Free ACAMS CKYCA Exam Dumps Questions & Answers

A KYC analyst notices frequent use of letters of credit as a method of trade finance. It further appears that trades covered by letters of credit are not consistent with the customer's usual business. What should be the next action taken by the KYC analyst?

• A.Notify the Board of Directors and obtain the Board's approval for filing a STR.
• B.Refer internally for a potential suspicious transaction report
• C.Prepare to close the customer's account.
• D.Establish internally the existence of a criminal violation.

Which is the most relevant risk factor for an individual client?

• A.Country of employment
• B.Country of residence
• C.Country of citizenship
• D.Country of birth

Customers opening accounts online identify their occupation from a drop-down list. A KYC analyst notices a high volume of applicants selecting "Accountant" because itis at the top of the list. The institution's KYC policy does not require evidence to verify occupation.
Which is the most appropriate action for the KYC analyst to take?

• A.Make a note in the KYC file to confirm if any unusual activity is identified.
• B.Cancel the applications in the system and instruct customers to read the entire list before selecting.
• C.Escalate to the KYC manager for guidance.
• D.Do not take further action because occupation verification is not required.

From 2010 to 2018, a company had an average turnover of 1 million USD. In 2019, the turnover increased to 8 million USD. When asked for the reason of the increase, the company claims that business increased and refuses to give any further explanation despite several attempts at requesting information. Which is the best next step?

• A.Note to make a suspicious activity report if the increased turnover continues.
• B.File a suspicious activity report as soon as possible.
• C.Make a note to check next year's turnover.
• D.Continue to ask for an explanation of the increased business.

A KYC analyst receives a notification that the Office of Foreign Assets Control (OFAC) has updated its sanctioned entity and individual list. The analyst reviews the list and identifies a current customer. Which step should the analyst take first?

• A.Contact the customer to request clarification
• B.Form a sanctions committee to develop standard processes and procedures
• C.Report the issue to the Money Laundering Reporting Officer.
• D.Freeze the customer's account and assets.