CKYCA exam

The first step in the CDD of a legal person is to?A . Discover the type of business your customer undertakes. B. Find out what the account will be used for, and the level of activity your organization should expect to see. C. Understand the ownership structure and to track...

Who will review KYC files to determine whether you are complying with your jurisdictionâ™s laws and regulationsA . Regulators B. Law Enforcement C. Compliance D. The KYC AnalystView AnswerAnswer: A Explanation: Although all those jobs may check it ultimately it's the regulators to police it.

The overall control environment is the set of _________A . standards, processes, and structures that provide the basis for carrying out external control across the organization. B. risk standards, processes, and structures that provide the basis for carrying out internal control across the organization. C. standards, processes, and structures that...

Usually, the risk associated with the customer can be higher if the customer is nonresident?A . Yes B. No C. DependsView AnswerAnswer: A

The four step model is a model designed to?A . Improve the quality of your KYC Program. B. Improve the quality of your KYC Research. C. Improve the quality of your KYC Files. D. Improve the quality of the KYC Rule.View AnswerAnswer: B

Non-documentary verification is checking the information the customer provides against? (SELECT 3)A . Credit reports. B. Audited Statements. C. Proprietary databases. D. Email confirmation. E. Public records.View AnswerAnswer: A,C,E

A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?A . Yes, anyone who brings that type of currency is likely involved to have received it from illegal means. B. No, the customer profile for the hospitality worker fits...

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. No. C. Depends on the client.View AnswerAnswer: A

What stage is the explore step in the 4 step process with regards to the 4-step research model?A . 1st. B. 2nd. C. 3rd. D. 4th.View AnswerAnswer: B

When is Enhanced Due Diligence (EDD) used?A . Financial Institutions use EDD only when the geographical trigger event. B. Financial Institutions use EDD only when the product trigger event. C. If lower risk of easy to assess. D. if higher risk or difficult to assess.View AnswerAnswer: D