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The Association of Certified Anti-Money Laundering Specialists (ACAMS) Certification Exam is a globally-recognized credential that demonstrates the holder's proficiency in anti-money laundering (AML) and counter-terrorist financing (CTF) compliance. CKYCA Exam is designed for professionals who are seeking to enhance their AML knowledge and skills, as well as those who are looking to advance their careers in this field.
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As part of the source of wealth investigation of a high-net-worth individual, the compliance department at a private bank is tasked with obtaining documentary evidence pertaining to a family trust, through which the client's assets are controlled. KYC identification efforts should primarily include the:
A. trust deed including trustees, settlors, and beneficiaries.
B. details of nominees (if any) and trust intermediaries.
C. client asset declaration, open source, and public databases.
D. bank statements for investigation of transaction patterns.
Answer: A
Explanation:
The trust deed is the primary legal document that establishes the trust and identifies the trustees, settlors, and beneficiaries, making it essential for verifying the structure, control, and legitimacy of the client's assets.
NEW QUESTION # 116
From 2010 to 2018, a company had an average turnover of 1 million USD. In 2019, the turnover increased to 8 million USD. When asked for the reason of the increase, the company claims that business increased and refuses to give any further explanation despite several attempts at requesting information. Which is the best next step?
A. Make a note to check next year's turnover.
B. Continue to ask for an explanation of the increased business.
C. File a suspicious activity report as soon as possible.
D. Note to make a suspicious activity report if the increased turnover continues.
Answer: C
Explanation:
A sudden, unexplained, and significant increase in turnover, combined with the customer's refusal to provide supporting information, is a strong money laundering red flag and should trigger the immediate filing of a suspicious activity report.
NEW QUESTION # 117
What is the purpose of having controls to Know Your Customer, also known as KYC?
A. Manage the compliance risk of your customer.
B. Manage the financial crime risk to your customer.
C. Manage the compliance risk of your organization.
D. Manage the financial crime risk to your organization.
Answer: D
NEW QUESTION # 118
What is the First Line of Defense? (FLOD)
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: B
NEW QUESTION # 119
A foreign customer claims as source of wealth the sale of inherited real estate. Which would be an appropriate next step in the verification process?
A. No further evidence is required for inheritance.
B. Obtain the sale contract.
C. Visit the inherited real estate to verity the existence.
D. Obtain a bank reference letter
Answer: C
Explanation:
Obtaining the sale contract provides documented evidence of the transaction, allowing verification of both the existence of the inherited property and the legitimacy of the proceeds as the customer's source of wealth.
NEW QUESTION # 120
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