Fatf new methodology Study guides, Class notes & Summaries

ACAMS Chapter 2: International AML/CFT Standards: Exam Questions and answers/ rated A+ Financial Action Task Force (FATF) - -An international, intergovernmental organization composed of members from more than 30 countries, whose primary purpose is the development and promotion of policies, at both national and international levels, to combat money laundering and terrorist financing. FATF Objectives - -1. Spreading the message of AML worldwide 2. Monitoring the implementation of FATF r...

Identify the seven topics of international incorporated into the FATF 40 recommendations in 2012? AML/CFT policies & procedures. Money Laundering & confiscation. Terrorist financing & financing of proliferation. Financial & non-financial institution preventative measures. Transparency & beneficial ownership of legal persons & arrangements. Powers & responsibilities of competent authorities & other institutional measures. International cooperation. According to the Egmont Group, Wha...

ACAMS Exam Review 70 Questions with Verified Answers Define "smurfing." - CORRECT ANSWER The use of multiple individuals and/or transactions for making cash deposits, buying monetary transactions or banks drafts in amounts under the reporting threshold. (NB: Some equate this term with structuring) What are the sections of the USA PATRIOT Act pertaining to AML due diligence? - CORRECT ANSWER *Section 312* -- Requirement that institutions create risk-based due diligence programs *Sec...

NURSING 10 ACAMS Exam Review questions and answers with complete solution Define "smurfing." - ANSWER The use of multiple individuals and/or transactions for making cash deposits, buying monetary transactions or banks drafts in amounts under the reporting threshold. (NB: Some equate this term with structuring) What are the sections of the USA PATRIOT Act pertaining to AML due diligence? - ANSWER *Section 312* -- Requirement that institutions create risk-based due diligence progra...

ACAMS Exam 97 Questions with Verified Answers Define a red flag. - CORRECT ANSWER A warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. - CORRECT ANSWER A legal principle that operates in money laundering cases in the U.S. and is defined by courts as the "deliberate avoidance of knowledge of the facts" or purposeful indifference. Courts have held that willful blindness is the equivalent of actual knowledge...

ACAMS 4 Exam 78 Questions with Verified Answer SAFE HARBOR What is a safe harbor for reporting suspicious activity? - CORRECT ANSWER Safe harbor is defined as legal protection for financial institutions, their directors, officers and employees from criminal and civil liability for breach of any restriction on disclosing information imposed by contract or by any legislative, regulatory or administrative prohibition if they report their suspicions in good faith to the Financial Investigation...