Acams CKYCA Exam - Topic 4 Question 9 Discussion

Actual exam question for Acams's CKYCA exam

Question #: 9
Topic #: 4

A longstanding client asks to open two additional accounts, one for a trust and one for private equity investments. The trust account will be funded with dividends stemming from the investments as well as a one-off transfer from one of the client's existing accounts. As a first step, a KYC analyst should properly document the:

Ainitial transfer from the client's existing account

Bbeneficiary/beneficiaries of the trust

Cdividends from the private equity investments.

Dtransactions between the two new accounts.

Show Suggested Answer

Suggested Answer: B

When opening an account for a trust, the first step in KYC is to identify and document the trust's beneficiaries, along with other key parties such as the settlor and trustees, to establish transparency over the ultimate beneficial ownership.

by Georgeanna at Jan 05, 2026, 05:16 AM

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Carey

2 days ago

Haha, I bet the client is trying to hide something with those "private equity investments." Better document everything, just in case!

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Cyril

23 days ago

I'd go with B as well. Knowing the trust details is key before opening those accounts.

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Mireya

28 days ago

Definitely B. Documenting the trust beneficiaries is crucial for compliance. Can't skip that step!

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Yen

1 month ago

B) beneficiary/beneficiaries of the trust is the correct answer. Gotta make sure we know who's getting that money!

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Kent

1 month ago

I recall that transactions between accounts are usually documented later, but I wonder if they need to be noted right away in this case?

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Toi

1 month ago

I feel like the dividends from private equity investments might be less critical at this stage. It’s probably more about the trust itself.

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Shad

2 months ago

I'm not entirely sure, but I remember a practice question where we had to document initial transfers. Maybe that's also important here?

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Cristen

2 months ago

I think the KYC analyst should focus on documenting the beneficiaries of the trust first, right? That seems crucial for compliance.

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Mira

2 months ago

Got it, so the main things are documenting the initial transfer, the trust beneficiaries, the private equity dividends, and the transactions between the new accounts. I think if I stay organized and methodical, I can handle this question.

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Macy

2 months ago

This looks manageable. I'd tackle it systematically, going through each part A-D and making sure I have all the necessary documentation covered. The key is being thorough and not missing any important details.

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Ressie

2 months ago

I'm a little unsure about the private equity dividends - do we need to document those as well? I want to make sure I cover all the bases here.

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Ceola

2 months ago

Okay, let's see. I think I'd want to make sure I document the initial transfer from the client's existing account, since that's the first step mentioned. The other parts seem more straightforward.

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Fernanda

3 months ago

Hmm, this seems like a straightforward KYC question. I'd start by focusing on documenting the beneficiaries of the trust account, since that's a key piece of information the analyst needs.

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