Practice Test for CKYCA Certification Real 2024 Mock Exam
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ACAMS CKYCA certification exam is a rigorous and comprehensive test that covers a wide range of topics related to AML. CKYCA exam consists of multiple-choice questions and is designed to test the candidate's understanding of AML regulations, investigation techniques, risk management, and compliance-related issues. Candidates who pass the exam are awarded the ACAMS CKYCA certification, which is recognized and respected by financial institutions, government agencies, and other organizations around the world. Association of Certified Anti Money Laundering certification demonstrates that the individual has the knowledge and skills necessary to effectively combat money laundering and other financial crimes.
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.
To be eligible to take the ACAMS CKYCA exam, candidates must have a minimum of two years of experience in the financial industry. Candidates must also have completed 40 hours of qualifying continuing education. CKYCA exam is available in several languages, including English, Spanish, French, and Portuguese. CKYCA exam is administered by computer and is available at testing centers around the world.
NEW QUESTION # 16
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, Product, and Sub-Channel.
- B. Customer, Jurisdiction, Product, and Sub-Channel.
- C. Customer, Jurisdiction, Product, and Channel.
- D. Client, Jurisdiction, Selected Products, and Channel.
Answer: C
NEW QUESTION # 17
What is the Primary legislation for Money Laundering in the United States?
- A. Anti-Drug Abuse Act of 1988
- B. Money Laundering and Financial Crimes Strategy Act (1998)
- C. Money Laundering Control Act of 1986
- D. Bank Secrecy Act (1970)
- E. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)
Answer: D
NEW QUESTION # 18
Trade finance, which is the provision or credit for domestic and international trade transactions is likely?
- A. Usually a Medium Risk Produce.
- B. Usually a Low Risk Product.
- C. It depends on the Anti-Money Laundering program.
- D. Usually a High Risk Product
Answer: D
NEW QUESTION # 19
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 compliance risk of your organization.
- D. Manage the financial crime risk to your organization.
Answer: D
NEW QUESTION # 20
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 # 21
The KYC four step research is?
- A. Assess, Operations, Explore, Present
- B. Assess, Organize, Explore, Present
- C. Assess, Organize, Explore, Past
- D. Assess, Organize, Narrow, Present
Answer: B
NEW QUESTION # 22
Most Organizations Use the three risk classifications for customers.
What are they? (SELECT 3)
- A. Moderate.
- B. Low.
- C. High.
- D. EDD-High.
- E. Medium.
- F. Very High.
Answer: B,C,E
NEW QUESTION # 23
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
- A. True.
- B. False.
Answer: A
NEW QUESTION # 24
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 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.
- C. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
Answer: B
NEW QUESTION # 25
Why can Trusts pose a higher risk from a financial crime perspective?
- A. 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.
- B. They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.
- C. The trustee can use a trust in order to commit financial crime.
- D. They can be used to mask the true owner and actual business purpose.
Answer: D
NEW QUESTION # 26
If you need to reach out to the client for more information and/or verification regarding the Enhanced Due Diligence (EDD) Process. should the KYC employee reach out directly to the client themselves and not the a relationship manager or equivalent.
- A. FALSE.
- B. TRUE.
Answer: A
NEW QUESTION # 27
Under a risk based approach is a PEP risk manageable If a customer discloses during the KYC, or Know Your Customer process?
- A. 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.
- B. No, PEPS are do not fit within the risk tolerance of an organization.
- C. Yes, PEPS need bank accounts and access to financial investment products like everyone else.
- D. Yes, He or she is the spouse of a government official, closely related to the government official
Answer: D
NEW QUESTION # 28
Shell companies can only be established as single purpose entities?
- A. No.
- B. Yes.
Answer: A
NEW QUESTION # 29
What is the Third Line of Defense? (TLOD)
- 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 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.
- C. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
Answer: C
NEW QUESTION # 30
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 your KYC Program.
- D. Improve the quality of the KYC Rule.
Answer: A
NEW QUESTION # 31
The Source of Funds and the Source of Wealth must be? (SELECT 2)
- A. Verified.
- B. Provided
- C. Explained.
- D. Consistant.
Answer: A,C
NEW QUESTION # 32
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. Discover the type of business your customer undertakes.
- C. Understand the ownership structure and to track back to the ultimate beneficial owners and controllers.
Answer: C
NEW QUESTION # 33
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 # 34
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