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Right Q&A in CISI ICWIM Exam Questions

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CISI International Certificate in Wealth & Investment Management Sample Questions (Q26-Q31):

NEW QUESTION # 26
Setting standards for national anti-money laundering (AML) and counter-terrorist financing (CTF) programs and evaluating how effectively member countries have implemented the standards is the role of which of the following?

A. National Crime Agency
B. International Monetary Fund (IMF)
C. Interpol
D. Financial Action Task Force (FATF)

Answer: D

Explanation:
The Financial Action Task Force (FATF) is an intergovernmental organization that sets global AML
/CTF standards and assesses compliance.
* Why is Option C Correct?
* FATF develops recommendations that countries must implement to combat money laundering and terrorist financing.
* It conducts peer reviews and blacklists non-compliant nations.
* Why Not Other Options?
* A (IMF) # The IMF monitors economic stability, not AML enforcement.
* B (Interpol) # Handles criminal investigations, not financial regulations.
* D (National Crime Agency) # The NCA is UK-specific, while FATF is global.
# Reference: FATF Guidelines, CISI Wealth & Investment Management.

NEW QUESTION # 27
Measures of Central Tendency include a method whereby a set of numbers are multiplied and then the nth root of the resulting product is taken. This is known as the:

A. Mode
B. Geometric mean
C. Median
D. Arithmetic mean

Answer: B

Explanation:
The geometric mean is calculated using the formula:
A math equation with numbers and symbols AI-generated content may be incorrect.

Used in Finance: The geometric mean is crucial in measuring compound returns over time.
* More Accurate for Investments: It accounts for volatility in investment returns.
# Reference: CFA Institute, CISI Wealth & Investment Management (Quantitative Methods).

NEW QUESTION # 28
How do passive fund managers use swaps to replicate an index?

A. They swap the return on the index in exchange for a fixed fee
B. They swap a pre-defined return in exchange for the return on the index
C. The loss on an index is swapped for the profit on a different index
D. Having created an index fund, the managers use swaps to cover the tracking error

Answer: B

Explanation:
Passive fund managers can use synthetic replication to track an index through derivatives like swaps. In this arrangement, the fund agrees to pay a pre-defined return (e.g., LIBOR or a fixed rate) to a counterparty in exchange for the counterparty delivering the total return of the index. This approach allows the fund to replicate index performance without holding the physical securities, reducing costs and eliminating tracking error.

NEW QUESTION # 29
What is the role of a central counterparty (CCP)?

A. The CCP guarantees that the counterparties will not default
B. To act as a market maker between counterparties
C. It interposes itself between the counterparties to a trade, becoming the buyer to every seller and the seller to every buyer
D. To provide funding to counterparties as and when required

Answer: C

Explanation:
* Role of a Central Counterparty (CCP):
* A CCP acts as a mediator in financial transactions, ensuring stability and reducing counterparty risk.
* By becoming the buyer to every seller and the seller to every buyer, the CCP ensures that trades are completed even if one party defaults.
* Elimination of Other Options:
* A: CCP does not guarantee no default but mitigates its impact.
* C: Market making involves liquidity provision, not CCP's role.
* D: CCP does not provide funding but manages trade clearing.
References:
* ICWIM Module 5: Explanation of trade clearing mechanisms and the CCP's role.

NEW QUESTION # 30
The Financial Action Task Force (FATF) was created to:

A. Improve financial regulation in G7 member states
B. Support countries in developing their financial regulation
C. Support international efforts to end safe havens for corrupt funds
D. Combat international money laundering and international terrorism

Answer: D

Explanation:
* Purpose of the FATF:
* Established in 1989, the FATF develops global policies to combat money laundering and terrorist financing.
* It promotes international standards to ensure financial systems are not misused for criminal purposes.
* Elimination of Other Options:
* A: The FATF's mandate is broader than G7 financial regulation.
* B: It provides guidance but does not solely focus on developing financial regulation.
* C: Ending safe havens for corrupt funds is part of its mission but secondary to its primary goal of combating money laundering and terrorism.
References:
* ICWIM Module 5: Focus on global financial regulation and anti-money laundering efforts.
* FATF Mandate (Official Publications): "Standards for combating money laundering, terrorist financing, and proliferation financing."

NEW QUESTION # 31
......

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