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Key Facts: ICA Sanctions Risk Cert Exam

Exam Questions

ICA Official Syllabus

60m

Time Limit

ICA Official Syllabus

70%

Pass Mark

ICA

£765

Course & Exam Fee

ICA

100

Practice Questions

OpenExamPrep

The ICA Certificate in Managing Sanctions Risk exam features 25 multiple-choice questions with a 1-hour time limit and a 70% passing score. Course fee is £765 (+ £195 ICA membership). Candidates are tested across international sanctions frameworks, screening systems, governance, alert handling, and non-compliance risks.

Sample ICA Sanctions Risk Cert Practice Questions

Try these sample questions to test your ICA Sanctions Risk Cert exam readiness. Each question includes a detailed explanation. Start the interactive quiz above for the full 100+ question experience with AI tutoring.

1Under Chapter VII of the United Nations Charter, which body has the primary international authority to impose mandatory multilateral sanctions on UN member states?

A.The UN Security Council (UNSC)

B.The International Court of Justice (ICJ)

C.The UN General Assembly (UNGA)

D.The Financial Action Task Force (FATF)

Explanation: Under Chapter VII (Article 41) of the UN Charter, only the UN Security Council (UNSC) possesses the legal authority to adopt mandatory financial and economic sanctions that all UN member states are legally bound to enforce.

2Which government authority is responsible for implementation, civil enforcement, and licensing of financial sanctions in the United Kingdom?

A.Office of Financial Sanctions Implementation (OFSI)

B.Financial Conduct Authority (FCA)

C.National Crime Agency (NCA)

D.HM Revenue and Customs (HMRC)

Explanation: The Office of Financial Sanctions Implementation (OFSI), part of HM Treasury, is the UK body responsible for publishing financial sanctions lists, issuing licences, and enforcing civil financial sanctions penalties under SAMLA 2018.

3What primary legislation provides the legal framework for the UK to impose autonomous financial and trade sanctions post-Brexit?

A.Sanctions and Anti-Money Laundering Act 2018 (SAMLA)

B.Proceeds of Crime Act 2002 (POCA)

C.Financial Services and Markets Act 2000 (FSMA)

D.Counter-Terrorism Act 2008

Explanation: SAMLA 2018 enables the UK government to create autonomous UK sanctions regimes, adopt UN sanctions, and impose financial, trade, and immigration restrictions independently of the European Union.

4Which agency within the US Department of the Treasury administers and enforces US economic and trade sanctions?

A.Office of Foreign Assets Control (OFAC)

B.Financial Crimes Enforcement Network (FinCEN)

C.Bureau of Industry and Security (BIS)

D.Securities and Exchange Commission (SEC)

Explanation: OFAC (Office of Foreign Assets Control) administers and enforces US economic and financial sanctions based on US foreign policy and national security goals.

5What is the primary characteristic of an OFAC 'Specially Designated Nationals and Blocked Persons' (SDN) designation?

A.Assets within US jurisdiction are frozen, and US persons are prohibited from transacting with them

B.Designated entities are permitted to conduct transactions below $10,000 without prior approval

C.Restrictions apply only to US citizens residing inside the continental United States

D.It represents a advisory recommendation that financial institutions may voluntarily choose to ignore

Explanation: An SDN designation requires US persons (and entities within US jurisdiction) to immediately block (freeze) all property and assets of the designated entity and prohibits virtually all direct or indirect transactions with them.

6What is the main legal distinction between 'primary sanctions' and 'secondary sanctions' as enforced by the United States?

A.Primary sanctions apply to US persons and US nexus, while secondary sanctions target non-US persons for activity occurring entirely outside US territorial jurisdiction

B.Primary sanctions involve criminal fines, while secondary sanctions involve civil warnings

C.Primary sanctions are set by individual US states, while secondary sanctions are federal

D.Primary sanctions apply to individuals, while secondary sanctions apply only to sovereign governments

Explanation: Primary sanctions prohibit US persons or transactions with a US jurisdictional nexus from dealing with sanctioned targets. Secondary sanctions allow the US government to penalize non-US persons operating entirely outside US jurisdiction by cutting off their access to the US financial system.

7What type of UK financial sanctions licence permits a specified group of eligible firms or individuals to undertake defined activities without applying for individual authorization from OFSI?

A.General Licence

B.Specific Licence

C.Retrospective Licence

D.Emergency Exemption Notice

Explanation: OFSI issues General Licences allowing anyone or a specified category of persons to undertake activities that would otherwise breach financial sanctions regulations without needing a individual specific licence, provided all listed conditions and reporting terms are fulfilled.

8Difference between 'targeted sanctions' and 'comprehensive sanctions'?

A.Targeted sanctions focus on designated individuals, entities, or specific economic sectors, whereas comprehensive sanctions impose broad country-wide embargoes

B.Targeted sanctions are imposed by commercial banks, whereas comprehensive sanctions are imposed by central banks

C.Targeted sanctions apply only to maritime shipping, whereas comprehensive sanctions apply to retail banking

D.Targeted sanctions last for 30 days, whereas comprehensive sanctions are permanent

Explanation: Targeted (smart) sanctions restrict specific named persons, companies, or sectors (e.g. defense or energy) to minimize civilian hardship, while comprehensive sanctions prohibit virtually all commercial and financial trade with an entire country or territory.

