CAFP 1
What option describes what makes pouch activity MOST vulnerable to money
laundering? - Answer They enable money launderers to structure using monetary
instruments.
Which option describes why U.S. dollar drafts are MOST vulnerable to money
laundering? - Answer They make it easy for the money launderer to conceal the source
of funds once the illicit funds are no longer in cash form.
How do bulk cash shipments occur? - Answer Between two banks even when the
receiving bank does not take physical possession of the currency and the currency goes
to the Federal Reserve.
Which parties may be involved in bulk cash shipments? - Answer The shipper, the
common carrier, and the consignee.
The CTR exemption process divides businesses into two categories, Phase I and
Phase II. Which type of entity would be eligible for a Phase I exemption? - Answer
Starbucks Express, a subsidiary of Starbucks.
A domestic correspondent account is an account __________. - Answer Held by one
domestic bank with another domestic bank.
Which international partner in the AML network provides a forum for FIUs to improve
international AML/CFT cooperation and to promote the implementation of domestic
programs in this field? - Answer Egmont Group of Financial Intelligence Units.
The following two organizations specialize in conducting assessments for countries to
ascertain compliance with the FATF Recommendations: - Answer • International
Monetary Fund (IMF),The World Bank.
the following two international organizations focus on counteracting transnational illicit
drugs, crime, and terrorism: - Answer •Organization for Economic Co-operation and
Development (OECD)
•United Nations Office on Drug and Crime (UNODC).
Which two organizations provide technical assistance to member countries for the
assessment of their compliance with the international standard as contained in the
FATF Recommendations? - Answer International Monetary Fund (IMF) and The World
Bank (Financial Market Integrity Group).
Which three options identify aims of the UNODC work program? - Answer Assist with
increasing specialized expertise and skills of criminal justice officials, Enhance
, international and regional cooperation in combating the financing of terrorism through
information exchange and mutual legal assistance, Strengthen legal, financial and
operational capacities to deal effectively with money-laundering and the financing of
terrorism.
Among the international partners in AML, which two organizations focus primarily on tax
and anti-money laundering practices and fighting transnational crimes, including illicit
drugs, crime and terrorism? - Answer OECD, (UNODC).
IMF? - Answer focuses on AML/CFT technical assistance and the assessment of
member countries' compliance with the FATF Recommendations.
Egmont Group? - Answer primary role is to promote the development of FIUs and
facilitate their cooperation in the areas of information exchange, training, and the
sharing of expertise.
What entities comprise the Basel Committee on Banking Supervision? - Answer Central
banks.
Which international organization focuses its anti-money laundering (AML) efforts
primarily on customer due diligence? - Answer The Basel Committee on Banking
Supervision.
In what way did the Financial Action Task Force (FATF) methodology for conducting
mutual evaluations change in 2012? - Answer FATF now adds an effectiveness
assessment as a new component.
Which option describes the work of the Wolfsberg Group? - Answer To develop
frameworks and guidance for the management of financial crime risks, particularly with
regard to Know Your Customer.
Which option identifies the two international organizations that run the Stolen Asset
Recovery (StAR) Initiative? - Answer The World Bank and the United Nations Office on
Drug and Crime (UNODC).
Which international organization focuses its efforts primarily on tax crimes? - Answer
The Organisation for Economic Co-operation and Development (OECD).
Which option identifies the two international organizations that assist the Financial
Action Task Force (FATF) in assessing countries' compliance with anti-money
laundering/counter financing of terrorism (AML/CFT) requirements? - Answer The World
Bank and the International Monetary Fund (IMF).
ABC Bank offers Internet banking. Which option identifies an essential element of an
account opening policy so that ABC Bank mitigates the related risk of online accounts? -
Answer Authenticate the customer's identity.
What option describes what makes pouch activity MOST vulnerable to money
laundering? - Answer They enable money launderers to structure using monetary
instruments.
Which option describes why U.S. dollar drafts are MOST vulnerable to money
laundering? - Answer They make it easy for the money launderer to conceal the source
of funds once the illicit funds are no longer in cash form.
How do bulk cash shipments occur? - Answer Between two banks even when the
receiving bank does not take physical possession of the currency and the currency goes
to the Federal Reserve.
Which parties may be involved in bulk cash shipments? - Answer The shipper, the
common carrier, and the consignee.
The CTR exemption process divides businesses into two categories, Phase I and
Phase II. Which type of entity would be eligible for a Phase I exemption? - Answer
Starbucks Express, a subsidiary of Starbucks.
A domestic correspondent account is an account __________. - Answer Held by one
domestic bank with another domestic bank.
Which international partner in the AML network provides a forum for FIUs to improve
international AML/CFT cooperation and to promote the implementation of domestic
programs in this field? - Answer Egmont Group of Financial Intelligence Units.
The following two organizations specialize in conducting assessments for countries to
ascertain compliance with the FATF Recommendations: - Answer • International
Monetary Fund (IMF),The World Bank.
the following two international organizations focus on counteracting transnational illicit
drugs, crime, and terrorism: - Answer •Organization for Economic Co-operation and
Development (OECD)
•United Nations Office on Drug and Crime (UNODC).
Which two organizations provide technical assistance to member countries for the
assessment of their compliance with the international standard as contained in the
FATF Recommendations? - Answer International Monetary Fund (IMF) and The World
Bank (Financial Market Integrity Group).
Which three options identify aims of the UNODC work program? - Answer Assist with
increasing specialized expertise and skills of criminal justice officials, Enhance
, international and regional cooperation in combating the financing of terrorism through
information exchange and mutual legal assistance, Strengthen legal, financial and
operational capacities to deal effectively with money-laundering and the financing of
terrorism.
Among the international partners in AML, which two organizations focus primarily on tax
and anti-money laundering practices and fighting transnational crimes, including illicit
drugs, crime and terrorism? - Answer OECD, (UNODC).
IMF? - Answer focuses on AML/CFT technical assistance and the assessment of
member countries' compliance with the FATF Recommendations.
Egmont Group? - Answer primary role is to promote the development of FIUs and
facilitate their cooperation in the areas of information exchange, training, and the
sharing of expertise.
What entities comprise the Basel Committee on Banking Supervision? - Answer Central
banks.
Which international organization focuses its anti-money laundering (AML) efforts
primarily on customer due diligence? - Answer The Basel Committee on Banking
Supervision.
In what way did the Financial Action Task Force (FATF) methodology for conducting
mutual evaluations change in 2012? - Answer FATF now adds an effectiveness
assessment as a new component.
Which option describes the work of the Wolfsberg Group? - Answer To develop
frameworks and guidance for the management of financial crime risks, particularly with
regard to Know Your Customer.
Which option identifies the two international organizations that run the Stolen Asset
Recovery (StAR) Initiative? - Answer The World Bank and the United Nations Office on
Drug and Crime (UNODC).
Which international organization focuses its efforts primarily on tax crimes? - Answer
The Organisation for Economic Co-operation and Development (OECD).
Which option identifies the two international organizations that assist the Financial
Action Task Force (FATF) in assessing countries' compliance with anti-money
laundering/counter financing of terrorism (AML/CFT) requirements? - Answer The World
Bank and the International Monetary Fund (IMF).
ABC Bank offers Internet banking. Which option identifies an essential element of an
account opening policy so that ABC Bank mitigates the related risk of online accounts? -
Answer Authenticate the customer's identity.
