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Association of Certified Anti Money Laundering Dumps CGSS Exam for Full Questions – Exam Study Guide

The CGSS certification exam covers a range of topics related to sanctions compliance, including the legal and regulatory frameworks governing sanctions, risk assessment and management, compliance program design and implementation, and sanctions enforcement. CGSS exam also tests a candidate’s understanding of the different types of sanctions, such as financial sanctions, trade sanctions, and targeted sanctions. CGSS exam is designed to ensure that candidates have a comprehensive understanding of the complex and evolving landscape of sanctions compliance.

NEW QUESTION 18
A bank is processing a trade finance transaction and has a legal obligation to complete the transaction. After completing its sanctions review, the bank determines there are multiple red flags indicative of counterfeiting. Which are the appropriate next steps for handling the transaction?

Process the transaction and refer the transaction for further investigation by the bank’s financial intelligence unit.

Block the transaction, place the funds in an interest-bearing account, and file a report on the transaction.

File a suspicious activity report and notify the customer of the red flags identified during the review.

Reject the transaction and file a report on the transaction with the appropriate regulator.

NEW QUESTION 19
Information must be which of the following in order to be useful?

Definable

Accessible

Measurable

Comparable

Justifiable

NEW QUESTION 20
Which of the following are UK government departments and agencies involved in sanctions:

Foreign & Commonwealth Office

HM Treasury

Department for International Trade

HM Revenue & Customs (HMRC)

NEW QUESTION 21
The economic incentives are effectively used to achieve substantive goals.
What other purposes are addressed by these incentives under sanctions?

A targetted state to compel or change their policy

An individual to give up assets

A state to surrender

To reform a state for better

To change the public behavior

NEW QUESTION 22
According to the Office of Foreign Assets Control 2015 Guidelines, internal lists must be reviewed periodically and: (Select Two.)

when changes are made to existing sanctions target listing information.

at least monthly if regulatory sanction programs are updated.

when there is an update of enhanced restrictions imposed.

at least daily if an update of the screening application is installed.

when changes are made to at least 25% of a customer’s information.

NEW QUESTION 23
Fuzzy logic uses several common algorithms, including:

inequalities lists.

big data.

phonetics.

whitelists.

NEW QUESTION 24
Which exogenous events sporadically derailed the changes in general of punishing Cuba?

Democratic presidential nomination

Capture by Iranian-backed terrorists of US hostages

Burglar arrest at the Democratic National Committee office

Cuban air force shooting down US aircraft

Competition over Florida’s electoral votes in the 1992 presidential election

NEW QUESTION 25
Which of the following statements is not true about Pro se litigants:

Pro se litigants are required to sign their own to papers filed in court

Pro se litigants are unrepresented by counsel

Pro se litigants are not subject to Rule 11

Pro se litigants do not benefit from the amended rule provision shielding represented parties from sanctions for frivolous legal arguments

The amended rule provision shielding represented parties from sanctions for frivolous legal arguments does not apply to pro se litigants

NEW QUESTION 26
Which commodities are allowed to be exported to sanctioned countries under the Office of Foreign Assets Control general license on humanitarian grounds?

Gold and other luxury items

Iron and steel

Agricultural commodities, medicine, or medical devices

Crude oil and petroleum products

NEW QUESTION 27
Dealing with economic resources generally means using the economic resources to obtain funds, goods, or services in the following way except?

Selling them

Trading them

Hiring them

Mortgaging them

Investing them

NEW QUESTION 28
According to OFSI, what from the listed below can be defined as as fundsas?

Deposits with financial institutions or other entities

Interest, dividends or other income on or value accruing from or generated by assets

Letters of credit

Cash, cheques, claims on money, drafts, money orders

Materials and equipment

NEW QUESTION 29
According to the Office of Foreign Assets Control guidance on virtual currency, in which way can virtual currencies be blocked?

Return the currency to the exchange owner’s domain.

Move the virtual currency to a centralized wallet where other blocked currencies are being held.

Transfer to traditional fiat currency and hold such blocked property in an interest-bearing account.

Deny access to the virtual currency and report blocked assets.

NEW QUESTION 30
For which of the following an OFSI license is required?

To write off a debt.

Goods of low value and purely for personal consumption, such as food, water, or electricity or gas for domestic use.

To issue or allow the redemption of vouchers, coupons, or reward points.

Payment for groceries.

To set off a debt.

NEW QUESTION 31
Which technology may enhance an organization’s screening of potential customers and transactions against sanctions lists to eliminate the risk of doing business with sanctioned parties?

Cryptocurrency mining software

Artificial intelligence

Anonymizing tools

Tuning

NEW QUESTION 32
The EU Blocking Regulation prohibits an EU person or company from complying with:

country specific sanctions not listed in the Annex.

sanctions legislation.

dual-use goods licensing requirements.

US secondary sanctions.

NEW QUESTION 33
A relevant institutions must inform OFSI without delay whenever it credits a frozen account with which of the following?

Payments made without the prior consent of the legal person or designated person

Payments due under prior contracts

Funds transferred to an account by a third party

Payments made under judicial decisions rendered in an EU member state

Funds dealing with breaches of licensing conditions

NEW QUESTION 34
A financial institution provides banking services to cryptocurrency exchanges. One of their clients is a cryptocurrency exchange that specializes in offering privacy coins and provision of a tumbler/mixer service. Which sanctions-related risk should be considered?

Privacy coins provide anonymity on the blockchain but can be screened for sanctions compliance by the exchange.

Privacy coins provide enhanced anonymity features that negate the requirements for sanctions screening.

A tumbler/mixer service mingles cryptocurrency making it difficult to perform effective sanctions screening.

The cryptocurrency exchange can rely on the financial institution to perform due diligence on their clients.

ACAMS CGSS certification exam covers a wide range of topics related to sanctions compliance, including the legal and regulatory framework for sanctions, risk management, transaction monitoring and reporting, and sanctions evasion. CGSS exam is designed to be comprehensive and challenging, and requires a thorough understanding of the complex and constantly evolving sanctions landscape.

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