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ACFCS Financial Crime Specialist Sample Questions:

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

2. You are investigating a steel company that is under suspicion of being used by a mafia organization as a conduit for illicit funds transfers and commodities transactions You come across documents of a len-ton shipment of low-grade industrial steel bars for Thailand divided into one-ton containers.
Which is the BEST indicator that this shipment is suspicious and requires additional investigation?

A) Because Thailand is well known as a high-risk country for trade-based money laundering
B) Because it was most likely destined for trans-shipment to multiple nations or jurisdictions
C) Because metals are a known avenue for money laundering
D) Because documents show payment for high-grade steel

3. You are an investigator at a small bank Your transaction monitoring system alerts you to unusual activity happening in a business account for a consulting firm ABC Consulting.
The account activity consists of incoming wires from a personal account at another institution there are three to four incoming wires each week from one individual. The next day an outgoing check would be issued to the same person for a slightly larger amount with the memo "Wire reimbursement + fee " Web searches indicate that this person is employed by your customer ABC Consulting Additional activity consists of small cash deposits.
Which are Ihe red flags in this scenario? Choose 2 answers

A) The customer does not appear to be operating a legitimate business
B) The customer may be layering transactions to conceal the source or purpose of funds
C) Money being wired into this account from a personal account may constitute complying of funds
D) The customer is a marketing consulting firm which is always considered a high-risk industry

4. 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) Payments from the broker's account that were reversed or stopped
C) The names of persons who invested in the suspected fraud scheme
D) An approximate amount of funds the broker-dealer obtained via fraud

5. TeleCo, a company located in Country Z, is currently competing with other companies to earn a telecommunications contract with the government of Country Y.
A week before the winner of the contract was to be announced, an executive from TeleCo arranged a meeting in Country Y with a government official lo pay him a £100,000 bribe to win the contract. The executive cashed eight checks at several branches of a bank in Country Z, each one with a value of £12,500.
Assuming all documents were properly filed which document could serve as the BEST evidence that the executive left Country Z with the cash?

A) The Suspicious Transaction Report (STR) filed by the bank indicating the successive cashing of checks
B) The Cash Declaration Form completed by the executive when he was entering Country Y
C) The Currency Transaction Report (CTR) filed by the bank reflecting the total amount of cash
D) The Cash Payment Form completed by the executive and sent to the Taxation Office in Country Z

Solutions: