Feb-2024 Download Free Latest Exam CKYCA Certified Sample Questions [Q24-Q44]

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Feb-2024 Download Free Latest Exam CKYCA Certified Sample Questions

Prepare for your exam certification with our CKYCA Certified ACAMS

To qualify for the CKYCA certification, candidates must have at least two years of relevant AML experience and must pass the certification exam. Once certified, CKYCA holders must maintain their certification through ongoing professional development and continuing education. The ACAMS offers a variety of training and educational resources to help CKYCA holders stay up to date with the latest developments in the AML industry and maintain their certification.

NEW QUESTION 24
Financial Institutions include? (SELECT 2)

Broker Dealer.

Companies registered with the SEC.

Insurance Companies.

Pay Day Loan Companies.

NEW QUESTION 25
The minimum level of Customer Due Diligence that is required when opening a new account includes the following? (SELECT 4)
What type of locations is the account going to be transacting with. (Correct)
Why this account is being opened? (Correct)
What type of people does the customer associate with?

What sorts of transactions you should anticipate?

The frequency and expected amounts of those transactions?

NEW QUESTION 26
Most Organizations Use the three risk classifications for customers.
What are they? (SELECT 3)

High.

Moderate.

Low.

Medium.

Very High.

EDD-High.

NEW QUESTION 27
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.

NEW QUESTION 28
The four step model is a model designed to?

Improve the quality of your KYC Program.

Improve the quality of your KYC Research.

Improve the quality of your KYC Files.

Improve the quality of the KYC Rule.

NEW QUESTION 29
If the legal structure is overly complex.
What step should the analyst do when conducting Customer Due Diligence in identifying the beneficial owners?

Escalate, A complex legal structure is a sign of hiding the beneficial owner.

Tread carefully, particularly if they operate in jurisdictions with secrecy la

Continue, Most legal structures can be overly complex in a normal business setting.

NEW QUESTION 30
What stage is the explore step in the 4 step process with regards to the 4-step research model?

1st.

2nd.

3rd.

4th.

NEW QUESTION 31
The KYC four step research is?

Assess, Organize, Explore, Past

Assess, Organize, Narrow, Present

Assess, Operations, Explore, Present

Assess, Organize, Explore, Present

NEW QUESTION 32
Shell and Shelf Companies are usually what level of customer risk?

Low.

Medium.

High.

Immediately Rejected due to their business profile.

NEW QUESTION 33
The overall control environment is the set of _________

standards, processes, and structures that provide the basis for carrying out external control across the organization.

risk standards, processes, and structures that provide the basis for carrying out internal control across the organization.

standards, processes, and structures that provide the basis for carrying out internal control across the organization.

NEW QUESTION 34
Is collecting identification a legal requirement in jurisdictions?

Yes.

No.

Most.

NEW QUESTION 35
The five components of the internal control framework are the overall control environment are risk assessment, control activities, communication, regulations, quality assurance?

Yes.

No.

NEW QUESTION 36
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.

NEW QUESTION 37
Why can Trusts pose a higher risk from a financial crime perspective?

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.

The trustee can use a trust in order to commit financial crime.

They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.

They can be used to mask the true owner and actual business purpose.

NEW QUESTION 38
What is an example of secondary identification in a customers CIP program? (SELECT 3)

Identification from a utility company.

Identification from a registry of secretary of state.

Identification from a college.

Identification from securities and exchange commission. (SEC)

Identification from another financial institution.

NEW QUESTION 39
When is Enhanced Due Diligence (EDD) used?

Financial Institutions use EDD only when the geographical trigger event.

Financial Institutions use EDD only when the product trigger event.

If lower risk of easy to assess.

if higher risk or difficult to assess.

NEW QUESTION 40
What are key risks in Financial Crime Prevention Control? (SELECT 3)

Insurance.

Financial.

Reputational.

Regulatory.

NEW QUESTION 41
Who will review KYC files to determine whether you are complying with your jurisdiction’s laws and regulations

Regulators

Law Enforcement

Compliance

The KYC Analyst

NEW QUESTION 42
What industries are often exploited by criminals (SELECT 3)

Insurance.

Charities Non Profits.

Broker Dealers.

Dealers in high value goods.

Casinos.

NEW QUESTION 43
In the Customer Identification Program (CIP) What are the basic information required to identify a legal person is? (SELECT 3)

Address, including legal and place of business.

Legal Name.

Source of Wealth.

Source of Funds.

Identification number issued by government.

NEW QUESTION 44
CDD encompasses the entire lifecycle of due diligence?

CDD, EDD, SDD.

CIP, EDD, SDD.

CIP, SDD, EDD.

CIP, CDD, EDD.

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Feb-2024 Download Free Latest Exam CKYCA Certified Sample Questions [Q24-Q44]

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