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[General] Free PDF Quiz ACAMS - CGSS - Efficient Certified Global Sanctions Specialist Upd

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【General】 Free PDF Quiz ACAMS - CGSS - Efficient Certified Global Sanctions Specialist Upd

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ACAMS Certified Global Sanctions Specialist Sample Questions (Q84-Q89):NEW QUESTION # 84
In the event of a sanctions violation, the inclusion of a sanctions clause in a trade contract can:
  • A. act as a specific license allowing the contract to be fulfilled.
  • B. identify the liability for any fines related to sanctioned entities.
  • C. define which sanctioned elements are prohibited in the execution of the contract.
  • D. enforce the contract if sanctions are imposed on any of the parties.
Answer: C
Explanation:
Sanctions and Compliance Domains state that sanctions clauses in trade contracts are used to:
* clarify prohibited activities,
* define obligations of the parties in case sanctions become applicable, and
* ensure business partners understand compliance expectations.
A sanctions clause cannot enforce a contract when sanctions apply (B), cannot assign liability for regulatory fines (C) beyond legal requirements, and cannot operate as a license (D). Only regulators (e.g., OFAC, EU authorities) can authorize activities by issuing licenses.
Reference:
Trade contract sanctions clauses and their function.
Legal requirements surrounding sanctions clauses and regulatory authority.

NEW QUESTION # 85
Which is a key sanctions risk posed by transshipment and intermediary points?
  • A. The ultimate recipient of goods and/or their jurisdiction may be unclear.
  • B. The submission of all relevant documentation prior to the transshipment.
  • C. The large cash amounts readily exchanged at ports.
  • D. The collection of data on exposure to intermediary points.
Answer: A
Explanation:
Transshipment and intermediary hubs present sanctions risks because they obscure the true origin, destination, and end-user of goods. High-risk jurisdictions use intermediary shipping points to bypass controls, hide diversion routes, and disguise connections to sanctioned countries or entities.
Documentation may be incomplete, manipulated, or replaced during transshipment, making the true jurisdiction unclear-the core risk.
Reference:
Sanctions evasion via transshipment and intermediary locations.
Risks relating to concealment of end-users and destinations.

NEW QUESTION # 86
A financial institution's decision to adjust the degree of sensitivity of a screening tool should be based on its transaction volume and:
  • A. management commitment.
  • B. risk assessment.
  • C. personnel training.
  • D. number of staff.
Answer: B
Explanation:
Sanctions and Compliance Domains state that screening calibration must be tied directly to a financial institution's sanctions risk assessment, which evaluates products, customer base, geography, delivery channels, and transaction volume. Sensitivity adjustments must be justified by an institution's assessed sanctions exposure.
Staff levels or training do not determine screening thresholds; these are operational considerations. Management commitment supports governance but does not form the technical basis for calibration decisions.
Reference:
Screening calibration tied to sanctions risk assessments.
Threshold adjustments must reflect actual sanctions exposure and transaction characteristics.

NEW QUESTION # 87
A bank is processing a trade finance transaction and has a legal obligation to complete the transaction. After completing its sanctions review, the bank determines there are multiple red flags indicative of counterfeiting. Which are the appropriate next steps for handling the transaction?
  • A. Process the transaction and refer the transaction for further investigation by the bank's financial intelligence unit.
  • B. Block the transaction, place the funds in an interest-bearing account, and file a report on the transaction.
  • C. Reject the transaction and file a report on the transaction with the appropriate regulator.
  • D. File a suspicious activity report and notify the customer of the red flags identified during the review.
Answer: C
Explanation:
Sanctions and Compliance Domains specify that when a transaction shows significant sanctions or illicit-trade red flags, a bank must avoid executing the transaction if it risks breaching sanctions restrictions. If the bank identifies discrepancies, counterfeiting indicators, or potential sanctions violations, the transaction must be rejected unless a blocking requirement applies.
Blocking applies only when a sanctioned party or property interest is identified. In this scenario, because there are red flags but no confirmed designated person, the appropriate action is to reject the transaction and file the relevant report with the competent authority.
Banks should not process the transaction and investigate later, nor should they disclose red-flag details to customers. Reporting requirements prohibit tipping-off in such regulatory contexts.
Reference from Sanctions and Compliance Domains:
Guidance on rejection versus blocking in trade finance risks.
Reporting obligations when red flags indicate possible sanctions exposure.
Prohibition on providing details of internal investigations to customers.

NEW QUESTION # 88
Aware of the imminent disaster, the Minister of Agriculture and industry leaders met in December 1965 to implement a recovery plan. They have formed the Tobacco Corporation. Tick the facts of this corporation correctly mentioned.
  • A. This new body operated under 11 terms of reference, the first three of which maximized the number of growers.
  • B. It facilitated the growers to generate a crop from 1966 to 1967 and to ensure the security of world markets.
  • C. It was the contractual monopoly responsible only for the collection of the crop.
  • D. The Corporation was made up of twelve members: two representing growers and ten representing merchants.
Answer: A,B

NEW QUESTION # 89
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