CKYCA by ACAMS Actual Free Exam Q&As

Question 1

What is the purpose of having controls to Know Your Customer, also known as KYC?

A. Manage the financial crime risk to your organization. B. Manage the financial crime risk to your customer. C. Manage the compliance risk of your customer. D. Manage the compliance risk of your organization.

Discussion 0

Correct Answer: A Vote an answer

Question 2

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.

Discussion 0

Correct Answer: A,B Vote an answer

Question 3

A compliance officer in an international bank is reviewing new customer onboarding files. The relationship manager provides a whole set of customer documents, in addition to information from open source research. What information should be used by the compliance officer as secondary documentation to verify the primary documentation?

A. A phone bill, utility bill, or bank statement showing the name and address of the customer, issued more than 1 year ago B. A phone bill, utility bill, or bank statement showing the name and address of the customer, issued less than 3 months ago C. Government-issued documents such as an identification card, passport, or driving license, issued more than 1 year ago D. Government-issued documents such as an identification card, passport, or driving license, issued less than 3 months ago

Discussion 0

Correct Answer: B Vote an answer

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Question 4

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. Client, Jurisdiction, Selected Products, and Channel. B. Customer, Jurisdiction, Product, and Channel. C. Customer, Jurisdiction, Product, and Sub-Channel. D. Client, Jurisdiction, Product, and Sub-Channel.

Discussion 0

Correct Answer: B Vote an answer

Question 5

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 organization breaks laws when doing business.

Discussion 0

Correct Answer: B,C Vote an answer

Question 6

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.

Discussion 0

Correct Answer: A Vote an answer

Question 7

A longstanding client asks to open two additional accounts, one for a trust and one for private equity investments.
The trust account will be funded with dividends stemming from the investments as well as a one-off transfer from one of the client's existing accounts. As a first step, a KYC analyst should properly document the:

A. initial transfer from the client's existing account B. dividends from the private equity investments. C. beneficiary/beneficiaries of the trust D. transactions between the two new accounts.

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Correct Answer: C Vote an answer

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Question 8

What is the Third Line of Defense? (TLOD)

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 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. C. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.

Discussion 0

Correct Answer: C Vote an answer

ACAMS Association of Certified Anti Money Laundering - CKYCA Exam Practice Test