Fatf new methodology Study guides, Class notes & Summaries

CAFP: Certified AML and Fraud Professional 2023/ 2024 Exam |Grade A |Questions and Verified Answers| 100% Correct (Latest 2023/ 2024 Update) Q: The following two organizations specialize in conducting assessments for countries to ascertain compliance with the FATF Recommendations: Answer: • International Monetary Fund (IMF),The World Bank. Q: the following two international organizations focus on counteracting transnational illicit drugs, crime, and terrorism: Answer: •...

ACAMS Chapter 2: International AML/CFT Standards Financial Action Task Force (FATF) - ANSWERSAn 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 - ANSWERS1. Spreading the message of AML worldwide 2. Monitoring the implementation of FATF recommendations among members...

ACAMS Chapter 2: International AML/CFT Standards Questions and Answers 2023 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 recommendations am...

What option describes what makes pouch activity MOST vulnerable to money laundering? - They enable money launderers to structure using monetary instruments. Which option describes why U.S. dollar drafts are MOST vulnerable to money laundering? - They make it easy for the money launderer to conceal the source of funds once the illicit funds are no longer in cash form. How do bulk cash shipments occur? - Between two banks even when the receiving bank does not take physical possession of th...

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 recommendations among members 3. Reviewing money laundering trends and and countermeasures. FATF ...

FATF New Methodology - ANSWER-Released in 2013 Collectively, the technical compliance and effectiveness assessments provide an integrated analysis of the extent to which the country is compliant with the FATF Recommendations and how successful it is in maintaining a strong AML/CFT system. -Technical Compliance Assessment -Effectiveness Assessment: FATF Technical Compliance Assessment - ANSWER-Evaluates the specific requirements of the FATF Recommendations, including how a member relates ...

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...

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...

ACAMS Certification Exam 115 Questions with Verified Answers ABC Bank was served with a search warrant. What next steps should the Bank consider? - CORRECT ANSWER 1. Call the financial institution's in‐house or outside counsel, 2. Review the warrant to understand its scope, 3. Ask for and obtain a copy of the warrant, 4. Ask for a copy of the affidavit that supports the search warrant (the agents are not obligated to provide a copy of the affidavit, but, if a financial institution is...

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...