Basel framework Study guides, Revision notes & Summaries

AML EXAM 2 QUESTIONS WITH 100% CORRECT ANSWERS The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries. A. True B. False - answerA The Financial Action Task Force (FATF) is best known for what? A. Passing EU-Wide laws and policies on AML B. Issuing AML/CTF recommendations for countries to follow C. Having several subgroups D. Establishing the definition of counter terrorist financing - answerB The Third EU Directive defined "money ...

ACAMS Certification Exam 115 Questions with Verified Answers ABC Bank was served with a search warrant. What next steps should the Bank consider? - CORRECT ANSWER 1. Call the financial institution's in‐house or outside counsel, 2. Review the warrant to understand its scope, 3. Ask for and obtain a copy of the warrant, 4. Ask for a copy of the affidavit that supports the search warrant (the agents are not obligated to provide a copy of the affidavit, but, if a financial institution is...

RSK4801 study notes – summary. 100% TRUSTED Answers, guidelines, workings and references.Exam Guidelines • Definition of Operational Risk Management • General classification of risks • Identify the risks/events and determine the cause in a given scenario • Determine the impact and likelihood of identified events/risks • Risk assessment and control strategies • Operational risk profile • Risk indicators – identify and give examples • Operational Risk Management frame...

ACAMS Exam 97 Questions with Verified Answers Define a red flag. - CORRECT ANSWER A warning signal that should bring attention to a potentially suspicious situation, transaction or activity. Define willful blindness. - CORRECT ANSWER A legal principle that operates in money laundering cases in the U.S. and is defined by courts as the "deliberate avoidance of knowledge of the facts" or purposeful indifference. Courts have held that willful blindness is the equivalent of actual knowledge...

ACAMS Exam 75 Questions with Verified Answers Identify the 3 important tasks that FATF focuses on - CORRECT ANSWER 1. Spreading the anti-money laundering message worldwide 2. Monitoring implementation of the FATF Recommendations among FATF members 3. Reviewing ML trends and counters asures According to the FATF 40 Recommendations, the complete set of countermeasures against ML and TF cover what 5 elements? - CORRECT ANSWER 1. Identification of risks and development of appropriate polic...

What are the main aspects of Basel I? - correct answer Formed in 1974 after the liquidation of a European Bank Set minimum capital requirements for banks known as the Basel Accord. Enforceable by law to the G-10 Countries in 1992 Focused on Credit Risk and Risk Weighted Assets (RWA) and required banks to hold 8% of RWA's (Total Capital Ratio/ All RWA must be 8%) What are the main aspects of Basel II? - correct answer ...

AML EXAM 2 QUESTIONS WITH 100% CORRECT ANSWERS The Office of Foreign Assets Control (OFAC) is allowed to impose sanctions against certain foreign countries. A. True B. False - answerA The Financial Action Task Force (FATF) is best known for what? A. Passing EU-Wide laws and policies on AML B. Issuing AML/CTF recommendations for countries to follow C. Having several subgroups D. Establishing the definition of counter terrorist financing - answerB The Third EU Directive defined "money ...

ACAMS 4 Exam 78 Questions with Verified Answer SAFE HARBOR What is a safe harbor for reporting suspicious activity? - CORRECT ANSWER Safe harbor is defined as legal protection for financial institutions, their directors, officers and employees from criminal and civil liability for breach of any restriction on disclosing information imposed by contract or by any legislative, regulatory or administrative prohibition if they report their suspicions in good faith to the Financial Investigation...

Which of the following is accurate regarding fiscal policy? - Answer- Government spending and taxation that influences the economy. Who runs Superannuation funds? - Answer- Trustees Which form of debt is a popular funding option due to taxation benefits that may be available for borrowers? - Answer- Equipment leasing Which of the following roles do banks play in society and the economy as a whole? - Answer- Facilitate the creation of money, act as a financial intermediary and contribute...

ARM 54 Practice Exam With Complete Solutions 2023 Risks from accidental loss, including the possibility of loss or no loss defines Hazard risk The traditional definition of risk management reflects the traditional concept of risk as Negative Which one of the following statements is true regarding the evolution of risk and risk management? The definition of risk has evolved to include positive as well as negative attributes The Dodd-Frank Act, Solvency II, and Basel III all have the purp...