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ACFCS Financial Crime Specialist Sample Questions:

1. You are the chief compliance officer for a non-U S Bank that maintains some accounts in the name of U S residents Your country has signed a FATCA Model 1 inter-governmental agreement.
In developing your FATCA compliance program which should be incorporated into your program?

A) Customer due diligence for FATCA should be based on existing IRS requirements (or Qualified Intermediaries
B) Once evidence indicates a relationship with a U S resident, an exemption to file form must be obtained
C) Customer due diligence for FATCA should leverage your existing AML program
D) IRS reporting must include all account balances and securities held in the name of a US resident

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

3. You are an investigator in the compliance department of a bank in a border region. The country on the other side of the border has an active narcotics trade run by organized crime gangs operating on both sides of the border Recently, youhave become concerned your bank is being used by a narcotics gang to smuggle bulk cash out of your country.
Which evidence is Ihe strongest indicator that bulk cash smuggling is taking place?

A) Accounts at your bank have made a large number of wire transfers lo offshore jurisdictions
B) Your bank has logged a large number of transactions converting large denominations lo small denomination notes in its branches across the border
C) Your bank has increased transfers of large-denomination notes in your country's currency to banks across the border
D) There has been a sudden increase in deposit transactions from a third-party domestic bank to your bank

4. Which fraud channel is used lo steal personal identifying information from your computer?

A) Malware
B) DoS (denial-of service) attack
C) Vishing
D) Spooling

5. Which of the following factors should be considered when assessing the effectiveness of an organization's financial crime controls during an organizational overview?

A) The geographical locations of the organization's operations.
B) The frequency of employee training on financial crime prevention.
C) The number of employees in the compliance department.
D) The organization's profitability.

Solutions: