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ACFCS Financial Crime Specialist Sample Questions:

1. An examiner with a federal regulatory agency has been looking into complaints against a securities broker dealer who is suspected of selling fraudulent high-yield bonds to clients The broker-dealer had been offering these bonds for the last eighteen months.
A few weeks ago when several clients asked to withdraw the funds they had invested in the bonds, they received vague and seemingly evasive responses from the broker. Since then, the broker has been unresponsive and has not returned to her office.
The investigator has obtained the broker-dealer s bank account records for the past two years by court order and is currently analyzing canceled checks written on the account.
What information would the investigator be most likely to learn from reviewing these checks?

A) Persons who may have received payments (from the broker during the fraud scheme
B) The names of persons who invested in the suspected fraud scheme
C) An approximate amount of funds the broker-dealer obtained via fraud
D) Payments from the broker's account that were reversed or stopped

2. During a risk assessment of its trade finance operations, XYZ Bank identifies a high volume of transactions involving shell companies with obscure ownership structures. What is the most appropriate action for XYZ Bank to take in response to this finding?

A) Ignore the issue as long as the transactions are compliant with regulatory requirements.
B) Conduct enhanced due diligence on transactions involving shell companies.
C) Seek approval from senior management to continue trade finance operations.
D) Immediately terminate all trade finance operations involving shell companies.

3. A U.S. citizen opens an account in an offshore bank in a country that has a bilateral Model II FATCA agreement with an initial deposit of $10,000. USD Over the course of time the kinds in the account exceed
$60,000 USD.
Which obligation under FATCA applies?

A) None the bank may accept Ihe deposited funds and is under no further obligation than to follow applicable local law
B) The bank would be subject to a mandatory withholding tax on income Irom U S financial assets it holds
C) The bank is required to report U.S. account holders to the U.S. Internal Revenue Service
D) The bank is requiredtofile a Suspicious Activity Report or Suspicious Transaction Report (SAR or STR)

4. You are leading the learn at your organization that is tasked with updating the fraud risk assessment. The team determines that the current risk assessment effectively identified the universe of potential fraud risks faced by the organization. The risk assessment also captured how existing fraud riskmanagement and controls address the identified risks. However, the team found weaknesses in other areas.
Which two components should the team include in the development of a sound risk assessment? Choose 2 answers

A) A risk matrix that defines management's risk tolerance
B) An analysis of the likelihood and materiality of fraud types
C) A robust and auditable investigation conducted in accordance with the antifraud policy
D) An analysis of the financial resources required to address fraud risks

5. You are a law enforcement agent investigating an associate of Country X's former prime minister who is suspected of helping high-level government officials facilitate a scheme to misappropriate hundreds of millions of dollars in public funds. During your investigations, you uncovered a network of legal entities that you believe have been used to transfer and conceal the proceeds of this corruption scheme.
Through public record searches requests to law enforcement in other jurisdictions and subpoenas to financial institutions you have outlined the following arrangement.
* The associate contacted a relationship manager at a small private bank based in Country X to open a private bank account
* The associate's attorney created an offshore investment company Tropico, Ltd that holds the private banking account
* The associates attorney then appointed three shelf companies formed in Panama as Tropico's directors
* A fourth shelf company formed in the Cayman Islands was named as the primary shareholder You are now trying to determine the true owners behind the funds and assets concealed through this corporate structure Wh.ch is the MOST effect.ve next steptoidentify these individuals?

A) Obtain articles of incorporation for the shelf company formed in the Cayman Islands that was listed as primary shareholder
B) Obtain transaction records from the private bank to determine who transferred funds into the account after it was established
C) Obtain articles of incorporation for the three shelf companies formed in Panama and listed as Tropics directors
D) Obtain a subpoena that requires the relationship manager to provide testimony on the ownership structure of the legal entities

Solutions: