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Anti-Money Laundering Flashcards

6 cards from real CMFAS practice questions. Tap to flip, then mark Knew It or Still Learning — missed cards come back until you master them.

Read the first 6 Anti-Money Laundering flashcards as text

  1. What is the Terrorism (Suppression of Financing) Act (TSOFA) in Singapore?

    Answer: Legislation criminalising the financing of terrorism and related activities

    TSOFA criminalises the provision or collection of property for the purpose of terrorism, providing legal tools to combat terrorism financing in Singapore.

  2. What is a risk-based approach to AML?

    Answer: Allocating resources and applying measures proportionate to the assessed risk level

    A risk-based approach means applying AML measures proportionate to the level of risk identified — higher risk warrants more intensive measures.

  3. What is 'structuring' or 'smurfing' in money laundering?

    Answer: Breaking large transactions into smaller ones to avoid detection thresholds

    Structuring (smurfing) involves deliberately breaking a large cash transaction into multiple smaller transactions to avoid triggering reporting thresholds.

  4. What records must financial institutions maintain for AML purposes?

    Answer: Customer identification documents, transaction records, and account files

    Financial institutions must maintain comprehensive records including customer identification documents, transaction details, account files, and correspondence for a minimum of 5 years.

  5. What is the Financial Action Task Force (FATF)?

    Answer: An international body that sets global AML/CFT standards

    FATF is the global standard-setting body for anti-money laundering and counter-terrorism financing. It issues recommendations that countries are expected to implement.

  6. What are FATF Recommendations?

    Answer: International standards for countries to implement effective AML/CFT frameworks

    FATF Recommendations are internationally recognized standards that provide a comprehensive framework for combating money laundering and terrorism financing.

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  1. ibf.org.sg — Eligibility, fees, score release, registration, retake policy, exam format, passing score, time limit · verified Oct 2026