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Acams Exam CAMS Topic 3 Question 98 Discussion

Actual exam question for Acams's CAMS exam
Question #: 98
Topic #: 3
[All CAMS Questions]

Which of the following statements is true regarding the 2012 Financial Action Task Force (FATF) 40 Recommendations and/or 11 Immediate Outcomes?

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Suggested Answer: A

The FATF 40 Recommendations provide a global AML/CFT framework, and the Immediate Outcomes assess effectiveness.

Option A (Correct): The risk-based approach (RBA) is the foundation of modern AML compliance and is mandated by FATF Recommendation 1.

Option B (Incorrect): Interpretive notes are public documents available to all jurisdictions, not private.

Option C (Incorrect): The 40 Recommendations are regularly updated, incorporating new technology (e.g., virtual assets in 2019).

Option D (Incorrect): The 11 Immediate Outcomes assess the effectiveness of AML systems globally, not just for high-risk countries.


Contribute your Thoughts:

Galen
5 days ago
I'm going with A. It's the only one that aligns with my understanding of the FATF Recommendations. Unless the FATF has a secret karaoke night that I don't know about.
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Janey
6 days ago
That's a good point, high-risk jurisdictions need extra attention to combat money laundering and terrorist financing.
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Hannah
6 days ago
D just sounds made up. The 11 Immediate Outcomes are about assessing effectiveness, not recommendations for high-risk jurisdictions.
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Rossana
9 days ago
D) The 11 Immediate Outcomes are recommendations specific to high-risk jurisdictions requiring enhanced monitoring.
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Golda
10 days ago
I agree with Janey, the risk-based approach is crucial for effective implementation.
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Janey
14 days ago
A) The cornerstone of the 40 Recommendations is the adoption of a risk-based approach by each jurisdiction.
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Brandon
1 months ago
C has to be wrong. The FATF is constantly updating its recommendations to keep up with new financial technologies and emerging risks.
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Jenelle
1 months ago
B sounds like a trick question. I doubt the FATF gives private access to their interpretive notes - that would defeat the purpose of having a common global standard.
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Ligia
14 days ago
A) The cornerstone of the 40 Recommendations is the adoption of a risk-based approach by each jurisdiction.
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Eun
1 months ago
I'm pretty sure the correct answer is A. The FATF 40 Recommendations are all about the risk-based approach, which is the cornerstone of the whole framework.
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Glenn
12 hours ago
User 1: I agree, A is the correct answer. The risk-based approach is key.
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