CACS Paper 1 Trial Questions consist of trial questions based on the Client Advisor Competency Standards Examination. This Trial Question Mock Exam consist of 21 questions based on the IBF's Client Advisor Competency Standards book. Our CACS Paper 1 Mock Exam Questions consist of 80 questions inclusive of case study similar to the format of CACS Paper 1 and covers the following topics: Paper 1 : Legislations, Regulations & Industry Codes of Practice - Overview of the Private Banking Business - Marketing Activities and Client Acquisition - KYC and Understanding Client's Needs - Developing Solutions and Advising Clients - Obtaining Client's Agreement and Implementation - Monitoring
Relation Manager
Investment Consultant and Product Specialist
Team Leader of Relationship Manager
D. Relationship Manager, Investment Consultant, Product Specialist, Assistant Relationship Manager and Team Leader
The failure of a Covered Person to meet the “fit and proper” criteria set out in the Guideline may not lead to an automatic revocation of the status of an “appointed representative”
The failure of a Covered Person to meet the “fit and proper” criteria set out in the Guideline will lead to an automatic revocation of the status of an “appointed representative”
The Guideline are only statement of best practice and there is no adverse consequence if a Covered Person does not meet the “fit and proper” criteria
A Covered Entity has no duty to report to the MAS if any of its Covered Person fails to satisfy the Guideline as long as the Covered Entity deals with the non-compliant act based on its internal policies
A wholesale bank can accept fixed deposits of at least S$250,000 from both residents and non-residents of Singapore but an offshore bank can accept fixed deposits of at least S$250,000 only from non-resident of Singapore
A wholesale bank can accept fixed deposits of at least S$250,000 from only residents of Singapore but an offshore bank can accept fixed deposits of at least S$250,000 from both residents and non-resident of Singapore
A wholesale bank can accept S$ fixed deposits of any amount from both residents and non-residents of Singapore but an offshore bank can only accept fixed deposits of at least S$250,000 non-resident of Singapore
Both wholesale and offshore banks are subject to restrictions when dealing in S$. There is no difference between them
I only
I, II and III
II and IV
None of the above
The introducer refers clients to an appointed representative of the Covered Entity
The introducer provides factual information about investment products to the clients
The introducer provides advice on investment products to the clients
The introducer adheres to the script provided by the Covered Entity when carrying out introducing activities
I and II
II and III
II, III and IV
I and III
All of the above
II only
I and II
I, II and III
Identify the wire transfer originator and verify his identity as well as record adequate details of the wire transfer so as to permit its reconstruction
The Covered Entity cannot include the customer’s personal details in the payment instruction even with the customer’s consent as this will be a breach of Section 47 of the Banking Act
There are no regulatory requirements when executing a cross-border wire transfer with a value of less than S$10,000
The Covered Entity, which is an ordering institution in a cross-border wire transfer, is only required to include the name of the remitter in the payment instruction for a transfer amount that exceeds $S2,000
Only commercial banks are required to comply with MAS Notice 626 on the Prevention of Money Laundering is only Countering the Financing of Terrorism
Customer Due Diligence is only required to be performed for the customer and not their beneficial owners
Customer Due Diligence is only required to be performed for on-boarding new customer. Once the business relationship has been established, there is no requirement to perform on-going Customer Due Diligence
Additional KYC requirements have to be applied when dealing with Politically Exposed Persons
The amount of commissions the product would generate for the bank and for the Covered Person
The client’s financial objectives, risk tolerance, financial situation and current investment portfolio
Products which offer rebates to clients
The networth of the client
All of the above
II, III and IV
II and III
II and IV
All of the above
II and III
II only
IV only
Not later than the business day immediately following the sale of the shares
As soon as practicable
No later than 7 calendar days immediately following the sale of the shares
No later than 3 calendar days immediately following the sale of the shares
IV only
I and II
I, II and III
I and III
I, II and III
I and II
I, II and IV
All of the above
I, II and III
I and II
I, II and IV
All of the above
IV only
I, II and III
I and III
I only
A covered Entity should implement and maintain proper procedures to preserve the confidentiality of any information it receives from a client
A covered Entity should have in place adequate procedures and processes for handling complaints
When a misconduct has been committed by a Covered Person, the Covered Entity has to report the misconduct to MAS no later than 21 days after the discovery of the misconduct
A Covered Entity has to ensure that its Covered Persons meets continuing education requirements
Singapore because this is stated in the trust document
Indonesia because your client is an Indonesian citizen
It depends on where the wife and children and domiciled
Singapore because all the assets in the trust are in Singapore
Inform the client that this is not possible as only appointed trustee can have a say in the investment and distribution of the trust assets
The client can state in his letter of wishes that he wishes to be consulted on all appointments and distributions. Also, the terms of the trust can provide for a protector and your client can be appointed as the protector
Inform the client that a Singapore Trust does not allow for the settler to reserve full investment power for himself
The client can be appointed as the protector to be consulted on matters relating to the investment of the trust. However, the final decision rests with the appointed trustee
Purchase life insurance policy to protect against the financial loss. The death benefit payout from the policy could be used to fund operating cash flow needs
Establish a vista Trust
Establish a Business Continuity Plan
Buy a term life policy as the policy can be surrendered at any time and the cash value can be used to fund operating cash flow needs