ACFE CFE-Law Exam - Topic 1 Question 30 Discussion

Actual exam question for ACFE's CFE-Law exam

Question #: 30
Topic #: 1

Under the best practices listed in the Financial Action Task Force (FATF) Recommendations concerning large cash transactions with customers which of the following transactions would require a report to be Wed with the government?

AA domestic credit card purchase of a piece of jewelry above the jurisdiction's designated threshold

BA cash payment to a restaurant supplier for restaurant supplies above the jurisdiction's designated threshold

CAn international purchase of a small boat with a lump-sum cash payment below the jurisdiction's designated threshold

DA lump-sum cash deposit to a bank above the jurisdiction's designated threshold

Show Suggested Answer

Suggested Answer: D

by Mitzie at Feb 09, 2024, 03:28 AM

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Paola

3 months ago

Isn't it surprising how many people don’t know about these thresholds?

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Josphine

3 months ago

Totally agree, the restaurant payment should be flagged too!

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Ludivina

4 months ago

Wait, why would a small boat purchase not need reporting?

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Taryn

4 months ago

I think the jewelry purchase also requires a report.

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Oren

4 months ago

A cash deposit to a bank above the threshold definitely needs reporting.

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Aliza

4 months ago

I’m confused about the thresholds. I thought international transactions were less scrutinized, so maybe C isn’t the right choice?

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Olive

5 months ago

I feel like I’ve seen a question similar to this before, and it was about cash transactions over a certain amount. Maybe it’s A or D?

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Ligia

5 months ago

I'm not entirely sure, but I remember something about cash payments for supplies being significant too. Could it be option B?

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Reynalda

5 months ago

I think option D might be the right answer since large cash deposits usually trigger reporting requirements.

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Tresa

5 months ago

I think the best approach here is to focus on the details of each transaction and compare them to the FATF guidelines. That should help me determine which one would require a report to the government. I'll take my time and think it through.

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Serina

5 months ago

Ugh, I'm not feeling too confident about this one. The FATF recommendations are tricky, and I'm not sure I fully understand how they apply to these different transaction scenarios. I'll have to guess and hope for the best.

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Fletcher

5 months ago

Okay, I've got this. The key is to identify which of these transactions would require a report to the government based on the FATF guidelines for large cash transactions. I'll carefully consider each option.

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Willard

5 months ago

Hmm, I'm a bit confused about the specifics of the FATF recommendations and what counts as the "jurisdiction's designated threshold." I'll need to review that before answering.

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Denna

5 months ago

This question seems straightforward, I think I can handle it. I just need to remember the FATF recommendations and the key details about the transactions.

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Emeline

5 months ago

Hmm, I'm a bit confused by all the different commands and file transfers happening. I'll need to read through this carefully to make sure I don't miss any important details.

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Lorrine

5 months ago

Okay, I think I've got it. The circular models highlight the importance of soliciting and receiving feedback, which is crucial for HR professionals.

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Ressie

5 months ago

Pretty sure it's the keyboard, but wasn't there something about the screen in one of those example questions?

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Tarra

2 years ago

I'm leaning towards D as well, it seems more in line with the reporting requirements for large cash transactions.

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Lucina

2 years ago

I think B could also be a valid answer, as it involves a cash payment to a supplier above the threshold.

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Hildegarde

2 years ago

I agree with the first candidate, A seems like the most appropriate answer based on the FATF Recommendations.

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Casie

2 years ago

I'm not sure, but I think C could also be a possible answer, since it involves an international purchase with a lump-sum cash payment below the threshold.

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Merilyn

2 years ago

I disagree, I believe the answer is D, as it involves a lump-sum cash deposit to a bank above the threshold.

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Lucina

2 years ago

I think the answer is A, because it involves a domestic credit card purchase of jewelry above the threshold.

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