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CGSS Certified Global Sanctions Specialist (ACAMS CGSS) is now Stable and With Pass Result | Test Your Knowledge for Free

CGSS Practice Questions

Certified Global Sanctions Specialist (ACAMS CGSS)

Last Update 1 week ago
Total Questions : 101

Dive into our fully updated and stable CGSS practice test platform, featuring all the latest AML Certifications exam questions added this week. Our preparation tool is more than just a ACAMS study aid; it's a strategic advantage.

Our AML Certifications practice questions crafted to reflect the domains and difficulty of the actual exam. The detailed rationales explain the 'why' behind each answer, reinforcing key concepts about CGSS. Use this test to pinpoint which areas you need to focus your study on.

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Question # 1

What is the purpose of internal controls according to A Framework for Office of Foreign Assets Control (OFAC) Compliance Commitments? (Select Three.)

Options:

A.  

To ensure compliance commitments are timely

B.  

To outline clear expectations

C.  

To minimize the employee attrition rate

D.  

To outline clear financial strategies for the company

E.  

To minimize the risks identified by an entity's OFAC risk assessments

F.  

To define procedures and processes

Discussion 0
Question # 2

A compliance officer is reviewing a vendor contract for providing services on behalf of the bank. Which information should be included within the contract?

Options:

A.  

Risk assessment methodology

B.  

Investigation procedures for reviewing alerts

C.  

Ongoing filter tuning procedures

D.  

Compliance with sanctions laws and regulations

Discussion 0
Question # 3

An entity that engages in a transaction under a general license issued by the Office of Foreign Assets Control (OFAC) must: (Select Two.)

Options:

A.  

issue a suspicious activity report.

B.  

be sure other conditions comply with relevant sanctions.

C.  

apply to OFAC for a specific license to clarify the conditions.

D.  

be sure the transaction is only related to agriculture and medicine.

E.  

be sure the transaction is within the scope of the general license.

Discussion 0
Question # 4

For which reason does the Office of Foreign Assets Control allow general licenses for providing legal services to sanctions targets?

Options:

A.  

To comply with US and state laws so long as the legal services do not facilitate sanctioned activity.

B.  

To allow representation before an agency with respect to UN sanctions.

C.  

So the Bureau of Industry and Security can maintain its supervision.

D.  

Because Justice Department settlements with companies require a monitor.

Discussion 0
Question # 5

Which control mechanism is used to increase transparency and ensure quality of reviews and subsequent decisions?

Options:

A.  

Four-eye check

B.  

Fuzzy match

C.  

Batch screening

D.  

Threshold calibration

Discussion 0
Question # 6

Based on EU best practices with respect to sanctions exemptions, which payment may a financial institution process for a designated person?

Options:

A.  

Newspaper subscription

B.  

Salary

C.  

Taxi ride

D.  

Luxury clothing purchase

Discussion 0
Question # 7

What element should be included in an effective export compliance program to address sanctions risk?

Options:

A.  

Implementing letters of credit containing prohibited boycott terms or conditions

B.  

Collecting of vouchers

C.  

Outsourcing to freight forwarders who have excellent expertise and guidance

D.  

Conducting payment screening according to formalized procedures

Discussion 0
Question # 8

In which way do notification and tipping-off differ?

Options:

A.  

Tipping-off is prohibited, and safeguards should be in place to prevent it, whereas notification is encouraged by regulators.

B.  

Tipping-off assists law enforcement in its prosecution of entities, whereas notification assists subjects in their defense of prosecution.

C.  

Tipping-off deprives a customer of legal defense while notification does not.

D.  

Tipping-off is only relevant to financial institutions, whereas all entities with sanctions obligations must abide by notification requirements.

Discussion 0
Question # 9

A bank has a zero-tolerance policy for conducting activity with sanctioned entities or countries. The bank is asked to act as an intermediary to process a remittance. An analyst blocks the remittance because its destination is a sanctioned country. Which is the appropriate step for the analyst to take?

Options:

A.  

Reject and return the remittance and notify the sending bank of the return for compliance reasons.

B.  

Escalate the wire for consideration and processing.

C.  

Process the wire and file a suspicious activity report to the regulator.

D.  

Process the wire because it falls under a license/exemption to sanctions for the provision.

Discussion 0
Question # 10

A compliance analyst at a UK-based company is reviewing a transaction alert for Entity

A.  

A representative provided documentation that a UK Asset Freeze individual reduced their stake in Entity A from 70% to 30% shortly after they became subject to sanctions. Which steps should the analyst recommend first?

Options:

A.  

Allow the transaction to proceed and thoroughly document the provided information verifying the reduction in ownership by a sanctioned individual.

B.  

Conduct enhanced due diligence on Entity A to verify the provided documentation regarding the reduction of ownership by a sanctioned individual.

C.  

Reject the transaction and report it to the competent authority.

D.  

Allow the transaction to proceed and remove Entity A from the screening filters.

Discussion 0
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