Easiest Way To Prepare For ACI 002-201 Exam

Question: 1

A middle or back office clerk receives an FX ticket in which the counterparty is not clearly identified. What should he/she do?

A.    Keep the ticket in “stand-by mode” until a matching confirmation is received
 
B.    Immediately refer the ticket to the compliance officer

C.    Refer the ticket to the FX dealer for further details

D.    Refer the ticket to the nostro account manager for further instructions
 

Answer: C

Question: 2

How many characters does a BIC have? (Under ISO standard 9362: 2009)

A. 6 or 9 characters

B. 9 or 12 characters

C. 7 or 10 characters

D. 8 or 11 characters

Answer: D

Question: 3

Which of the following BIC-addresses belongs to a bank based in Germany?

A. FRNYUS33

B. ECBFDEFF

C. BCLXLULL

D. SNBZCHZZ

Answer: B

Question: 4

Which of the following statements best describes collateral?

A. Liquid assets pledged by one or both counterparties to the other to reduce credit risk

B. Deposits placed by a commercial bank with a central bank to fulfill reserve asset ratios

C. Any deposit placed by an institution with another institution of a lower credit rating

D. Any cross border payment of currency

Answer: A

Question: 5

In the absence of his normal dealer contact, a counterparty calls the back office and asks the clerk for his opinion about how long his money should be placed on deposit. What action should the back office clerk take?

A. He should give his opinion

B. He should give his opinion and tell the counterparty that he is not qualified to do so.

C. He should tell the counterparty that he is not qualified to give an opinion and refer the counterparty to another dealer

D. He should give his opinion and refer the counterparty to another dealer

Answer: C

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