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ACI 3I0-013 - ACI Operations Certificate challenging

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Total 386 questions

You find that you have paid an amount to the wrong counterparty. What action should you take?

A.

Wait until the counterparty contacts you to before deciding what to do

B.

Immediately contact the counterparty to find the most appropriate way to have the funds returned as quickly as possible to minimize the loss of value days

C.

Ask the counterparty to keep the money and to place (invest) it at a special rate

D.

Ask your accounting department to book the amount as a loss

When completing a nostro reconciliation, what does an outstanding statement credit possibly signify?

A.

The non-receipt of funds from a counterparty

B.

The non-payment of funds to a counterparty

C.

The duplicate payment of funds by a counterparty

D.

The duplicate receipt of funds from a counterparty

How is a call money market transaction generally confirmed?

A.

By a SWIFT MT 320

B.

By a SWIFT MT 330

C.

By a SWIFT MT 340

D.

By a SWIFT MT 360

What is a correspondent bank?

A.

A bank which processes payment orders on behalf of another bank

B.

A bank which processes payment orders on national level only

C.

A bank which has subsidiaries in CLS-countries

D.

A bank which has a minimum reserve account in more than one country

What is a loro or vostro bank account?

A.

An account that you hold with another commercial bank

B.

An account that another bank holds with you

C.

An account that you hold with the Bank of England

D.

Your suspense account at the European Central Bank

When completing a nostro reconciliation, what does an unresolved ledger debit signify?

A.

The non-receipt of funds from a counterparty

B.

The non-payment of funds to a counterparty

C.

The duplicate payment of funds to a counterparty

D.

The duplicate receipt of funds from a counterparty

The CLS-Bank (Continuous Linked Settlement) is one of the ways through which FX transactions can be settled. Why was this bank founded?

A.

To simplify domestic payments

B.

To handle interbank liquidity more efficiently

C.

To accelerate cross-border payments

D.

To minimize settlement risks

What is a nostro bank account?

A.

An account held with another bank

B.

An account another bank holds with you

C.

A trust account

D.

A suspense account

When is the final cut-off time for settlement payment orders using the Fedwire Funds Service?

A.

17:30 (5:30 p.m.) Eastern Time (ET)

B.

18:00 (6:00 p.m.) Eastern Time (ET)

C.

18:30 (6:30 p.m.) Eastern Time (ET)

D.

19:00 (7:00 p.m.) Eastern Time (ET)

What is the main role of back office staff?

A.

To confirm the accuracy of counterparties' mailing addresses

B.

To inform the central bank when a country limit is higher than a fixed level

C.

To ensure that trades are confirmed and settled correctly in accord with best market practice recommendations

D.

To be in constant contact with the counterparties' front office staff