ACAMS CKYCA Exam Practice Questions (P. 1)
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Question #1
A legal entity applies to open an account in a financial institution. The owners of the entity are 20 individuals with equal shareholding. Who should be identified as the Ultimate Beneficial Owner (UBO), per Financial Action Task Force (FATF) guidelines?
- AAny six shareholders whose collective shareholding exceeds 25%
- BAll 20 shareholders, because none exceeds the 25% threshold
- CNo one; this is an orphan legal entity because it has no UBOs
- DThe person(s) exercising control and/or acting as a senior management official(s)
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Question #2
Assets under management show an increase of investors whose income originates from high-risk jurisdictions. This indicates higher risk in which area?
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Question #3
During a routine CDD update in a financial institution, a junior member of the compliance department identifies that the spouse of the reviewed client was elected as a member of government. Which action should the junior member take?
- AInform the relationship manager about the election of the client’s spouse.
- BMake a note on the client’s account of this fact and continue operations as usual.
- CFile a suspicious transaction report because the client did not notify the financial institution. D. Update the client’s information to reflect that the client is related to a politically exposed person.
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Question #4
A KYC analyst is onboarding a high-net-worth client and, during the screening process, notices that the prospective client is the parent of a government minister. After the analyst performs a source of wealth analysis, whose approval is needed before opening the account?
- ARelationship management
- BSenior management
- CTeam management
- DProject management
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Question #5
A politically exposed person (PEP) is eager to open a private account with an international bank. In addition to performing the normal CDD, which measure should be required from the AML officer?
- AConduct enhanced ongoing monitoring of the business relationship each quarter.
- BObtain senior management approval for establishing such business relationships.
- CContact law enforcement, as PEPs pose enhanced risks to an institution.
- DMake a note of a PEP business relationship and file a suspicious transaction report to the local financial intelligence unit.
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