[Apr-2024] CKYCA Certification with Actual Questions from SurePassExams
Updated CKYCA Dumps PDF - CKYCA Real Valid Brain Dumps With 72 Questions!
The CKYCA certification is highly valued by employers in the financial services industry, including banks, insurance companies, and securities firms. It is also recognized by regulatory bodies around the world as a mark of excellence in the field of AML. Association of Certified Anti Money Laundering certification demonstrates to employers and clients that the holder has a deep understanding of AML regulations, industry best practices, and the latest trends and developments in the field.
NEW QUESTION # 31
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 compliance risk of your customer.
- C. Manage the financial crime risk to your customer.
- D. Manage the compliance risk of your organization.
Answer: A
NEW QUESTION # 32
The overall control environment is the set of _________
- A. standards, processes, and structures that provide the basis for carrying out internal control across the organization.
- B. risk standards, processes, and structures that provide the basis for carrying out internal control across the organization.
- C. standards, processes, and structures that provide the basis for carrying out external control across the organization.
Answer: A
NEW QUESTION # 33
A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?
- A. No, the customer profile for the hospitality worker fits their occupation.
- B. Yes, anyone who brings that type of currency is likely involved to have received it from illegal means.
- C. It depends on the location, business, and feeling of the employee accepting the deposit.
Answer: A
NEW QUESTION # 34
What is the Primary legislation for Money Laundering in the United States?
- A. Anti-Drug Abuse Act of 1988
- B. Money Laundering Control Act of 1986
- C. Bank Secrecy Act (1970)
- D. Money Laundering and Financial Crimes Strategy Act (1998)
- E. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)
Answer: C
NEW QUESTION # 35
Although you might find all the information you gathered throughout your research to be interesting, should include only relevant information in your final report?
- A. No
- B. Depends on the discretion of the analyst.
- C. Yes.
Answer: C
NEW QUESTION # 36
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 # 37
The KYC four step research is?
- A. Assess, Organize, Explore, Past
- B. Assess, Operations, Explore, Present
- C. Assess, Organize, Narrow, Present
- D. Assess, Organize, Explore, Present
Answer: D
NEW QUESTION # 38
Shell and Shelf Companies are usually what level of customer risk?
- A. Medium.
- B. Low.
- C. High.
- D. Immediately Rejected due to their business profile.
Answer: C
NEW QUESTION # 39
What is the Third Line of Defense? (TLOD)
- A. 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.
- B. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
- C. 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.
Answer: B
NEW QUESTION # 40
If the legal structure is overly complex.
What step should the analyst do when conducting Customer Due Diligence in identifying the beneficial owners?
- A. Continue, Most legal structures can be overly complex in a normal business setting.
- B. Tread carefully, particularly if they operate in jurisdictions with secrecy la
- C. Escalate, A complex legal structure is a sign of hiding the beneficial owner.
Answer: B
NEW QUESTION # 41
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
- A. False.
- B. True.
Answer: B
NEW QUESTION # 42
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?
- A. What sorts of transactions you should anticipate?
- B. The frequency and expected amounts of those transactions?
Answer: A
NEW QUESTION # 43
If an organization suspects that a customer is laundering money, or committing other types of financial crime, it has a duty to report it to the authorities? (TRUE OR FALSE)
- A. True.
- B. False
Answer: A
NEW QUESTION # 44
What is legal risk? (SELECT 2)
- A. An organization breaks laws when doing business.
- B. An employee who commits a crime unrelated to the organization.
- C. A warning from a regulator.
- D. An employee who commits a crime unrelated to the organization.
Answer: A,B
NEW QUESTION # 45
Non-documentary verification is checking the information the customer provides against? (SELECT 3)
- A. Proprietary databases.
- B. Credit reports.
- C. Audited Statements.
- D. Email confirmation.
- E. Public records.
Answer: A,B,E
NEW QUESTION # 46
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The Association of Certified Anti Money Laundering (ACAMS) Certification Exam is a professional certification that is highly regarded in the financial industry. CKYCA exam is designed for individuals who work in the field of anti-money laundering (AML) and financial crime prevention. Association of Certified Anti Money Laundering certification is globally recognized and provides professionals with a competitive edge in the job market.
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