9What is the primary role of the European Union's Common Foreign and Security Policy (CFSP) regarding sanctions?

A.To adopt autonomous EU sanctions regimes and implement UN Security Council resolutions across all EU member states

B.To issue criminal warrants for sanctions evaders in North America

C.To manage retail interest rates for commercial banks operating in Europe

D.To act as a commercial dispute arbitrator between private EU corporations

Explanation: Under the CFSP framework, the Council of the European Union adopts Council Decisions and Regulations to implement UN sanctions and enforce autonomous EU restrictive measures uniformly across member states.

10In sanctions compliance, what constitutes a 'US jurisdictional nexus' that subjects a non-US transaction to primary OFAC jurisdiction?

A.Conducting a wire transfer denominated in US Dollars that clears through a US correspondent bank account

B.Using an internet browser developed by a US technology corporation

C.Employing a non-US citizen who once attended university in the United States

D.Holding an account at a non-US financial institution located in London

Explanation: Transactions routed in US Dollars inevitably process through US correspondent banks or clearing mechanisms (such as CHIPS or Fedwire), establishing a direct US territorial nexus that triggers primary OFAC jurisdiction.

About the ICA Sanctions Risk Cert Exam

The ICA Certificate in Managing Sanctions Risk is an entry-level professional qualification providing a solid understanding of UN, UK OFSI, US OFAC, and EU sanctions regimes, screening technology, risk governance, alert investigation, and evasion typologies.

Questions

25 scored questions

Time Limit

1 hour

Passing Score

70%

Exam Fee

£765 (International Compliance Association (ICA))

ICA Sanctions Risk Cert Exam Content Outline

20%

International Sanctions Frameworks & Regimes

UN Security Council Chapter VII, UK SAMLA 2018, OFSI statutory powers, US OFAC SDN/SSI lists, EU CFSP sanctions, primary vs secondary sanctions, and US jurisdictional nexus.

20%

Sanctions Screening Systems & Technology

Automated payment vs customer screening, SWIFT MT103/ISO 20022 message fields, fuzzy matching algorithms (Levenshtein, Jaro-Winkler), script transliteration, threshold calibration, and allowlists.

20%

Sanctions Governance & Risk Assessment

Sanctions Risk Assessment (SRA) methodology, Three Lines of Defence model, Sanctions Risk Appetite Statement (SRAS), Senior Management accountability, and independent audit.

20%

Alert Investigation & Breach Reporting

Alert triage workflow, true match confirmation vs false match discounting rationale, OFSI mandatory reporting under SAMLA 2018, OFAC VSD benefits, asset freezing mechanics, and licensing.

20%

Evasion Techniques & Cost of Non-Compliance

Wire stripping, nested accounts, front/shell companies, 50% ownership & control tests, maritime AIS spoofing/STS transfers, OFSI civil strict liability penalties, and criminal prosecution.

How to Pass the ICA Sanctions Risk Cert Exam

What You Need to Know

Passing score: 70%
Exam length: 25 questions
Time limit: 1 hour
Exam fee: £765

Keys to Passing

Complete 500+ practice questions
Score 80%+ consistently before scheduling
Focus on highest-weighted sections
Use our AI tutor for tough concepts

ICA Sanctions Risk Cert Study Tips from Top Performers

1Understand the key differences between UN, UK (OFSI), US (OFAC), and EU sanctions regimes.

2Memorize the legal thresholds: OFAC 50 Percent Rule (aggregate 50%+) vs UK/EU Ownership (>50%) and Control test.

3Learn SWIFT MT103 payment message fields (Field 50 ordering customer, Field 59 beneficiary) and how ISO 20022 XML fields enhance screening.

4Know the statutory reporting duty under SAMLA 2018: report confirmed matches and breaches to OFSI as soon as practicable.

5Distinguish between fuzzy matching algorithms (Levenshtein edit distance vs Jaro-Winkler prefix weighting).

6Practise with 25-question timed mock tests to build confidence for the online assessment.

Frequently Asked Questions

How many questions are on the ICA Certificate in Managing Sanctions Risk exam?

The official ICA Certificate in Managing Sanctions Risk assessment contains 25 multiple-choice questions.

What is the pass mark for the ICA Managing Sanctions Risk Certificate?

The pass mark is 70%, meaning you must correctly answer at least 18 out of 25 questions.

How long is the ICA Sanctions Risk examination?

Candidates are given 1 hour (60 minutes) to complete the online assessment.

What topics are covered on the ICA Sanctions Risk exam?

The syllabus covers five key areas: International Sanctions Frameworks & Regimes, Sanctions Screening Systems & Technology, Sanctions Governance & Risk Assessment, Alert Investigation & Breach Reporting, and Evasion Techniques & Cost of Non-Compliance.

How much does the ICA Certificate in Managing Sanctions Risk cost?

The course fee is £765, plus a separate £195 ICA membership fee, which includes online course access, training materials, and one examination entry.

Is the ICA Certificate in Managing Sanctions Risk suitable for beginners?

Yes, it is an entry-level professional certification designed for individuals new to sanctions compliance as well as operational staff needing a formal grounding.