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

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Angelyn

10 months ago

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

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Cristen

10 months ago

Definitely true, it's all about ongoing vigilance.

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Vincent

10 months ago

Really? I thought it was just initial checks.

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Tracey

11 months ago

Totally agree, monitoring is key!

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Virgie

11 months ago

True, that's part of the FATF guidelines.

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Shannan

11 months ago

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

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Yaeko

11 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.

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Casie

11 months ago

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

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Eva

11 months ago

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

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Maurine

11 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.

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Kenneth

11 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.

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Alisha

11 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.

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Tequila

11 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.

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Tyra

11 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.

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Cordelia

1 year 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*

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Selma

1 year ago

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

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Nettie

1 year ago

A) True

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Olive

1 year ago

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

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Elza

1 year ago

A) True

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Tamesha

1 year 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!

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Richelle

1 year ago

A) True

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Ernie

1 year ago

B) False

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Dante

1 year ago

A) True

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Johnson

1 year 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?

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Deonna

1 year 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.

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Josphine

1 year ago

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

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Rolland

1 year 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?

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Herman

1 year ago

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

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Christiane

1 year ago

B) False

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Wilbert

1 year ago

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

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Tequila

1 year ago

A) True

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Alecia

1 year ago

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

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Wilson

1 year ago

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

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Tamesha

1 year ago

A) True

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Odette

1 year ago

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

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Rosita

1 year ago

A) True

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Glenn

1 year ago

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

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Reta

1 year ago

A) True

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Daniel

1 year ago

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

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Shawn

1 year ago

A) True

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Alva

1 year ago

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

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Raymon

1 year ago

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

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Alva

1 year ago

A) True

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