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CAMS · Question #952

The role of FATF-style regional bodies (FSRBs) is to; (Select Three.)

The correct answer is B. provide AM L/C FT technical assistance needed by members in their FSRB junsdiction. C. coordinate technical assistance for members in their FSRB jurisdiction F. offer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction. FSRBs support the FATF global network within their own regional jurisdictions by providing technical assistance, coordinating that assistance, and conducting mutual evaluations - they do not set FATF standards.

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

Question

The role of FATF-style regional bodies (FSRBs) is to; (Select Three.)

Options

  • Aidentify and address the current financial crime trends through the issuance of typologies
  • Bprovide AM L/C FT technical assistance needed by members in their FSRB junsdiction.
  • Ccoordinate technical assistance for members in their FSRB jurisdiction
  • Dset and amend the FATF 40 Recommendations for members in their FSRB jurisdiction.
  • Eidentify and address any gaps in the AML/CFT policies for members outside of their FSRB
  • Foffer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction.

How the community answered

(36 responses)
  • A
    3% (1)
  • B
    75% (27)
  • D
    8% (3)
  • E
    14% (5)

Why each option

FSRBs support the FATF global network within their own regional jurisdictions by providing technical assistance, coordinating that assistance, and conducting mutual evaluations - they do not set FATF standards.

Aidentify and address the current financial crime trends through the issuance of typologies

FATF itself is the primary body responsible for issuing typologies on financial crime trends; while FSRBs may contribute regional input, issuing typologies is not listed as a core FSRB mandate.

Bprovide AM L/C FT technical assistance needed by members in their FSRB junsdiction.Correct

FSRBs are mandated to provide AML/CFT technical assistance to their member countries, helping them build capacity to implement FATF Recommendations effectively within the regional jurisdiction.

Ccoordinate technical assistance for members in their FSRB jurisdictionCorrect

FSRBs coordinate the delivery of technical assistance among members and with international partners, ensuring resources are aligned with each member country's identified needs and action plans.

Dset and amend the FATF 40 Recommendations for members in their FSRB jurisdiction.

Only FATF has the authority to set and amend the 40 Recommendations; FSRBs are associate members of FATF and must adopt the standards, but they have no power to modify them for their region.

Eidentify and address any gaps in the AML/CFT policies for members outside of their FSRB

FSRBs operate exclusively within their own regional jurisdictions; identifying and addressing AML/CFT policy gaps for countries outside their jurisdiction is outside their mandate and authority.

Foffer mutual evaluation and follow-up processes for members in their FSRB Jurisdiction.Correct

Conducting mutual evaluations and follow-up processes is a core FSRB function, assessing how effectively members have implemented FATF standards and tracking progress on recommended improvements.

Concept tested: FATF-style regional bodies mandate and jurisdictional scope

Source: https://www.fatf-gafi.org/en/countries/fsrbs.html

Topics

#FSRBs#FATF mandate#mutual evaluation#technical assistance

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