ACAMS International AML/CFT Standards 2

Question 1

What are the FATF '40 Recommendations' and when were they last significantly updated?

Accepted Answer

The international AML/CFT standards that form the global framework for combating money laundering and terrorist financing, last significantly revised in 2012 and supplemented by targeted revisions through 2023

Answer

The FATF 40 Recommendations are the recognized global AML/CFT standards applicable to FATF members and evaluated countries. Originally issued in 1990 and significantly revised in 2003 and 2012, they have been supplemented by targeted updates on virtual assets, beneficial ownership, and other areas.

Question 2

What is the Financial Action Task Force's (FATF) mandate and membership structure?

Accepted Answer

FATF is an intergovernmental policy-making body established in 1989 with 39 members (37 member jurisdictions plus the European Commission and Gulf Co-operation Council) that sets AML/CFT standards and assesses compliance

Answer

FATF is an intergovernmental body established at the G7 Paris Summit in 1989. It has 39 members (37 jurisdictions plus the European Commission and GCC) and sets global AML/CFT standards through its 40 Recommendations.

Question 3

What is the Egmont Group and how does it support international AML efforts?

Accepted Answer

A global network of Financial Intelligence Units (FIUs) that facilitates the secure exchange of financial intelligence information between member country FIUs to support AML/CFT investigations

Answer

The Egmont Group is a network of over 160 Financial Intelligence Units that enables secure, confidential sharing of financial intelligence between member FIUs — critical for investigating cross-border money laundering and terrorist financing.

Question 4

What does the Basel Committee's AML guidance (Basel III and CDD Paper) require of internationally active banks?

Accepted Answer

Consolidated, enterprise-wide AML/CFT programs that apply the highest applicable standards across all subsidiaries, branches, and affiliates globally, with adequate information sharing between group entities

Answer

The Basel Committee's CDD paper and related guidance require internationally active banks to implement enterprise-wide AML programs that apply the most stringent applicable standards globally, ensure information flows between group entities, and manage consolidated risk across all affiliates.

Question 5

What is the 'Wolfsberg Group' and what is its role in international AML standards?

Accepted Answer

A group of 13 global financial institutions that develop voluntary AML/CFT guidance, principles, and best practice papers for the private sector, particularly in correspondent banking, private banking, and trade finance

Answer

The Wolfsberg Group is a private-sector association of 13 major global banks that develops voluntary AML guidance and principles, particularly influential in areas such as correspondent banking due diligence, private banking, and anti-bribery standards.

(ACAMS) Association of Certified Anti-Money Laundering Specialists Practice Test

(ACAMS) Association of Certified Anti-Money Laundering Specialists Practice Test

ACAMS International AML/CFT Standards 2