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

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When was the Offshore Group of Banking Supervisors established?

October 1985
October 1980
January 1980
December 1985

The correct answer is: October 1980

The Offshore Group of Banking Supervisors (OGBS) was established in October 1980. This organization was created as a response to the growing need for better regulatory oversight and cooperation among countries with offshore financial centers. The OGBS serves as a forum for banking supervisors to share information and to discuss regulatory issues that affect offshore banking sectors. This initiative reflects the international community's recognition of the importance of effective supervision in maintaining the integrity of financial systems. Other dates mentioned do not align with the OGBS's inception. For example, October 1985, January 1980, and December 1985 are all incorrect because they either fall outside the founding timeline or are after the actual establishment date. The specific year October 1980 accurately marks the beginning of this notable group focused on enhancing supervisory practices in the evolving landscape of global finance, particularly as it pertains to offshore banking activities.