CGSS by ACAMS Valid Free Exam Practice Test

Question 1

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

A. sanctions legislation. B. dual-use goods licensing requirements. C. country specific sanctions not listed in the Annex. D. US secondary sanctions.

Correct Answer: D

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Question 2

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

A. Because Justice Department settlements with companies require a monitor. B. So the Bureau of Industry and Security can maintain its supervision. C. To comply with US and state laws so long as the legal services do not facilitate sanctioned activity. D. To allow representation before an agency with respect to UN sanctions.

Correct Answer: C

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Question 3

A sanctions officer is reviewing a report showing increased activity at an international branch with a large population of expatriates from a newly sanctioned jurisdiction. Which are red flags for identifying clients with increased sanctions or AML risk? (Select Two.)

A. New accounts that are experiencing a sudden rise in value being transferred to the institution from higher risk countries without clear business rationale B. Publicly traded corporate vehicles C. Regulated entities with a clear web presence with a verifiable business background D. Privately held companies conducting international wire transfers through institutions distinct from company registration E. Established accounts that send or receive funds from non-sanctioned institutions or institutions active on SWIFT

Correct Answer: A,D

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Question 4

Which unit function has been identified as critical to managing sanctions risks?

A. Audit and testing B. Human resources C. Credit risk management D. Third-party due diligence firms

Correct Answer: A

Question 5

What type of sanctions generally prohibit exports and other business transactions involving a jurisdiction?

A. Comprehensive B. Targeted C. Sectoral D. Thematic

Correct Answer: A

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Question 6

An EU and US-based retail company sells various goods globally. What product may pose export sanctions violations for the company?

A. Art reproductions B. Textbooks C. Cigars D. Toys

Correct Answer: C

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Question 7

In accordance with the Office of Foreign Assets Control 50% Rule, which entities would be considered sanctioned even if not listed on the Specially Designated National (SDN) List? (Select Three.)

A. A company with an SDN holding a 12% stake in it, another SDN holding an 18% stake in it, and another SDN holding a 28% stake in it B. A company with an SDN holding a 35% stake in it, and another SDN holding a 15% stake in it C. A company with an SDN holding a 98% stake in it D. A company with an SDN holding a 20% stake in it, and another SDN holding a 25% stake in it E. A company with an SDN holding a 45% stake in it, and another SDN holding a 3% stake in it F. A company with 10 SDNs, each holding a 4% stake in it

Correct Answer: A,B,C

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ACAMS Certified Global Sanctions Specialist - CGSS Exam Practice Test