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Which of the following statements is TRUE?FATF Standards consist of Recommendations & Methodology to assess compliance & effectiveness of AML/CTF systems.A Risk-Based approach (RBA) is applied under the FATF Recommendations and under Australian law when financial institutions carry out Customer Due Diligence and adopt and apply an AML/CTF Risk Management Program.Members of FATF are not subject to peer evaluation of compliance with FATF Standards.Group of answer choicesAnswers I and II onlyNone of the available answersAnswers II and III onlyAnswers I and III onlyAll available answers

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Which of the following statements is TRUE?FATF Standards consist of Recommendations & Methodology to assess compliance & effectiveness of AML/CTF systems.A Risk-Based approach (RBA) is applied under the FATF Recommendations and under Australian law when financial institutions carry out Customer Due Diligence and adopt and apply an AML/CTF Risk Management Program.Members of FATF are not subject to peer evaluation of compliance with FATF Standards.Group of answer choicesAnswers I and II onlyNone of the available answersAnswers II and III onlyAnswers I and III onlyAll available answers

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The correct answer is "Answers I and II only". This is because the first two statements are true. The Financial Action Task Force (FATF) Standards do consist of Recommendations & Methodology to assess compliance & effectiveness of Anti-Money Laundering/Counter-Terrorist Financing (AML/CTF) systems. Also, a Risk-Based approach (RBA) is indeed applied under the FATF Recommendations and under Australian law when financial institutions carry out Customer Due Diligence and adopt and apply an AML/CTF Risk Management Program. However, the third statement is false. Members of FATF are indeed

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Which of the following statements is TRUE?FATF Standards consist of Recommendations & Methodology to assess compliance & effectiveness of AML/CTF systems.A Risk-Based approach (RBA) is applied under the FATF Recommendations and under Australian law when financial institutions carry out Customer Due Diligence and adopt and apply an AML/CTF Risk Management Program.Members of FATF are not subject to peer evaluation of compliance with FATF Standards.Group of answer choicesAnswers I and II onlyNone of the available answersAnswers II and III onlyAnswers I and III onlyAll available answers

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