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ACAMS CGSS Certification Exam is a globally recognized certification program designed to equip professionals with knowledge and expertise in the field of sanctions compliance. Certified Global Sanctions Specialist certification is particularly relevant for individuals with experience in financial crime, risk management, and compliance, and is recognized globally by regulators and law enforcement agencies. CGSS Exam is comprehensive and covers a wide range of topics, and candidates must achieve a passing score to obtain the CGSS certification.

ACAMS Certified Global Sanctions Specialist Sample Questions (Q41-Q46):

NEW QUESTION # 41
Which of the following is the most common form of financial sanctions?

A. Asset leasing
B. Asset liquidation
C. Asset acquisition
D. Asset freezing
E. Asset disqualification

Answer: D

NEW QUESTION # 42
A relevant institutions must inform OFSI without delay whenever it credits a frozen account with which of the following?

A. Funds transferred to an account by a third party
B. Funds dealing with breaches of licensing conditions
C. Payments made under judicial decisions rendered in an EU member state
D. Payments made without the prior consent of the legal person or designated person
E. Payments due under prior contracts

Answer: A,C,E

NEW QUESTION # 43
Which action must be taken when investigating a potential match on a client?

A. Conduct an analysis to determine if the match is a true match.
B. Include products and services on the CDD
C. Include the regulatory documentation on the CDD
D. Perform CDD to maintain details on the customer relationship.

Answer: A

Explanation:
When a potential sanctions match is detected, the required first action is to determine whether the alert represents a true match or a false positive. This involves comparing identifiers, reviewing customer documentation, and gathering additional details.
CDD is important but is not the specific required action at the moment of match investigation. The priority is confirming whether the entity is indeed the sanctioned party.
Reference:
Sanctions investigation protocols requiring confirmation of match status.
Distinction between CDD and sanctions-specific investigations.

NEW QUESTION # 44
Which fields of a payment message are commonly subject to sanctions screening? (Select Three.)

A. Agents, intermediaries, and financial institutions
B. Effective day of the payment
C. Free text fields
D. Currency and notional value of the transaction
E. Sender's internal payment reference number
F. Remitter and beneficiary

Answer: A,C,F

Explanation:
Sanctions and Compliance Domains specify that sanctions screening must include all fields that contain names, identifiers, or descriptive information that could reveal a connection to a sanctioned party or jurisdiction. This includes:
* Remitter and beneficiary fields - Core parties to the transaction must always be screened.
* Agents, intermediaries, correspondent banks, and financial institutions - These fields often contain additional parties that may be sanctioned or present sanctions exposure.
* Free text fields - These can include narrative descriptions, vessel names, ports, goods, or locations that may represent sanctions risk.
Currency, value, dates, and internal references do not contain identifiers relevant to sanctions screening and therefore are not required screening fields.
Reference:
Screening obligations across all relevant message fields containing parties or descriptive identifiers.
Inclusion of free-text and intermediary fields in standard sanctions screening scope.

NEW QUESTION # 45
The funds of a client have been frozen by a financial institution. Subject to the Office of Foreign Assets Control's (OFAC's) regulations, the best course of action for the client to take would be to:

A. initiate a new transaction using a different currency from the blocked account.
B. apply for a specific license through the OFAC website.
C. inform the local regulatory authority that the funds have been blocked.
D. contact the financial institution that has blocked the funds and request a refund.

Answer: B

Explanation:
Under OFAC regulations, when a customer's funds are blocked, the individual or entity may apply to OFAC for a specific license to authorize the release or movement of the funds. Only OFAC has the authority to approve the unblocking of assets.
Attempting new transactions (A) is prohibited. Banks cannot refund blocked funds (B). Notifying local authorities (C) does not resolve the issue, because OFAC authorization is required.
Reference:
OFAC Licensing Guidelines.
Procedures for requesting a specific license to release blocked property.

NEW QUESTION # 46
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