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ACFCS Financial Crime Specialist Sample Questions:

1. A compliance officer at AirPlus a large aerospace firmthatproduces airplanes for commercial and military use was contacted by a director of one of the firm's business partners The director had concerns over potential irregularities in recent transactions and business dealings in matters connected to AirPlus and her company.
The business partners company is located in a country where state-owned enterprises are heavily involved in the airline industry AirPlus has recently wonseveral large contracts in the country to build airplanes for slate-owned enterprises.
The director of the partner company believes these contracts may have been secured through bribes paid by AirPlus to government officials and suspects that the recent unusual activity she has noted indicate her company was utilized in the bribery scheme.
The director has flagged four instances to bring to your attention Which is the BESTindicatorof bribery?

A) The partner company recorded an increase in operating costs in financial statements in recent months and an increase in the number of employees ,
B) Sales agents for the partner company received large bonuses after closing a deal to produce planes for the country's national airline in recent months
C) The partner company recently appointed a new CEO whose prior experience involved managing a state-owned airline in another country
D) The partner company received a series of zero-interest loans from the aerospace company with open-ended repayment terms in recent months

2. You are a manager in Ihe fraud department of a regional bank Upon returning from a three-day weekend one of your analysts informs you that in the last 48 hours a high volume of suspicious activity has been detected in a number of a small business accounts.
The accounts are showing a similar pattern - first a small funds transfer to institutions in other countries followed by a series of larger transactions to the same institutions initiated in rapid succession.
Concerned about the activity you contact your senior compliance managers and recommend these transactions be suspended or clawed back pending further investigation. Based on the information available which additional steps should you recommend?
Choose 2 answers

A) Suspend all active credit cards currently issued to small business accounts and issue new ones
B) Contact small business accountholders to alert them that they may have been the victims of a ransomware attack
C) Contact the cybersecurity department to alert them that your institution may have been the victim of a data breach
D) Require the bank to call a known number to confirm all international transactions from small business accounts

3. One of the tasks for an employee of a U S bank is to administer overseas large value drafts. The employee receives a draft from Country X that is identified as a high-risk and non-cooperative jurisdiction by the FATF According lo the FATF 40 Recommendations, which action should the employee take?

A) Conduct an investigation according to the money laundering and the financing of terrorism norms/rules enforced and adopted by Country X
B) Verify the transaction's basic data according to the bank's international operations manual
C) Since the draft was issued in a non-cooperative country block the transaction
D) Request additional documentation to get a deeper understanding about the payer and the origin of the funds

4. During a sanctions compliance audit, it is discovered that ABC Company, a corporate client of a financial institution, has subsidiaries operating in countries subject to comprehensive sanctions. What is the financial institution's obligation regarding its business relationship with ABC Company?

A) Seek approval from senior management before taking any action regarding the business relationship.
B) Immediately terminate all business relationships with ABC Company and its subsidiaries.
C) Continue business relationships with ABC Company while monitoring transactions involving its subsidiaries.
D) Conduct enhanced due diligence on ABC Company and its subsidiaries to assess sanctions risk.

5. Ms. Yu is a scammer based in Singapore who has spent the last several months promoting a fraudulent investment fund that purports to offer substantial returns on high-yield bonds. While she has been successful some investors have recently raised questions over a lack of details on the fund's portfolio and nature of the bonds.
Concerned that her securities fraud might be exposed. Ms. Yu is seeking to conceal assets and cover her tracks in the event of an investigation. She plans on creating one or more legal entities and utilizing them to move proceeds of the scheme out of the country.
Which country would be MOST attractive to Ms. Yu as part of this effort?

A) A country that has not agreed to implement the Common Reporting System established by the Organization for Economic Cooperation Development (OECD)
B) A country with a history of banking secrecy
C) A country with a reputation for corruption among its government officials
D) A country with anonymous company formation and no public accessible corporate register

Solutions: