CKYCA Practice Exams and Training Solutions for Certifications
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NEW QUESTION 16
What is the First Line of Defense? (FLOD)
- 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: A
NEW QUESTION 17
What is the Primary Money Laundering Regulation in the United Kingdom?
- A. Proceeds of Crime Act
- B. UK AML Sanctions Regime
- C. The Money Laundering and Terrorist Financing (Amendment) Regulation 2019
- D. Proceeds of Terrorism Act
Answer: C
NEW QUESTION 18
When is Enhanced Due Diligence (EDD) used?
- A. If lower risk of easy to assess.
- B. Financial Institutions use EDD only when the product trigger event.
- C. Financial Institutions use EDD only when the geographical trigger event.
- D. if higher risk or difficult to assess.
Answer: D
NEW QUESTION 19
KYC does not end after on-boarding a customer. (TRUE OR FALSE)
- A. False.
- B. True.
Answer: B
NEW QUESTION 20
The following are some attributes of reliable sources to use in the EDD process. (SELECT 2)
- A. later publication date.
- B. Reputable and biased.
- C. Internal and external consistency.
- D. Industry-recognized.
Answer: C,D
NEW QUESTION 21
What Boolean operator words can be used in for searching in EDD? (SELECT 2)
- A. OR.
- B. PLUS.
- C. AND.
- D. EQUAL.
Answer: A,C
NEW QUESTION 22
What a is supranational organization below? (SELECT 3)
- A. United Nations
- B. Australian Transaction Reports and Analysis Centre.
- C. European Union.
- D. Singapore's Ministry of Law.
- E. World Trade Organization
Answer: A,C,E
NEW QUESTION 23
What is a regional risk (SELECT 3)
- A. High Intensity Financial Crime Areas (HIFCA)
- B. Lax Immigration Controls.
- C. Global Financial Centers
- D. Free Trade Zones.
- E. Port Cities.
Answer: A,D,E
NEW QUESTION 24
Trade finance, which is the provision or credit for domestic and international trade transactions is likely?
- A. Usually a High Risk Product
- B. Usually a Low Risk Product.
- C. It depends on the Anti-Money Laundering program.
- D. Usually a Medium Risk Produce.
Answer: A
NEW QUESTION 25
What is the Third Line of Defense? (TLOD)
- A. 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.
- 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 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.
Answer: B
NEW QUESTION 26
An individual customer with a regular job and a salary opening a savings account would be?
- A. Low Risk.
- B. High Risk.
- C. Medium Risk.
- D. Unable to determine with that information.
Answer: A
NEW QUESTION 27
What industries are often exploited by criminals (SELECT 3)
- A. Broker Dealers.
- B. Charities Non Profits.
- C. Dealers in high value goods.
- D. Casinos.
- E. Insurance.
Answer: B,C,D
NEW QUESTION 28
Data must be secure so that it cannot be hacked, stolen, or misused for other purposes?
- A. True
- B. False
- C. Depends on the specifics.
Answer: A
NEW QUESTION 29
For secondary forms of non-documentary verification. Is the act of someone from the institution ringing up the individual and confirming the verification sufficient?
- A. Yes.
- B. No.
- C. Depends on the client.
Answer: A
NEW QUESTION 30
Financial Institutions include? (SELECT 2)
- A. Pay Day Loan Companies.
- B. Insurance Companies.
- C. Broker Dealer.
- D. Companies registered with the SEC.
Answer: B,C
NEW QUESTION 31
Why can Trusts pose a higher risk from a financial crime perspective?
- A. They are in a physical paper form and ownership is controlled by the person who possesses the physical paper in hand.
- B. The trustee can use a trust in order to commit financial crime.
- C. 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.
- D. They can be used to mask the true owner and actual business purpose.
Answer: D
NEW QUESTION 32
For benefitial ownership, the exact account-opening procedures and customer acceptance policies will depend on the type of? (SELECT 3)
- A. Risk.
- B. Local Regulations.
- C. Customer.
- D. Product.
- E. Geography.
Answer: A,B,C
NEW QUESTION 33
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