Pass ACAMS CKYCA exam Dumps 100 Pass Guarantee With Latest Demo [Q79-Q97]

4/5 - (1 vote)

Pass ACAMS CKYCA exam Dumps 100 Pass Guarantee With Latest Demo

The CKYCA PDF Dumps Greatest for the ACAMS Exam Study Guide!

The Association of Certified Anti Money Laundering Specialists (ACAMS) is a globally recognized organization that serves the professional needs of individuals and institutions in the anti-money laundering (AML) field. The ACAMS Certified Know Your Customer Associate (CKYCA) Certification Exam is designed to evaluate the knowledge and skills of professionals in the field of AML and customer due diligence (CDD). The CKYCA certification is widely recognized as one of the most prestigious and rigorous certifications in the AML industry.

The CKYCA certification exam is a comprehensive test that covers various aspects of the Know Your Customer (KYC) process, including customer identification, verification, and risk assessment. CKYCA exam also covers topics such as beneficial ownership, politically exposed persons (PEPs), and sanctions screening. Association of Certified Anti Money Laundering certification is recognized globally and demonstrates a high level of expertise in the field of financial crime prevention.

QUESTION 79
The ownership of a legal person is often described as having two prongs. The first one is the beneficial owner, this is the natural or legal person who owns the entity and who benefits from its activities. The second one is called?

Control Party Prong.

Control Prong.

KYC Prong.

Controlling Prong.

QUESTION 80
Sanctions screening is important before onboarding a customer, or when using the services of a financial institution, because it:

helps identify customers that are politically exposed persons.

always leads to a suspicious activity report.

helps to identify a potential match to a sanctioned party or location.

detects all possible sanctions risk exposure.

Sanctions screening is conducted to detect whether a customer or related party is on a sanctions list or linked to a sanctioned location, ensuring compliance with legal and regulatory requirements before establishing or continuing a business relationship.

QUESTION 81
For benefitial ownership, the exact account-opening procedures and customer acceptance policies will depend on the type of? (SELECT 3)

Risk.

Customer.

Geography.

Product.

Local Regulations.

QUESTION 82
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

QUESTION 83
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

QUESTION 84
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.

QUESTION 85
Which factor would be a reason for concern when corroborating the source of wealth of an individual client?

The client amends their narrative as they are unable to provide supplementary information.

The client is unable to provide bank statements relating to a redundancy pay-out 15 years ago.

The client has no online presence, despite significant wealth.

The client’s online career profile does not mention their significant property investments.

Inconsistent or changing explanations from a client when asked for supplementary information about their wealth can indicate potential misrepresentation or concealment, making it a key red flag during source of wealth verification.

QUESTION 86
What of the following countries are considered Tax Havens? (SELECT 2)

Barbados.

Cayman Islands.

British Virgin Islands.

United States Virgin Islands.

QUESTION 87
In automated screening, a “false positive” match is a match which:

after review is found to be incorrect.

during review is incorrectly dismissed as being a hit.

is generated by the screening tool and confirmed to be a hit.

was not flagged by the screening tool.

In automated screening, a “false positive” occurs when the system flags a potential match to a sanctions list, PEP list, or adverse media, but upon manual review it is determined that the match is incorrect.

QUESTION 88
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.

QUESTION 89
Customers opening accounts online identify their occupation from a drop-down list. A KYC analyst notices a high volume of applicants selecting “Accountant” because itis at the top of the list. The institution’s KYC policy does not require evidence to verify occupation.
Which is the most appropriate action for the KYC analyst to take?

Do not take further action because occupation verification is not required.

Make a note in the KYC file to confirm if any unusual activity is identified.

Cancel the applications in the system and instruct customers to read the entire list before selecting.

Escalate to the KYC manager for guidance.

A sudden pattern in occupation selection can indicate inaccurate self-reporting or potential misuse of the onboarding process. Even if policy does not require occupation verification, such anomalies should be escalated to the KYC manager for review and potential policy or process adjustments.

QUESTION 90
What are the two types of Politically Exposed Persons (PEPS) that are identified by The Financial Action Task Force? (SELECT 2)

Domestic PEPs are individuals who are or have been entrusted domestically with prominent public functions.

Domestic PEPs are individuals who are or have been entrusted domestically with prominent non-public functions.

Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a foreign country.

Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a domestic country.

QUESTION 91
An Ultimate Beneficial Owner (UBO) with a control prong is an individual with:

indirect ownership greater than a certain percent value.

direct and indirect ownership greater than a certain percent value but who lacks management and operational control.

direct and indirect ownership less than a certain percent value who exercises management and operational control.

direct ownership greater than a certain percent value.

Under the control prong, a UBO is identified as an individual who may not meet the ownership threshold but still exercises significant management or operational control over the entity, thereby having effective influence over its activities.

QUESTION 92
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.

QUESTION 93
As part of the source of wealth investigation of a high-net-worth individual, the compliance department at a private bank is tasked with obtaining documentary evidence pertaining to a family trust, through which the client’s assets are controlled. KYC identification efforts should primarily include the:

bank statements for investigation of transaction patterns.

trust deed including trustees, settlors, and beneficiaries.

client asset declaration, open source, and public databases.

details of nominees (if any) and trust intermediaries.

The trust deed is the primary legal document that establishes the trust and identifies the trustees, settlors, and beneficiaries, making it essential for verifying the structure, control, and legitimacy of the client’s assets.

QUESTION 94
A legal entity applies to open an account in a financial institution. The owners of the entity are 20 individuals with equal shareholding. Who should be identified as the Ultimate Beneficial Owner (UBO), per Financial Action Task Force (FATF) guidelines?

Any six shareholders whose collective shareholding exceeds 25%

All 20 shareholders, because none exceeds the 25% threshold

No one; this is an orphan legal entity because it has no UBOs

The person(s) exercising control and/or acting as a senior management official(s)

FATF guidelines require identifying UBOs as individuals owning more than 25% or, if no one meets that threshold, those who exercise control through other means. In this case, no shareholder owns more than 25%, so the UBO is identified based on control, typically the person(s) in senior management.

QUESTION 95
A person disclosing to any other person, information or any other matter, which is likely to prejudice a money laundering investigation is known to be?

Dripping off

Ripping off

Tipping off

Dipping off

QUESTION 96
Delivery Channel Risk is associated with? (SELECT 3)

Correspondent banks.

Savings accounts

Payable through accounts.

Deposit accounts

Concentration accounts

QUESTION 97
According to the Financial Action Task Force (FATF) Risk-Based Approach Guidance, institutions should

incorporate only higher risk customers into its risk profile.

adjust customers’ EDD processes independent from the institution’s risk profile.

incorporate customer risks into the business line risk profiles, but not into the institutional risk profile

adjust the extent and depth of EDD monitoring in line with their risk profile.

FATF’s Risk-Based Approach Guidance advises that the scope and intensity of Enhanced Due Diligence (EDD) should be proportionate to the institution’s overall risk profile, ensuring resources are directed where risks are greatest.

Loading …

Read Online CKYCA Test Practice Test Questions Exam Dumps: https://www.passleadervce.com/AML-Certifications/reliable-CKYCA-exam-learning-guide.html

Leave a Reply Cancel reply