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ACFCS Financial Crime Specialist Sample Questions:

1. An internal auditor is conducting a quality assurance review of sales results and records for a large U.S.
based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures.
In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards.
Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers.
Given this information which is the MOST likely conclusion the internal auditor will make?

A) The sales department manager may be involved in an embezzlement scheme tied to the returned airplane parts
B) The sales department may be violating sanctions through the undocumented saleofdual-use goods to countriessubjectto U S sanctions
C) The sales department may beinvolved in a fraudulent revenue recognition scheme related to hidden payment andrefundterms
D) The sales department may be involved in a tax evasion scheme involving falsified returns to disguise undisclosed assets

2. Your bank is considering entering into a correspondent relationship with a respondent bank Your bank does not have any existing business relationship with this respondent bank and has never worked with the respondent bank in the past.
Based upon FATF Recommendations which statement is true?

A) Your bank should not enter into a correspondent relationship with the respondent bank if it is a small local or regional bank because of the inherent risk concerns with these institutions
B) Your bank is required to conduct enhanced due diligence on the respondent bank which includes conducting due diligence on customers of the respondent bank
C) Your bank is required to gather information to understand the respondent's business reputation quality of its supervision and anti-money laundering and counter-terrorist financing controls
D) Your bank is required to apply the same due diligence measures to this respondent bank that it has applied when evaluating respondent banks in other jurisdictions lo avoid inequitable practices

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

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

4. You are an investigator for a U S -based financial institution and have identified suspicious wire activity in an account at your institution Over the last 16 months $18 million was sent from the main account into three linked accounts a bank account located in Germany an International Business Company (IBC) located in the Bahamas and a trust account in Panama During your investigation you noticed two major residential property purchases were made over the last 16 months by the IBC in the Bahamas.
Where should you start your investigation to identify the beneficial owners of the IBC?

A) Letters of Incorporation for the IBC
B) Signature card from the bank in Germany
C) Identity of the trustee lor the trust account in Panama
D) Identity of persons residing in properties in Bahamas

5. You are part of a law enforcement learn reviewing remittances from global money service businesses (MSBs) over a several year period including a time of severe economic recession During this time period there was a regulatory change that drastically lowered the transaction amount al which ihe MSBs were required lo record identity documentation (e.g., driver's license passport) (or any wire transfers crossing international boundaries.
Which result suggests criminal actors have previously been using the system to transfer funds and avoid the reporting requirement?

A) There was an increase in Suspicious Transaction Reports (SARs/STRs) filed to the Financial Intelligence Unit (FIU)
B) The aggregate amount of money transferred from one country to another decreased sharply immediately prior to and increased sharply after the new reporting requirements were enacted
C) There was an increase in the number of cross-border transmissions with an increased average value
D) The aggregate amount of money transferred from one country to another reduced sharply immediately prior to and after the new reporting requirements were enacted

Solutions: