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ACFCS Financial Crime Specialist Sample Questions:

1. During a sanctions compliance training session, an employee asks about the consequences of facilitating transactions involving individuals or entities on a sanctions list. What is the most accurate response to the employee's inquiry?

A) Facilitating transactions involving sanctioned individuals or entities may result in civil penalties but not criminal charges.
B) Facilitating transactions involving sanctioned individuals or entities is permissible if authorized by senior management.
C) Facilitating transactions involving sanctioned individuals or entities may result in both civil and criminal penalties.
D) Facilitating transactions involving sanctioned individuals or entities is permissible if the transactions are conducted in foreign currency.

2. You are Ihe chief anti-money laundering officer of a lull-service bank and you are designing a risk-based customer acceptance program to determine the Terrorist Financing risks specific to not-for-profit (NFP) organizations.
Which enhanced due diligence activity is MOST essential for these types of client relationships due to the elevated risk that NFPs pose?

A) Monitor the financial activity in relation to the stated purpose and objectives of the entity
B) Establish who controls the organization and its financial activities
C) For NFPs customer acceptance requirements are the same as for any other customer
D) Obtain a copy of the organization's charier

3. You are in the auditing department at a large publicly traded company in the healthcare sector. Your manager has asked you to assist in reviewing the financial records of a potential acquisition target a smaller company that sells medical supplies to hospitals.
The company's owners have approached your firm with an offer for sale but after an initial review of financial statements your manager is concerned about Ihe potential for inaccurate or fraudulent accounting.
You obtain the company's income statements for recent years shown below:

Which item should be the focus of your investigation into potential fraud or financial misrepresentation?

A) Cost of goods sold
B) Administrative and general expenses
C) Net income
D) Total operating expenses

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

5. As an internal auditor for a commercial financial institution you are reviewing fixed term loans to a commercial customer that you are convinced were used to launder proceeds of crime.
Which three situations support your suspicion of money laundering? Choose 3 answers

A) The customer is now classified as higher credit risk and would no longer qualify for a loan
B) Loan proceeds were partly disbursed by wire to a higher risk country with strict customer privacy laws
C) Repayment firms were not followed and the loan was fully repaid early
D) The company's CFO is Ihe son-in-law of the Minister of Defense for a neighboring country

Solutions: