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Financial Action Task Force (FATF)

FATF Recommendations apply to banks and other financial institutions, as well as to which non-financial entities (DNFBPs)?

MCQ

MCQ Answer

A. Only government agencies and embassies.
B. Designated Non-Financial Businesses and Professions (e.g., casinos, real estate agents, dealers in precious metals/stones, lawyers/accountants). Correct

Explanation

These entities are often used by criminals to launder money, requiring them to implement AML/CTF controls.

C. Only UN specialized agencies.
D. Non-governmental organizations (NGOs).

Correct Answer

Designated Non-Financial Businesses and Professions (e.g., casinos, real estate agents, dealers in precious metals/stones, lawyers/accountants).

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