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Which of the below statements are supported by the Financial Action Task Force (FATF) 40 Recommendations adopted in 2012? (Select Two.)
Suggested Answer: B, C
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38 comments · newest first
LI
Lisbeth
11 months ago
Totally agree with A and C, they really emphasize risk management!
MA
Mattie
11 months ago
Wait, are we sure about D? That sounds too strict.
CA
Candra
11 months ago
E seems super important for transparency.
LE
Lenna
12 months ago
I thought B was a key point too!
DA
Dahlia
1 year ago
A and C are definitely in there.
CE
Celestina
1 year ago
I’m a bit confused about option A; I thought FATF focused more on risk management rather than directing banks to avoid certain customers.
RE
Rene
1 year ago
I remember something about transparency in ownership, so option E might be one of the correct answers.
MY
Myra
1 year ago
I'm not entirely sure, but I feel like option C aligns with the risk-based approach we practiced in class.
TW
Twana
1 year ago
I think option B sounds familiar because we discussed how FATF emphasizes cooperation with the UN on sanctions.
NI
Nichelle
1 year ago
I feel pretty good about this. The FATF is all about setting global standards to combat financial crimes, so I think I can identify the two correct statements from the options provided. Time to put my knowledge to the test.
DA
Dallas
1 year ago
This is a tricky one. I know the FATF is focused on anti-money laundering and counter-terrorist financing, but I'm not totally sure which specific recommendations are covered here. I'll have to make an educated guess.
RO
Rosio
1 year ago
Okay, let's see here. I remember the FATF emphasizes a risk-based approach and transparency around beneficial ownership, so I'll definitely select those. The other options seem a bit more ambiguous, so I'll have to think carefully.
OR
Orville
1 year ago
Hmm, I'm a bit unsure about this one. The FATF recommendations cover a lot of ground, so I'll need to carefully read through each option to determine which two are supported.
RO
Ronnie
1 year ago
This looks like a straightforward question on the FATF recommendations. I'm pretty confident I can identify the two correct statements.
MI
Michell
1 year ago
I thought it was supposed to add the resolved property to all instances, but now I'm second-guessing if it only applies to the specific object ticket1.
VI
Vincenza
1 year ago
I bet the FATF compliance examiners have a field day with all the puns about dirty money and clean audits.
BE
Benedict
1 year ago
Haha, I can only imagine the jokes they must hear during those exams!
CH
Chauncey
1 year ago
C) Nations should establish frameworks that take a risk-based approach to prevent and mitigate money laundering and terrorist financing.
MY
Myra
1 year ago
A) Regulators should direct Financial Institutions to establish appropriate frameworks to avoid banking higher-risk customers.
MO
Mozell
1 year ago
Hmm, I wonder if the FATF has a sense of humor. Maybe they could add a recommendation about not letting your money launder itself.
JE
Jennifer
1 year ago
A sounds a bit too prescriptive. The FATF leaves it up to the FIs to establish their own risk management frameworks.
CH
Charolette
1 year ago
D is definitely not correct. The FATF recommendations don't require identical frameworks across nations, just effective ones.
JE
Jesusita
1 year ago
E) Nations should take measures to ensure there is transparency to the beneficial ownership of legal persons.
LE
Lemuel
1 year ago
C) Nations should establish frameworks that take a risk-based approach to prevent and mitigate money laundering and terrorist financing.
ST
Stevie
1 year ago
A) Regulators should direct Financial Institutions to establish appropriate frameworks to avoid banking higher-risk customers.
HA
Hassie
2 years ago
I'm pretty sure C is also one of the supported statements. The FATF framework is all about taking a risk-based approach to AML/CFT.
CO
Corinne
1 year ago
B) Nations should work towards implementing targeted financial sanctions in alignment with the UN Security Council.
KA
Kate
1 year ago
I agree, C is definitely one of the supported statements. It's all about managing risks effectively.
NE
Nell
2 years ago
C) Nations should establish frameworks that take a risk-based approach to prevent and mitigate money laundering and terrorist financing.
RI
Ricarda
2 years ago
A) Regulators should direct Financial Institutions to establish appropriate frameworks to avoid banking higher-risk customers.
LE
Levi
2 years ago
Yes, ensuring transparency to the beneficial ownership of legal persons is crucial in combating money laundering and terrorist financing.
CO
Corinne
2 years ago
Options B and E seem to be the correct answers here. The FATF recommendations do emphasize the need for targeted financial sanctions and transparency around beneficial ownership.
LA
Laila
1 year ago
Definitely, it helps in preventing and mitigating money laundering and terrorist financing.
HO
Hoa
1 year ago
That makes sense. It's important for nations to work towards implementing these measures.
FR
Franchesca
1 year ago
Yes, the FATF recommendations do emphasize the need for targeted financial sanctions and transparency around beneficial ownership.
SH
Shaun
1 year ago
I think options B and E are the correct answers.
TA
Tambra
2 years ago
I agree with you, Levi. I also believe statement E is supported by the FATF recommendations.
LE
Levi
2 years ago
I think statement C is definitely supported by the FATF 40 Recommendations.