According to the Financial Action Task Force 40 Recommendations, Designated Non-Financial Businesses and Professionals include which entities?

The correct answer is A. Commodities traders. Bank A should file a suspicious transaction report (STR) on the transaction in Country A, as it is the financial institution that observes and processes the suspicious activity in its jurisdiction. According to the FATF Recommendations, financial institutions should report any…

Compliance Standards (International AML/CFT Standards and the role of FATF)

Question

Options

ACommodities traders
BMoney services businesses
CHawala operators
DReal estate agents

How the community answered

(53 responses)

A
74% (39)
B
4% (2)
C
15% (8)
D
8% (4)

Explanation

Bank A should file a suspicious transaction report (STR) on the transaction in Country A, as it is the financial institution that observes and processes the suspicious activity in its jurisdiction. According to the FATF Recommendations, financial institutions should report any transaction that they have reason to suspect is related to money laundering, terrorist financing, or other criminal activities, regardless of the amount involved. The STR should include information about the originator, the beneficiary, and the purpose of the transaction, as well as the reasons for suspicion. Bank A should also comply with any legal or regulatory requirements in Country A regarding the reporting of cross- border wire transfers.

Topics

#FATF 40 Recommendations#DNFBP#designated non-financial businesses#real estate agents

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