ACFE Exam CFE-Law 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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Tarra

1 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

1 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

1 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

1 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

1 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

1 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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