Nov-2023 Free CKYCA Test Questions Real Practice Test Questions
CKYCA Dumps Updated Nov 09, 2023 WIith 72 Questions
NEW QUESTION # 37
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 # 38
What is an example of secondary identification in a customers CIP program? (SELECT 3)
- A. Identification from a college.
- B. Identification from securities and exchange commission. (SEC)
- C. Identification from another financial institution.
- D. Identification from a utility company.
- E. Identification from a registry of secretary of state.
Answer: A,C,D
NEW QUESTION # 39
The overall control environment is the set of _________
- A. risk standards, processes, and structures that provide the basis for carrying out internal control across the organization.
- B. standards, processes, and structures that provide the basis for carrying out internal control across the organization.
- C. standards, processes, and structures that provide the basis for carrying out external control across the organization.
Answer: B
NEW QUESTION # 40
Most Organizations Use the three risk classifications for customers.
What are they? (SELECT 3)
- A. Moderate.
- B. Medium.
- C. High.
- D. Very High.
- E. Low.
- F. EDD-High.
Answer: B,C,E
NEW QUESTION # 41
What corporate vehicles can a money launderer hide behind, where it is difficult to identify the beneficial owner? (SELECT 4)
- A. Regulated investment advisors
- B. Private investment companies.
- C. Shell companies.
- D. Trusts.
- E. Sole Proprietors.
Answer: B,C,D,E
NEW QUESTION # 42
A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?
- A. No, the customer profile for the hospitality worker fits their occupation.
- B. Yes, anyone who brings that type of currency is likely involved to have received it from illegal means.
- C. It depends on the location, business, and feeling of the employee accepting the deposit.
Answer: A
NEW QUESTION # 43
What is the Third Line of Defense? (TLOD)
- A. 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.
- B. 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.
- C. The ________ line of defense is internal audit. They perform an independent review of the controls applied by the lines of defense.
Answer: C
NEW QUESTION # 44
If you need to reach out to the client for more information and/or verification regarding the Enhanced Due Diligence (EDD) Process. should the KYC employee reach out directly to the client themselves and not the a relationship manager or equivalent.
- A. TRUE.
- B. FALSE.
Answer: B
NEW QUESTION # 45
Financial Institutions include? (SELECT 2)
- A. Broker Dealer.
- B. Companies registered with the SEC.
- C. Insurance Companies.
- D. Pay Day Loan Companies.
Answer: A,C
NEW QUESTION # 46
For secondary forms of non-documentary verification. Is the act of someone from the institution ringing up the individual and confirming the verification sufficient?
- A. Depends on the client.
- B. No.
- C. Yes.
Answer: C
NEW QUESTION # 47
What is the Primary legislation for Money Laundering in the United States?
- A. Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct Terrorism Act of 2001 (USA PATRIOT Act)
- B. Bank Secrecy Act (1970)
- C. Anti-Drug Abuse Act of 1988
- D. Money Laundering Control Act of 1986
- E. Money Laundering and Financial Crimes Strategy Act (1998)
Answer: B
NEW QUESTION # 48
The four step model is a model designed to?
- A. Improve the quality of your KYC Research.
- B. Improve the quality of your KYC Files.
- C. Improve the quality of your KYC Program.
- D. Improve the quality of the KYC Rule.
Answer: A
NEW QUESTION # 49
The five components of the internal control framework are the overall control environment are risk assessment, control activities, communication, regulations, quality assurance?
- A. No.
- B. Yes.
Answer: A
NEW QUESTION # 50
The following are some attributes of reliable sources to use in the EDD process. (SELECT 2)
- A. Reputable and biased.
- B. Industry-recognized.
- C. later publication date.
- D. Internal and external consistency.
Answer: B,D
NEW QUESTION # 51
The overall customer risk rating is usually derived as a composite of the following four categories of risk in money laundering prevention.
What are the those four?
- A. Customer, Jurisdiction, Product, and Sub-Channel.
- B. Client, Jurisdiction, Selected Products, and Channel.
- C. Customer, Jurisdiction, Product, and Channel.
- D. Client, Jurisdiction, Product, and Sub-Channel.
Answer: C
NEW QUESTION # 52
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