CKYCA EXAM PREPARATION

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Question #6 (Topic: Demo Questions)

Which is the best technique to effectively document a customer profile?

Have the profile start with a picture of the customer followed by key numbers, such as expected turnover.

Record customer information using abbreviations, explain adjectives, and provide a narrative to follow.

Document customer information in a standardized way that is defined by the customer's jurisdiction

Avoid adjectives and exaggerations, put the information into context, and be precise and unambiguous

Correct Answer: D

Explanation:

Effective customer profile documentation should be clear, precise, and free from subjective language. Providing context and avoiding ambiguity ensures the information is reliable, verifiable, and usable for risk assessment and compliance purposes.

Question #7 (Topic: Demo Questions)

Which action should be considered a possible red flag, indicating to a bank that the activity might warrant further investigation?

Making multiple cash deposits just under the reporting threshold

Adding a new beneficial owner after the establishment of the business relationship

Opening a new account without a local telephone number or utility bill

Sending large amounts of money to family in their home country with known sources of income

Correct Answer: A

Explanation:

Structuring transactions by making multiple cash deposits just under the reporting threshold is a common method to evade detection and reporting requirements, making it a strong red flag for potential money laundering.

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