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The Association of Certified Anti Money Laundering (ACAMS) Certification Exam is a globally recognized certification for individuals seeking to demonstrate their knowledge and expertise in the field of anti-money laundering (AML) and financial crime prevention. The ACAMS Certification Exam is designed for professionals in the financial services industry, including compliance officers, risk managers, auditors, and investigators, among others. CKYCA exam covers a range of topics related to AML and financial crime prevention, including money laundering typologies, regulatory compliance, risk assessment, and investigation techniques.
NEW QUESTION # 19
Non-documentary verification is checking the information the customer provides against? (SELECT 3)
- A. Public records.
- B. Email confirmation.
- C. Credit reports.
- D. Audited Statements.
- E. Proprietary databases.
Answer: A,C,E
NEW QUESTION # 20
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. Depends on the specifics.
- B. False
- C. True
Answer: C
NEW QUESTION # 21
The four step model is a model designed to?
- A. Improve the quality of your KYC Program.
- B. Improve the quality of the KYC Rule.
- C. Improve the quality of your KYC Files.
- D. Improve the quality of your KYC Research.
Answer: D
NEW QUESTION # 22
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?
- A. Dripping off
- B. Ripping off
- C. Dipping off
- D. Tipping off
Answer: D
NEW QUESTION # 23
What are the two types of Politically Exposed Persons (PEPS) that are identified by The Financial Action Task Force? (SELECT 2)
- A. Domestic PEPs are individuals who are or have been entrusted domestically with prominent non-public functions.
- B. Domestic PEPs are individuals who are or have been entrusted domestically with prominent public functions.
- C. Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a domestic country.
- D. Foreign PEPs are individuals who are or have been entrusted with prominent public functions by a foreign country.
Answer: B,D
NEW QUESTION # 24
What of the following countries are considered Tax Havens? (SELECT 2)
- A. Barbados.
- B. British Virgin Islands.
- C. United States Virgin Islands.
- D. Cayman Islands.
Answer: B,D
NEW QUESTION # 25
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. KYC Prong.
- B. Control Party Prong.
- C. Controlling Prong.
- D. Control Prong.
Answer: D
NEW QUESTION # 26
What are key risks in Financial Crime Prevention Control? (SELECT 3)
- A. Regulatory.
- B. Financial.
- C. Insurance.
- D. Reputational.
Answer: B
NEW QUESTION # 27
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?
- A. Depends on the exact circumstances.
- B. Yes.
- C. No.
Answer: B
NEW QUESTION # 28
What is a regional risk (SELECT 3)
- A. High Intensity Financial Crime Areas (HIFCA)
- B. Port Cities.
- C. Global Financial Centers
- D. Lax Immigration Controls.
- E. Free Trade Zones.
Answer: A,B,E
NEW QUESTION # 29
Most Organizations Use the three risk classifications for customers.
What are they? (SELECT 3)
- A. EDD-High.
- B. Very High.
- C. Moderate.
- D. Medium.
- E. High.
- F. Low.
Answer: D,E,F
NEW QUESTION # 30
Under a risk based approach is a PEP risk manageable If a customer discloses during the KYC, or Know Your Customer process?
- A. Yes, He or she is the spouse of a government official, closely related to the government official
- B. No, PEPs do not need to disclose their status, it is up to the financial institution to find that information out and determine the risk.
- C. Yes, PEPS need bank accounts and access to financial investment products like everyone else.
- D. No, PEPS are do not fit within the risk tolerance of an organization.
Answer: A
NEW QUESTION # 31
For the second prong, the control prong, an organization must collect the identity of one person who exercises control over the company.
Which below are deemed acceptable? (SELECT 3)
- A. Chief AML Officer.
- B. Managing Director.
- C. Chief Executive Officer.
- D. Chief Operating Officer.
- E. Chief Compliance Officer.
Answer: B,C,D
NEW QUESTION # 32
When is Enhanced Due Diligence (EDD) used?
- A. if higher risk or difficult to assess.
- B. Financial Institutions use EDD only when the product trigger event.
- C. If lower risk of easy to assess.
- D. Financial Institutions use EDD only when the geographical trigger event.
Answer: A
NEW QUESTION # 33
What is the Third Line of Defense? (TLOD)
- A. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
- B. 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.
- 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: A
NEW QUESTION # 34
CDD encompasses the entire lifecycle of due diligence?
- A. CIP, SDD, EDD.
- B. CIP, CDD, EDD.
- C. CIP, EDD, SDD.
- D. CDD, EDD, SDD.
Answer: A
NEW QUESTION # 35
Why is Private Banking Higher Risk? (SELECT 2)
- A. They use products which are designed for clients with a greater risk tolerance.
- B. Transactions may be confidential.
- C. They almost exclusively use structures that are on secretive jurisdictions.
- D. They use Transactions that attempt to mask true ownership.
Answer: B,D
NEW QUESTION # 36
A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?
- A. It depends on the location, business, and feeling of the employee accepting the deposit.
- B. Yes, anyone who brings that type of currency is likely involved to have received it from illegal means.
- C. No, the customer profile for the hospitality worker fits their occupation.
Answer: C
NEW QUESTION # 37
What is the Primary Money Laundering Regulation in the United Kingdom?
- A. The Money Laundering and Terrorist Financing (Amendment) Regulation 2019
- B. Proceeds of Crime Act
- C. UK AML Sanctions Regime
- D. Proceeds of Terrorism Act
Answer: A
NEW QUESTION # 38
What is legal risk? (SELECT 2)
- A. An employee who commits a crime unrelated to the organization.
- B. A warning from a regulator.
- C. An organization breaks laws when doing business.
- D. An employee who commits a crime unrelated to the organization.
Answer: C,D
NEW QUESTION # 39
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