CKYCA Valid Exam Duration - Study CKYCA Material

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ACAMS CKYCA Pass-Sure Valid Exam Duration

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ACAMS Association of Certified Anti Money Laundering Sample Questions (Q85-Q90):

NEW QUESTION # 85
According to the Financial Action Task Force (FATF), which step should an institution take if a customer is unable to provide identifying documentation without errors?

A. Request an information-sharing process and provide the error to other institutions.
B. Cease opening the account and consider filling a suspicious activity report.
C. Continue opening the account and request additional information within 90 days.
D. Restrict similar customers from opening accounts and post a notice in the branches.

Answer: B

Explanation:
FATF requires that if a customer cannot provide acceptable identifying documentation, the institution must not open the account and should consider filing a suspicious activity report, as the inability to provide valid documents is a significant red flag.

NEW QUESTION # 86
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?

A. Control Prong.
B. KYC Prong.
C. Controlling Prong.
D. Control Party Prong.

Answer: A

NEW QUESTION # 87
What is the purpose of having controls to Know Your Customer, also known as KYC?

A. Manage the financial crime risk to your organization.
B. Manage the financial crime risk to your customer.
C. Manage the compliance risk of your organization.
D. Manage the compliance risk of your customer.

Answer: A

NEW QUESTION # 88
An existing customer publicly states she is planning to run for public office, but changes her mind. Which action should a KYC analyst take?

A. Reach out to the customer to determine if she plans to run for public office in the future.
B. Review the customer's compliance file to fill in any gaps needed to complete her new EDD status.
C. Designate the customer as a high-risk customer due to the attention caused by her public statement.
D. Discuss the matter with the Money Laundering Reporting Officer to determine if more information is required for the due diligence file

Answer: D

Explanation:
A public statement about running for office raises potential PEP considerations. Even if the customer changes her mind, the KYC analyst should discuss the matter with the Money Laundering Reporting Officer to assess whether further information is needed to update the due diligence file.

NEW QUESTION # 89
A compliance officer is tasked with building a financial institution's annual risk assessment. Which data attributes should be used to understand inherent risk?

A. Number and types of audit examinations in a year performed by the regulator C Number of control-side function employees and business employees
B. Size of the financial institution and if it is publicly listed on an exchange
C. Customer types and products offered to customers

Answer: C

Explanation:
Inherent risk is the level of risk present before controls are applied and is influenced by factors such as the types of customers served and the products or services offered, both of which directly affect the institution's exposure to financial crime risks.

NEW QUESTION # 90
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CKYCA Valid Exam Duration - Study CKYCA Material

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ACAMS CKYCA Pass-Sure Valid Exam Duration

ACAMS Association of Certified Anti Money Laundering Sample Questions (Q85-Q90):

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