CKYCA Certified Know Your Customer Associate Questions and Answers

assigned fewer risk points.

prohibited from funding a new account.

disallowed from opening new accounts.

not screened against applicable sanctions lists.

A phone bill, utility bill, or bank statement showing the name and address of the customer, issued less than 3 months ago

Government-issued documents such as an identification card, passport, or driving license, issued more than 1 year ago

Government-issued documents such as an identification card, passport, or driving license, issued less than 3 months ago

A phone bill, utility bill, or bank statement showing the name and address of the customer, issued more than 1 year ago

Notify the Board of Directors and obtain the Board's approval for filing a STR.

Refer internally for a potential suspicious transaction report

Establish internally the existence of a criminal violation.

Prepare to close the customer’s account.

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

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

Documenting pictures of the customer holding the identification stored in the customer profile

Notations within the customer profile that the identity was checked

Storing transcripts in the customer's profile of dialogues that take place during onboarding

Incorporating copies of documentation and written communication in the customer profile

Information on source of wealth for CDD clients must always be collected.

The client is establishing a business relationship with a private company whose benefit surpasses 10 million USD.

The client's senior manager is deemed to be an ultimate beneficial owner.

The number of business relationships involving high-risk third countries or politically exposed persons increases.

Continue with the due diligence onboarding procedure, focusing on primary and secondary documentation.

Discuss the issue with the firm's compliance officer as it is of low priority.

Reach out to the customer to confirm their sanctions status during the onboarding process, and after that, once a year.

Report the issue immediately according to the defined procedures.

Restrict similar customers from opening accounts and post a notice in the branches.

Continue opening the account and request additional information within 90 days.

Cease opening the account and consider filling a suspicious activity report.

Request an information-sharing process and provide the error to other institutions.

Cross-reference the article's source and consider a second source.

Ask the beneficial owner about its involvement in the tax evasion scandal

Check that the customer's risk rating is inherently high risk.

Reject the customer due to the risk of tax evasion

Opening a cash-intensive restaurant business

Expansion of operations to a Financial Action Task Force (FATF) high-risk country

Deposit of 35,000 Euro in cash without supporting evidence

Election of the client’s father to Parliament

Accept the customer without any evidence for the customer’s source of wealth.

Condition the acceptance of the customer on receiving evidence for the customer's source of wealth

Reject the customer on the basis of being a PEP and possibly corrupt

Accept the customer and request source of wealth evidence during next year’s updating procedures.

Customer

Geographical

Political

Economic

Obtain a bank reference letter

Visit the inherited real estate to verity the existence.

No further evidence is required for inheritance.

Obtain the sale contract.

The company registry lists only one director of the customer.

The company's place of business is a gatekeeper address.

The company name includes the word "holding'.

The company was incorporated three weeks ago.