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ACAMS CGSS (Certified Global Sanctions Specialist) Exam is a certification that is designed for professionals who work in the financial industry and are responsible for ensuring that their organization complies with global sanctions regulations. CGSS exam is offered by the Association of Certified Anti-Money Laundering Specialists (ACAMS), which is a leading organization in the anti-money laundering and financial crime prevention field. The CGSS Certification is recognized globally and is highly valued by employers in the financial industry.

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ACAMS CGSS (Certified Global Sanctions Specialist) certification exam is a prestigious designation that is sought after by individuals who are looking to enhance their expertise in dealing with sanctions compliance. Certified Global Sanctions Specialist certification is globally recognized and is designed to equip professionals with the knowledge and skills required to manage and mitigate sanctions-related risks.

ACAMS Certified Global Sanctions Specialist Sample Questions (Q23-Q28):

NEW QUESTION # 23
According to the UK's Office of Financial Sanctions Implementation, an entity is considered to be owned directly or indirectly if a person:

A. has the right to sign agreements on behalf of the entity based on the issued power of attorney.
B. has the right to appoint or remove a majority of the board of directors of the entity.
C. holds 50% of the shares or voting rights of the entity.
D. holds more than 25% of the shares or voting rights of the entity.

Answer: C

Explanation:
The UK Office of Financial Sanctions Implementation (OFSI) applies the ownership and control test to determine whether an entity is considered owned or controlled by a designated person. Under OFSI rules, a person is deemed to own an entity if they hold, directly or indirectly, more than 50% of the shares or voting rights. This threshold also applies when determining indirect ownership through corporate structures.
Powers such as signing authority or power of attorney do not constitute ownership. The right to appoint or remove the majority of a board may indicate control but not ownership. Any threshold below 50% does not satisfy the OFSI ownership criteria.
Reference from Sanctions and Compliance Domains:
OFSI ownership threshold requiring more than 50% of shares or voting rights.
Distinction between ownership and other types of influence or authority.

NEW QUESTION # 24
According to the 2019 Wolfsberg Guidance on Sanctions Screening, which is related to the fundamental pillars of sanctions screening programs?

A. Risk assessment
B. External audit
C. Risk management
D. External reporting

Answer: A

Explanation:
The Wolfsberg 2019 Guidance identifies risk assessment as a foundational component of sanctions screening programs. Screening systems, list management, and alert handling must reflect the institution's assessed sanctions risk exposure.
External audit and reporting are relevant compliance functions but are not listed as fundamental pillars of screening programs in the Wolfsberg framework. Risk management is a broader corporate discipline, while screening specifically starts with a clear sanctions risk assessment.
Reference:
Wolfsberg 2019 Guidance on Sanctions Screening fundamentals.
Requirement that screening be risk-based and aligned with sanctions risk assessment outcomes.

NEW QUESTION # 25
Asset freezing legislation generally permits a person to make the following payments into a frozen account without the need for a licence from OFSI, so long as those funds are frozen after being paid in which of the following?

A. Any interest on the account
B. Any payments due to a designated person under contracts
C. Any trademarks and patents created within the account
D. Any agreement or obligations that were concluded or arose before the date the person became sanctioned
E. Any earnings on the account

Answer: A

NEW QUESTION # 26
What element should be included in an effective export compliance program to address sanctions risk?

A. Implementing letters of credit containing prohibited boycott terms or conditions
B. Conducting payment screening according to formalized procedures
C. Outsourcing to freight forwarders who have excellent expertise and guidance
D. Collecting of vouchers

Answer: B

Explanation:
An effective export compliance program must include formalized and documented screening procedures, including payment screening, trade documentation screening, and counterparty checks. This ensures compliance with sanctions, export restrictions, and embargo requirements.
Freight forwarders may assist but do not replace internal compliance responsibilities. Boycott-related terms must be avoided, and collecting vouchers is not an export controls safeguard.
Reference:
Export controls compliance requirements for systematic sanctions screening.
Internal control expectations for export transactions.

NEW QUESTION # 27
Which information should be considered while investigating a potential sanctions violation? (Select Two.)

A. The customer's salary
B. The customer's transactions of 10,000 USD or EUR or higher
C. The customer's IP addresses
D. The customer's dual residence in a sanctioned country and a non-sanctioned country
E. The customer's incoming and outgoing wire transfers involving non-sanctioned countries

Answer: C,D

Explanation:
Sanctions and Compliance Domains emphasize the importance of identity, residency, location indicators, and digital footprints when assessing potential sanctions violations.
Dual residency in a sanctioned country may trigger sanctions exposure because residency can determine jurisdictional reach. Likewise, IP addresses reveal the customer's actual geographic location during transactions and are critical in identifying hidden connections to sanctioned jurisdictions.
Transaction size thresholds, routine salary information, or transfers within non-sanctioned countries do not directly indicate sanctions violations.
Reference:
Analysis of geographic indicators such as residency and IP information.
Importance of location-based data in determining sanctions exposure.

NEW QUESTION # 28
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