In which circumstance must a KYC analyst obtain source of wealth information on a client subject to CDD?
Answer(s): D
FATF requires obtaining and verifying source of wealth information in higher-risk situations, such as when there is increased involvement with high-risk jurisdictions or Politically Exposed Persons (PEPs), as part of enhanced due diligence.
Customers opening accounts online identify their occupation from a drop-down list. A KYC analyst notices a high volume of applicants selecting "Accountant" because itis at the top of the list. The institution's KYC policy does not require evidence to verify occupation.Which is the most appropriate action for the KYC analyst to take?
A sudden pattern in occupation selection can indicate inaccurate self-reporting or potential misuse of the onboarding process. Even if policy does not require occupation verification, such anomalies should be escalated to the KYC manager for review and potential policy or process adjustments.
Which situation would most likely increase the inherent risk of a corporate customer?
Expanding business operations beyond the home country increases inherent risk due to cross-border transactions, exposure to multiple jurisdictions, and potential dealings with regions of higher money laundering or terrorism financing risk.
A compliance officer in an international bank is reviewing new customer onboarding files. The relationship manager provides a whole set of customer documents, in addition to information from open source research. What information should be used by the compliance officer as secondary documentation to verify the primary documentation?
Answer(s): A
Secondary documentation for verification purposes should be recent, reliable, and issued by a trusted source. Utility bills, phone bills, or bank statements issued within the last three months are commonly accepted to confirm address and identity details provided in primary documentation.
Sanctions screening is important before onboarding a customer, or when using the services of a financial institution, because it:
Answer(s): C
Sanctions screening is conducted to detect whether a customer or related party is on a sanctions list or linked to a sanctioned location, ensuring compliance with legal and regulatory requirements before establishing or continuing a business relationship.
Which is the best technique to effectively document a customer profile?
Effective customer profile documentation should be clear, precise, and free from subjective language. Providing context and avoiding ambiguity ensures the information is reliable, verifiable, and usable for risk assessment and compliance purposes.
A KYC analyst is running an adverse media search on a prospective client's directors and learns that one of the directors has been accused of receiving bribery payments. Which step should the KYC analyst take next?
Answer(s): B
Allegations of bribery involving a director are a significant red flag for potential financial crime risk. The KYC analyst should escalate the finding to the compliance team for assessment and guidance before making any decision on the business relationship.
A bank's business team has developed a new strategy, which includes the introduction of prepaid cards as a new high-risk product offering. The compliance team has proposed to impose a monetary limit on each prepaid card and limit the offering to the existing customers of the bank only. Which best describes the risk impact of the controls proposed by the compliance team?
Inherent risk is the natural risk before controls are applied. The compliance team's measures (monetary limits and restricting to existing customers) reduce the exposure to misuse, thereby lowering the residual risk - the risk that remains after controls are implemented.
Share your comments for ACAMS CKYCA exam with other users:
iam thankful for these exam dumps questions, i would not have passed without this exam dumps.
some of the answers seem to be inaccurate. q10 for example shouldnt it be an m custom column?
are the question real or fake?
thank you for providing such assistance.
nice questions
my 3rd purcahse from this site. these exam dumps are helpful. very helpful.
found it good
excellent material
very helpfull
well explained.
i need the pdf, please.
a good source for exam preparation
i need ielts general training audio guide questions
please make this content available
content is good
latest dumps please
aside from pdf the test engine software is helpful. the interface is user-friendly and intuitive, making it easy to navigate and find the questions.
questions and options are correct, but the answers are wrong sometimes. so please check twice or refer some other platform for the right answer
90% of questions was there but i failed the exam, i marked the answers as per the guide but looks like they are not accurate , if not i would have passed the exam given that i saw about 45 of 50 questions from dump
answer to this question "what administrative safeguards should be implemented to protect the collected data while in use by manasa and her product management team? " it should be (c) for the following reasons: this administrative safeguard involves controlling access to collected data by ensuring that only individuals who need the data for their job responsibilities have access to it. this helps minimize the risk of unauthorized access and potential misuse of sensitive information. while other options such as (a) documenting data flows and (b) conducting a privacy impact assessment (pia) are important steps in data protection, implementing a "need to know" access policy directly addresses the issue of protecting data while in use by limiting access to those who require it for legitimate purposes. (d) is not directly related to safeguarding data during use; it focuses on data transfers and location.
password lockout being the correct answer for question 37 does not make sense. it should be geofencing.
for question 4, the righr answer is :recover automatically from failures
question number 4s answer is 3, option c. i
very good questions
i am confused about the answers to the questions. are the answers correct?
very usefull
need certification.
great exam prep
i require dump
good morning, could you please upload this exam again,
hi can you please upload the dumps for sap contingent module. thanks
good questions
looking forward to the real exam
Keeping this site free takes real effort. We constantly battle automated scraping and unauthorized content copying. A quick account helps us protect the community and keep the site free.
To continue studying for your CKYCA, please sign in or create a free account.