ACFE CFE-Law Exam - Topic 1 Question 13 Discussion

Actual exam question for ACFE's CFE-Law exam

Question #: 13
Topic #: 1

The Financial Action Task Force (FATF) Recommendations slate that a financial institution s customer due diligence (COD) procedures should include continued monitoring of a customer's business relationships and transactions.

ATrue

BFalse

Show Suggested Answer

Suggested Answer: D

by Eun at Jan 09, 2023, 05:42 AM

Limited Time Offer

25%

Off

Get Premium CFE-Law Questions as Interactive Web-Based Practice Test or PDF

Contribute your Thoughts:

Submit Cancel

Angelyn

5 months ago

Wait, are you sure? I need to double-check that!

upvoted 0 times

...

Cristen

6 months ago

Definitely true, it's all about ongoing vigilance.

upvoted 0 times

...

Vincent

6 months ago

Really? I thought it was just initial checks.

upvoted 0 times

...

Tracey

6 months ago

Totally agree, monitoring is key!

upvoted 0 times

...

Virgie

6 months ago

True, that's part of the FATF guidelines.

upvoted 0 times

...

Shannan

6 months ago

True seems right to me; I recall that continuous monitoring helps identify suspicious activities over time.

upvoted 0 times

...

Yaeko

6 months ago

I want to say False, but I might be confusing it with another regulation. I need to double-check my notes on FATF.

upvoted 0 times

...

Casie

6 months ago

I'm not entirely sure, but I feel like there was a practice question that mentioned monitoring as essential for risk management.

upvoted 0 times

...

Eva

7 months ago

I think the answer is True because I remember studying that ongoing monitoring is a key part of customer due diligence.

upvoted 0 times

...

Maurine

7 months ago

Hmm, this looks like a pretty straightforward SAP S/4HANA question. I'll need to think carefully about the key information required when creating a production master.

upvoted 0 times

...

Kenneth

7 months ago

This seems like a straightforward question about information system security responsibilities. I'll carefully review the options and think through what each role typically does.

upvoted 0 times

...

Alisha

7 months ago

This seems like a straightforward insurance policy question. I'll need to carefully consider the coverage provided by each option to determine which one best fits the 12-month marine cargo requirement.

upvoted 0 times

...

Tequila

7 months ago

Okay, the key here is that the responder policy is checking for a specific AVP value in the DIAMETER request. If the value matches 'host1.example.net', then the request will be redirected.

upvoted 0 times

...

Tyra

7 months ago

The data plane handles the actual data transmission, so it's not involved in things like routing protocols or management traffic. I'm leaning towards A.

upvoted 0 times

...

Cordelia

11 months ago

I'm going with A. True. After all, the FATF knows best. They're probably just trying to keep us all out of trouble, right? *winks*

upvoted 0 times

Selma

10 months ago

Yes, it's crucial for financial institutions to monitor their customers' transactions.

upvoted 0 times

...

Nettie

10 months ago

A) True

upvoted 0 times

...

Olive

10 months ago

I agree, the FATF recommendations are important for preventing financial crimes.

upvoted 0 times

...

Elza

10 months ago

A) True

upvoted 0 times

...

Tamesha

11 months ago

B) False, really? The FATF wants us to do all that extra work? Good thing I didn't read the fine print on that one!

upvoted 0 times

Richelle

10 months ago

A) True

upvoted 0 times

...

Ernie

10 months ago

B) False

upvoted 0 times

...

Dante

11 months ago

A) True

upvoted 0 times

...

Johnson

12 months ago

A) True, no doubt about it. Gotta make sure those customers aren't up to any funny business. Can't be too careful, you know?

upvoted 0 times

Deonna

11 months ago

A) True, but it's better to be safe than sorry. You never know what kind of risks are out there in the financial world.

upvoted 0 times

...

Josphine

11 months ago

B) False, I think it's important to trust your customers until proven otherwise. Constant monitoring seems a bit invasive.

upvoted 0 times

...

Rolland

11 months ago

A) True, no doubt about it. Gotta make sure those customers aren't up to any funny business. Can't be too careful, you know?

upvoted 0 times

...

Herman

12 months ago

I'm going with B. False. Who has time for 'continued monitoring' these days? We're running a business, not a surveillance operation!

upvoted 0 times

Christiane

10 months ago

B) False

upvoted 0 times

...

Wilbert

10 months ago

I agree, it's important to monitor business relationships and transactions to prevent money laundering and terrorist financing.

upvoted 0 times

...

Tequila

11 months ago

A) True

upvoted 0 times

...

Alecia

1 year ago

True, that's definitely what the FATF Recommendations state. Gotta keep a close eye on those customers!

upvoted 0 times

Wilson

10 months ago

Yes, it's crucial for financial institutions to follow the FATF Recommendations.

upvoted 0 times

...

Tamesha

10 months ago

A) True

upvoted 0 times

...

Odette

10 months ago

Absolutely, it's important to monitor business relationships and transactions.

upvoted 0 times

...

Rosita

10 months ago

A) True

upvoted 0 times

...

Glenn

10 months ago

Yes, it's important to comply with FATF Recommendations.

upvoted 0 times

...

Reta

11 months ago

A) True

upvoted 0 times

...

Daniel

11 months ago

Absolutely, it's crucial to monitor business relationships and transactions.

upvoted 0 times

...

Shawn

11 months ago

A) True

upvoted 0 times

...

Alva

1 year ago

I agree, it helps prevent money laundering and terrorist financing.

upvoted 0 times

...

Raymon

1 year ago

I think it's true because monitoring business relationships and transactions is important for detecting suspicious activities.

upvoted 0 times

...

Alva

1 year ago

A) True

upvoted 0 times

...