Free ACAMS CKYCA Exam Dumps Questions & Answers

The five components of the internal control framework are the overall control environment are risk assessment, control activities, communication, regulations, quality assurance?

• A.  Yes.
• B.  No.

What is the purpose of having controls to Know Your Customer, also known as KYC?

• A.  Manage the compliance risk of your organization.
• B.  Manage the financial crime risk to your customer.
• C.  Manage the financial crime risk to your organization.
• D.  Manage the compliance risk of your customer.

In which circumstance must a KYC analyst obtain source of wealth information on a client subject to CDD?

• A.  Information on source of wealth for CDD clients must always be collected.
• B.  The client is establishing a business relationship with a private company whose benefit surpasses 10 million USD.
• C.  The client's senior manager is deemed to be an ultimate beneficial owner.
• D.  The number of business relationships involving high-risk third countries or politically exposed persons increases.

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.  Yes.
• B.  Depends on the client.
• C.  No.

A transaction monitoring alert is generated by an automated system. The alert was triggered by a scenario to flag large cash payments. The analyst is not able to explain the behavior that triggered the alert. Which step should a KYC analyst take next?

• A.  Block the account to prevent any other transactions.
• B.  Submit a suspicious transaction report.
• C.  Escalate the alert to the second line for investigation.
• D.  Mark the alert as a false positive.