of PEPS classified as PEPS?
- A. Perhaps.
- B. Yes.
- C. No.
Answer: A
NEW QUESTION # 65
In the Customer Identification Program (CIP) What are the basic information required to identify a legal person is? (SELECT 3)
- A. Legal Name.
- B. Source of Funds.
- C. Address, including legal and place of business.
- D. Source of Wealth.
- E. Identification number issued by government.
Answer: A,C,E
NEW QUESTION # 66
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. Tipping off
- B. Dripping off
- C. Ripping off
- D. Dipping off
Answer: A
NEW QUESTION # 67
Non-documentary verification is checking the information the customer provides against? (SELECT 3)
- A. Credit reports.
- B. Proprietary databases.
- C. Audited Statements.
- D. Email confirmation.
- E. Public records.
Answer: A,B,E
NEW QUESTION # 68
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ACAMS CKYCA exam is a globally recognized certification that demonstrates an individual's expertise in preventing and detecting money laundering activities. CKYCA exam covers a range of topics, including AML regulations, risk assessment, customer due diligence, transaction monitoring, and suspicious activity reporting. By passing the exam, individuals can demonstrate their commitment to AML compliance and enhance their professional credibility.
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ACAMS CKYCA Daily Practice Exam New 2023 Updated 72 Questions: https://drive.google.com/open?id=13KM5EQkvvtAeVyWaHnjMv1OpIxINY1yl
