Latest Success Metrics For Actual CKYCA Exam 2023 Realistic Dumps
Updated CKYCA Dumps Questions For ACAMS Exam
NEW QUESTION # 38
What risks are you looking for when a client has requires Enhanced Due Diligence (EDD) (Select 3)
- A. Bank Risks.
- B. Integrity.
- C. Litigation Risks.
- D. Transaction Risks.
- E. Political Risks.
Answer: B,C,E
NEW QUESTION # 39
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 # 40
Usually, the risk associated with the customer can be higher if the customer is nonresident?
- A. Yes
- B. No
- C. Depends
Answer: A
NEW QUESTION # 41
The first step in the CDD of a legal person is to?
- A. Understand the ownership structure and to track back to the ultimate beneficial owners and controllers.
- B. Find out what the account will be used for, and the level of activity your organization should expect to see.
- C. Discover the type of business your customer undertakes.
Answer: A
NEW QUESTION # 42
The four step model is a model designed to?
- A. Improve the quality of your KYC Program.
- B. Improve the quality of your KYC Files.
- C. Improve the quality of the KYC Rule.
- D. Improve the quality of your KYC Research.
Answer: D
NEW QUESTION # 43
What is the Primary legislation for Money Laundering in the United States?
- A. Anti-Drug Abuse Act of 1988
- B. Bank Secrecy Act (1970)
- C. Money Laundering and Financial Crimes Strategy Act (1998)
- D. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)
- E. Money Laundering Control Act of 1986
Answer: B
NEW QUESTION # 44
Why is Private Banking Higher Risk? (SELECT 2)
- A. They almost exclusively use structures that are on secretive jurisdictions.
- B. They use Transactions that attempt to mask true ownership.
- C. Transactions may be confidential.
- D. They use products which are designed for clients with a greater risk tolerance.
Answer: B,C
NEW QUESTION # 45
Shell companies can only be established as single purpose entities?
- A. Yes.
- B. No.
Answer: B
NEW QUESTION # 46
When is Enhanced Due Diligence (EDD) used?
- A. if higher risk or difficult to assess.
- B. Financial Institutions use EDD only when the product trigger event.
- C. Financial Institutions use EDD only when the geographical trigger event.
- D. If lower risk of easy to assess.
Answer: A
NEW QUESTION # 47
Financial Institutions include? (SELECT 2)
- A. Insurance Companies.
- B. Broker Dealer.
- C. Companies registered with the SEC.
- D. Pay Day Loan Companies.
Answer: A,B
NEW QUESTION # 48
Non-documentary verification is checking the information the customer provides against? (SELECT 3)
- A. Proprietary databases.
- B. Public records.
- C. Audited Statements.
- D. Email confirmation.
- E. Credit reports.
Answer: A,B,E
NEW QUESTION # 49
What are key risks in Financial Crime Prevention Control? (SELECT 3)
- A. Financial.
- B. Insurance.
- C. Reputational.
- D. Regulatory.
Answer: A
NEW QUESTION # 50
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. False
- B. True
- C. Depends on the specifics.
Answer: B
NEW QUESTION # 51
What is the overall purpose of KYC?
- A. To manage the risk posed by customers.
- B. To manage the risk posed by Terrorist Financing
- C. To manage the risk posed by Money Laundering.
- D. To manage the risk posed by financial services industry.
Answer: A
NEW QUESTION # 52
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. Remittance Risk
- B. Financial Crime Risk.
- C. Operational Risk.
- D. Channel Risk
Answer: D
NEW QUESTION # 53
In the Customer Identification Program (CIP) What are the basic information required to identify a legal person is? (SELECT 3)
- A. Source of Wealth.
- B. Identification number issued by government.
- C. Legal Name.
- D. Source of Funds.
- E. Address, including legal and place of business.
Answer: B,C,E
NEW QUESTION # 54
Who is your customer?
- A. individuals, listed companies, some private companies, others.
- B. individuals, listed companies, private companies, others.
- C. individuals, private companies, dodgy companies, others.
- D. only individuals, listed companies, some private companies
Answer: B
NEW QUESTION # 55
What is the Primary European Union Money Laundering regulation?
- A. 5th Anti-Money Laundering Directive.
- B. 5th Anti-Money Laundering Act.
- C. 4th Anti-Money Laundering Act.
- D. 3rd Anti-Money Laundering Directive
- E. 2nd Anti-Money Laundering Directive.
Answer: A
NEW QUESTION # 56
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 Sub-Channel.
- B. Customer, Jurisdiction, Product, and Channel.
- C. Client, Jurisdiction, Product, and Sub-Channel.
- D. Client, Jurisdiction, Selected Products, and Channel.
Answer: B
NEW QUESTION # 57
Secondary identification is often used to cross-verify the primary form of identification and to cross-verify information provided by the customer.
What is an example of secondary identification? (SELECT 2)
- A. Articles of Incorporation.
- B. Audited Statements.
- C. Online Registry.
- D. Utility Bill.
Answer: B,D
NEW QUESTION # 58
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