CKYCA ACAMS Certified Know Your Customer Associate exact Exam Questions

Certified Know Your Customer Associate

Last Update 16 hours ago Total Questions : 60

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Question # 4

Which action should be considered a possible red flag, indicating to a bank that the activity might warrant further investigation?

Making multiple cash deposits just under the reporting threshold

Adding a new beneficial owner after the establishment of the business relationship

Opening a new account without a local telephone number or utility bill

Sending large amounts of money to family in their home country with known sources of income

Question # 5

A KYC analyst notices frequent use of letters of credit as a method of trade finance. It further appears that trades covered by letters of credit are not consistent with the customer’s usual business. What should be the next action taken by the KYC analyst?

Notify the Board of Directors and obtain the Board's approval for filing a STR.

Refer internally for a potential suspicious transaction report

Establish internally the existence of a criminal violation.

Prepare to close the customer’s account.

Question # 6

A longstanding client asks to open two additional accounts, one for a trust and one for private equity investments. The trust account will be funded with dividends stemming from the investments as well as a one-off transfer from one of the client's existing accounts. As a first step, a KYC analyst should properly document the:

initial transfer from the client's existing account

beneficiary/beneficiaries of the trust

dividends from the private equity investments.

transactions between the two new accounts.

Question # 7

Which key elements should be included in CDD?

Account type, court records, open source intelligence information, and a list of reasons to maintain the customer

Customer overview, nature of business or occupation, geographic profile, and summary of red flags

C Risk assessment statement risk appetite description and the risk presented by the customer

Customer type, related accounts and activity totals, industry information, and a peer business summary

Question # 8

According to a reputable financial news source, a client is being taken over by one of its competitors. The public registry has not yet reflected the ownership change. Which step should the KYC analyst take?

Obtain legal documents from the client corroborating its current ownership structure.

Follow the reputable financial news source and update the client’s profile.

Put the KYC refresh on hold and wait for the public sources to be updated.

Do not change the ownership information in the profile until it is updated in the public registry.

Question # 9

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

Customer types and products offered to customers

Number and types of audit examinations in a year performed by the regulator

C Number of control-side function employees and business employees

Size of the financial institution and if it is publicly listed on an exchange