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To be eligible to take the CKYCA Certification Exam, individuals must have at least two years of experience working in the AML or financial crime prevention field. They must also complete a minimum of 40 hours of AML training within the past three years, and agree to abide by the ACAMS Code of Ethics and Professional Conduct.
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ACAMS Association of Certified Anti Money Laundering Sample Questions (Q10-Q15):
NEW QUESTION # 10
In the Customer Identification Program (CIP) What are the basic information required to identify a legal person is? (SELECT 3)
- A. Source of Funds.
- B. Identification number issued by government.
- C. Source of Wealth.
- D. Address, including legal and place of business.
- E. Legal Name.
Answer: B,D,E
NEW QUESTION # 11
An existing customer publicly states she is planning to run for public office, but changes her mind. Which action should a KYC analyst take?
- A. Discuss the matter with the Money Laundering Reporting Officer to determine if more information is required for the due diligence file
- B. Review the customer's compliance file to fill in any gaps needed to complete her new EDD status.
- C. Designate the customer as a high-risk customer due to the attention caused by her public statement.
- D. Reach out to the customer to determine if she plans to run for public office in the future.
Answer: A
Explanation:
A public statement about running for office raises potential PEP considerations. Even if the customer changes her mind, the KYC analyst should discuss the matter with the Money Laundering Reporting Officer to assess whether further information is needed to update the due diligence file.
NEW QUESTION # 12
Is collecting identification a legal requirement in jurisdictions?
- A. No.
- B. Yes.
- C. Most.
Answer: C
NEW QUESTION # 13
A politically exposed person (PEP) wants to open an account with a financial institution and provides no evidence for source of wealth.
Which procedure should the financial institution follow?
- A. Accept the customer and request source of wealth evidence during next year's updating procedures.
- B. Reject the customer on the basis of being a PEP and possibly corrupt
- C. Condition the acceptance of the customer on receiving evidence for the customer's source of wealth
- D. Accept the customer without any evidence for the customer's source of wealth.
Answer: C
Explanation:
For PEPs, FATF requires enhanced due diligence, including verification of the source of wealth before onboarding. The account should only be opened after receiving and validating sufficient evidence.
NEW QUESTION # 14
Jurisdictions with high risk usually have (SELECT 4)
- A. Poor anti-money laundering regulations.
- B. High levels of corruption
- C. Host shell and shelf companies.
- D. Inadequate regulatory and judicial frameworks to prevent terror financing
- E. Poverty
Answer: A,B,C,D
NEW QUESTION # 15
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