2023 The Most Effective CKYCA with 72 Questions Answers [Q25-Q41]

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2023 The Most Effective CKYCA with 72 Questions Answers

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ACAMS CKYCA exam is a valuable certification for professionals in the financial industry who are looking to specialize in anti-money laundering. Association of Certified Anti Money Laundering certification covers a wide range of topics related to anti-money laundering and is recognized globally. Candidates who pass the exam are considered experts in the field and are highly valued by employers. If you are looking to advance your career in the financial industry, the ACAMS CKYCA certification is worth considering.

Q25. What industries are often exploited by criminals (SELECT 3)

Insurance.

Charities Non Profits.

Broker Dealers.

Dealers in high value goods.

Casinos.

Q26. An individual customer with a regular job and a salary opening a savings account would be?

Low Risk.

Medium Risk.

High Risk.

Unable to determine with that information.

Q27. Financial Institutions include? (SELECT 2)

Broker Dealer.

Companies registered with the SEC.

Insurance Companies.

Pay Day Loan Companies.

Q28. For AML purposes, most jurisdictions require that beneficial ownership be collected at a threshold of (SELECT 2)

15%

10% sometimes for high risk customers

20%

25%

Q29. What corporate vehicles can a money launderer hide behind, where it is difficult to identify the beneficial owner? (SELECT 4)

Trusts.

Shell companies.

Private investment companies.

Regulated investment advisors

Sole Proprietors.

Q30. What is the Primary legislation for Money Laundering in the United States?

Money Laundering Control Act of 1986

Money Laundering and Financial Crimes Strategy Act (1998)

Anti-Drug Abuse Act of 1988

Bank Secrecy Act (1970)

Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)

Q31. What is legal risk? (SELECT 2)

An organization breaks laws when doing business.

An employee who commits a crime unrelated to the organization.

A warning from a regulator.

An employee who commits a crime unrelated to the organization.

Q32. Trade finance, which is the provision or credit for domestic and international trade transactions is likely?

Usually a Low Risk Product.

Usually a Medium Risk Produce.

Usually a High Risk Product

It depends on the Anti-Money Laundering program.

Q33. What is the First Line of Defense? (FLOD)

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.

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.

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

Q34. 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.

Financial Crime Risk.

Operational Risk.

Channel Risk

Remittance Risk

Q35. What of the following countries are considered Tax Havens? (SELECT 2)

Barbados.

Cayman Islands.

British Virgin Islands.

United States Virgin Islands.

Q36. When is comes to Enhanced Due Diligence (EDD) regulators require you to do a perfect job on the client.

TRUE.

FALSE.

Q37. 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?

Yes.

No.

Depends on the exact circumstances.

Q38. Which documents rates countries based on their money laundering controls and corruption? (SELECT 2)

Transparency International’s Corruption Perceptions Index

Financial Action Task Forces red flags related to jurisdiction risk

United Nations report on Money Laundering Controls

US State Department’s annual International Narcotics Control Strategy Report

Transparency International’s Corruption Perceptions Index

Q39. The Source of Funds and the Source of Wealth must be? (SELECT 2)

Provided

Explained.

Verified.

Consistant.

Q40. Why is Private Banking Higher Risk? (SELECT 2)

They almost exclusively use structures that are on secretive jurisdictions.

They use Transactions that attempt to mask true ownership.

Transactions may be confidential.

They use products which are designed for clients with a greater risk tolerance.

Q41. 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?

Client, Jurisdiction, Selected Products, and Channel.

Customer, Jurisdiction, Product, and Channel.

Customer, Jurisdiction, Product, and Sub-Channel.

Client, Jurisdiction, Product, and Sub-Channel.

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