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ACFE Exam CFE-Law Topic 3 Question 41 Discussion

Actual exam question for ACFE's CFE-Law exam
Question #: 41
Topic #: 3
[All CFE-Law Questions]

Which of the following statements concerning money services businesses (MSBs) is INCORRECT?

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Suggested Answer: B

by Phillip at Jul 10, 2024, 07:50 AM

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Sylvie
3 days ago
I'm pretty confident about this one. MSBs tend to have a higher money laundering risk than other financial institutions, so I think the incorrect statement is A.
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Vilma
8 days ago
I think it was related to hours worked in a week rather than just a day, wasn't it? Just like those practice questions we did last week.
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Alonzo
13 days ago
I remember learning about this in class. The key is that the applicant must receive certain information, not just a notification. Let me think through the options to determine the exact requirement.
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Fidelia
16 days ago
Okay, let me think this through. I know that a new transaction starts when certain SQL statements are issued, but I'm not sure of the exact situations. I'll need to review my notes on transaction management.
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Lamar
1 years ago
I think D is the correct answer because currency exchanges are not always classified as MSBs.
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Irma
1 years ago
But MSBs are often used for money laundering, so A makes sense.
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Ramonita
1 years ago
Hmm, this is a tricky one. I'm going to go with B. Those MSBs must be slippery fellows, evading regulations!
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Kristeen
1 years ago
Definitely, it's important to keep an eye on those slippery MSBs.
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Launa
1 years ago
Yeah, MSBs can sometimes fly under the radar with regulations.
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Enola
1 years ago
I think you're right, B does seem like the odd one out here.
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Virgie
1 years ago
D) A currency exchange is classified as an MSB.
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Luis
1 years ago
C) A check cashing company is classified as an MSB.
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Colene
1 years ago
B) MSBs are generally less strictly regulated than traditional financial institutions.
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Samira
1 years ago
A) MSBs tend to have a lower money laundering risk than other financial institutions.
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Sherell
1 years ago
D is the incorrect statement. A currency exchange is classified as an MSB, not the other way around.
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Glenna
1 years ago
I'm going with A. MSBs definitely have a higher money laundering risk than other financial institutions.
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Tamala
1 years ago
C) A check cashing company is classified as an MSB.
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Hillary
1 years ago
No way, that's incorrect. MSBs actually have a higher risk.
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Precious
1 years ago
A) MSBs tend to have a lower money laundering risk than other financial institutions.
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Vincenza
1 years ago
C) A check cashing company is not classified as an MSB.
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Estrella
1 years ago
B) MSBs are generally more strictly regulated than traditional financial institutions.
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Tenesha
1 years ago
A) MSBs tend to have a lower money laundering risk than other financial institutions.
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Reena
1 years ago
I think B is the correct answer. MSBs tend to have stricter regulations than traditional financial institutions.
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Ricarda
1 years ago
That's right, B is incorrect. MSBs are generally less strictly regulated than traditional financial institutions.
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Ricarda
1 years ago
Actually, B is incorrect. MSBs are generally less strictly regulated than traditional financial institutions.
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Celia
1 years ago
I disagree, I believe the correct answer is B.
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Irma
1 years ago
I think the correct answer is A.
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