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NEW QUESTION # 60
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. Do not take further action because occupation verification is not required.
- C. Escalate to the KYC manager for guidance.
- D. Cancel the applications in the system and instruct customers to read the entire list before selecting.
Answer: C
Explanation:
A sudden pattern in occupation selection can indicate inaccurate self-reporting or potential misuse of the onboarding process. Even if policy does not require occupation verification, such anomalies should be escalated to the KYC manager for review and potential policy or process adjustments.
NEW QUESTION # 61
Which situation would most likely increase the inherent risk of a corporate customer?
- A. The customer opens an additional cash management account.
- B. A junior-level employee of the customer becomes politically exposed.
- C. A beneficial owner of the customer goes public on a US stock exchange.
- D. The customer's business expands beyond its home country.
Answer: D
Explanation:
Expanding business operations beyond the home country increases inherent risk due to cross-border transactions, exposure to multiple jurisdictions, and potential dealings with regions of higher money laundering or terrorism financing risk.
NEW QUESTION # 62
A hospitality worker brings deposits items that appear to be made from a cash intensive business. Is this a red flag?
- A. It depends on the location, business, and feeling of the employee accepting the deposit.
- B. Yes, anyone who brings that type of currency is likely involved to have received it from illegal means.
- C. No, the customer profile for the hospitality worker fits their occupation.
Answer: C
NEW QUESTION # 63
An alert is generated by a negative media search system that an existing client is accused of money laundering and is arrested. A KYC analyst assigned to investigate finds no records of a court order or subpoen a. Which is the next action the analyst should take?
- A. Escalate the issue to a compliance officer for further action.
- B. Contact and interview the client to ensure their innocence.
- C. Call the emergency police phone line and report the matter.
- D. Close the alert as the client has not yet been found guilty.
Answer: A
Explanation:
An arrest for alleged money laundering is a serious adverse media finding that must be escalated to the compliance officer for further assessment and potential action, regardless of whether there is a conviction.
NEW QUESTION # 64
A shell company or corporation is a company that, at the time of incorporation, has no significant? (SELECT 2)
- A. Employees.
- B. Operations.
- C. Funds.
- D. Assets.
Answer: B,D
NEW QUESTION # 65
What is legal risk? (SELECT 2)
- A. An employee who commits a crime unrelated to the organization.
- B. A warning from a regulator.
- C. An organization breaks laws when doing business.
Answer: A,C
NEW QUESTION # 66
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. FALSE.
- B. TRUE.
Answer: A
NEW QUESTION # 67
What stage is the explore step in the 4 step process with regards to the 4-step research model?
- A. 4th.
- B. 3rd.
- C. 2nd.
- D. 1st.
Answer: C
NEW QUESTION # 68
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?
- A. Update the client's information to reflect that the client is related to a politically exposed person.
- B. File a suspicious transaction report because the client did not notify the financial institution.
- C. Make a note on the client's account of this fact and continue operations as usual.
- D. Inform the relationship manager about the election of the client's spouse
Answer: A
Explanation:
FATF guidelines require enhanced due diligence when a client becomes a Politically Exposed Person (PEP) or is related to one. Since the client's spouse is now a government member, the client must be classified as related to a PEP, and the institution's records must be updated accordingly.
NEW QUESTION # 69
Who is your customer?
- A. only individuals, listed companies, some private companies
- B. individuals, private companies, dodgy companies, others.
- C. individuals, listed companies, some private companies, others.
- D. individuals, listed companies, private companies, others.
Answer: D
NEW QUESTION # 70
Financial institutions should ensure that a customer's risk weighting:
- A. does not exceed automatically generated risk indicators.
- B. takes into account economic or profit considerations.
- C. is identical throughout the business sector.
- D. is not unduly influenced by just one factor.
Answer: D
Explanation:
A proper customer risk assessment must consider multiple factors - such as geography, products, services, and customer profile - so that the overall risk rating is balanced and not disproportionately influenced by any single criterion.
NEW QUESTION # 71
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. Customer, Jurisdiction, Product, and Channel.
- C. Client, Jurisdiction, Selected Products, and Channel.
- D. Client, Jurisdiction, Product, and Sub-Channel.
Answer: B
NEW QUESTION # 72
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. Submit a suspicious transaction report.
- B. Block the account to prevent any other transactions.
- C. Mark the alert as a false positive.
- D. Escalate the alert to the second line for investigation.
Answer: D
Explanation:
When an analyst cannot reasonably explain activity flagged by transaction monitoring, the correct step is to escalate the case to the second line of defense (compliance or investigations team) for further review before any reporting or account action is taken.
NEW QUESTION # 73
What is an example of secondary identification in a customers CIP program? (SELECT 3)
- A. Identification from a college.
- B. Identification from another financial institution.
- C. Identification from a registry of secretary of state.
- D. Identification from securities and exchange commission. (SEC)
- E. Identification from a utility company.
Answer: A,B,E
NEW QUESTION # 74
The following are some attributes of reliable sources to use in the EDD process. (SELECT 2)
- A. Industry-recognized.
- B. Internal and external consistency.
- C. Reputable and biased.
- D. later publication date.
Answer: A,B
NEW QUESTION # 75
In which circumstance must a KYC analyst obtain source of wealth information on a client subject to CDD?
- A. The number of business relationships involving high-risk third countries or politically exposed persons increases.
- 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. Information on source of wealth for CDD clients must always be collected.
Answer: A
Explanation:
FATF requires obtaining and verifying source of wealth information in higher-risk situations, such as when there is increased involvement with high-risk jurisdictions or Politically Exposed Persons (PEPs), as part of enhanced due diligence.
NEW QUESTION # 76
A compliance officer in an international bank is reviewing new customer onboarding files. The relationship manager provides a whole set of customer documents, in addition to information from open source research. What information should be used by the compliance officer as secondary documentation to verify the primary documentation?
- A. Government-issued documents such as an identification card, passport, or driving license, issued more than 1 year ago
- B. A phone bill, utility bill, or bank statement showing the name and address of the customer, issued less than 3 months ago
- C. A phone bill, utility bill, or bank statement showing the name and address of the customer, issued more than 1 year ago
- D. Government-issued documents such as an identification card, passport, or driving license, issued less than 3 months ago
Answer: B
Explanation:
Secondary documentation for verification purposes should be recent, reliable, and issued by a trusted source. Utility bills, phone bills, or bank statements issued within the last three months are commonly accepted to confirm address and identity details provided in primary documentation.
NEW QUESTION # 77
The Source of Funds and the Source of Wealth must be? (SELECT 2)
- A. Verified.
- B. Explained.
- C. Consistant.
- D. Provided
Answer: A,B
NEW QUESTION # 78
A corporate client changes directors and the address of its registered office. Which documentation would be sufficient to verify these changes?
- A. Notes from a phone call with client representatives who mention the changes
- B. Signed letter from the client's secretary describing the changes
- C. Government-issued documents indicating the changes
- D. Printout of the client's website where the changes are announced
Answer: C
Explanation:
Government-issued documents, such as updated company registry extracts, provide authoritative and verifiable proof of changes to directors and registered office details, ensuring compliance with CDD requirements.
NEW QUESTION # 79
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