Certified Anti-Money Laundering Specialist Certification (CAMS) Practice Exam

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What is the main goal of the Financial Sector Assessment Program (FSAP)?

To increase competition among financial institutions
To optimize expert resources and provide uniform advice
To audit financial institutions for compliance
To develop new financial products

The correct answer is: To optimize expert resources and provide uniform advice

The main goal of the Financial Sector Assessment Program (FSAP) is to optimize expert resources and provide uniform advice. The FSAP is a comprehensive assessment of a country's financial system, meant to identify its vulnerabilities and strengths while offering policy advice that can help regulatory frameworks become more robust. By focusing on optimizing resources and standardizing advice, the FSAP plays a crucial role in improving the overall stability and resilience of the financial sector. This approach ensures that countries receive consistent and high-quality guidance on managing risks, enhancing regulation, and fostering financial development. The other options, while related to financial systems, do not encapsulate the primary aim of the FSAP. Increasing competition among financial institutions, auditing compliance, or developing new financial products are important facets of financial sectors but are not central to the FSAP's mission of comprehensive assessments and tailored recommendations for improvement.