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ACFE CFE-Law Exam - Topic 1 Question 30 Discussion

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?
D) A lump-sum cash deposit to a bank above the jurisdiction's designated threshold
A) A domestic credit card purchase of a piece of jewelry above the jurisdiction's designated threshold
B) A cash payment to a restaurant supplier for restaurant supplies above the jurisdiction's designated threshold
C) An international purchase of a small boat with a lump-sum cash payment below the jurisdiction's designated threshold

ACFE CFE-Law Exam - Topic 1 Question 30 Discussion

Actual exam question for ACFE's CFE-Law exam
Question #: 30
Topic #: 1
[All CFE-Law Questions]

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?

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Suggested Answer: D

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

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Paola
6 months ago
Isn't it surprising how many people don’t know about these thresholds?
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Josphine
6 months ago
Totally agree, the restaurant payment should be flagged too!
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Ludivina
7 months ago
Wait, why would a small boat purchase not need reporting?
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Taryn
7 months ago
I think the jewelry purchase also requires a report.
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Oren
7 months ago
A cash deposit to a bank above the threshold definitely needs reporting.
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Aliza
7 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
8 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
8 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
8 months ago
I think option D might be the right answer since large cash deposits usually trigger reporting requirements.
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Tresa
8 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
8 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
8 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
8 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
8 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
8 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
8 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
8 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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