Free Acams CKYCA Actual Exam Questions - Question 13 Discussion

Maybe C, since opening accounts without proper ID risks compliance and needs urgent action.

It’s B, because institutions usually get a grace period to fix ID issues.

B makes sense since FATF typically allows time to fix ID errors before drastic action.

B, since FATF allows time to collect correct ID before taking drastic steps.

That’s not quite it—B should be the right call here. FATF encourages institutions to keep the account open temporarily while they gather the correct info, rather than shutting things down immediately. They usually allow a set timeframe (like 90 days) to collect proper ID before taking stricter action. Just stopping account openings outright or filing SARs without more suspicion isn’t really FATF’s first move. So, letting the account open but pursuing additional documentation fits their risk-based approach better.

C/D? I think the key is FATF wants to stop risky accounts from opening, so stopping account creation (C) makes sense. But info sharing (D) might not be mandatory, just recommended, so C feels stronger here.

C/D? If the ID can’t be verified, you definitely can’t open the account, so stopping (C) fits. But I’m questioning if just rejecting the account is enough or if there’s a mandatory step to share the info with other institutions (D). FATF pushes for info sharing to prevent fraud, so maybe combining both makes sense. Still, filing a suspicious activity report is a bigger step and might depend on more than just ID errors. So I’m stuck between just stopping and reporting (C) or stopping plus sharing info (D).

C, because without valid ID, opening the account isn’t allowed, so stopping is mandatory.

C/D? Stopping the account opening when ID isn’t verified makes sense, and D might fit if the institution needs to share info internally. But reporting suspicious activity (C) seems more aligned with FATF rules.

C, because if ID can't be verified, opening the account risks non-compliance.

This seems tricky, but option A looks off since blocking similar customers sounds harsh and not standard. My pick is C because stopping account opening and flagging suspicious activity feels right here. C