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ACFCS Financial Crime Specialist Sample Questions:

1. You are investigating a multi-national company for financial fraud As part of your investigation, you would like to determine whether the company has complied with applicable tax laws in the jurisdictions in which it operates As a preliminary starting point you need to know the applicable laws relating to exchange of tax information.
Other than contacting the governments of each jurisdiction which organization's website would have the MOST effective resources for obtaining such information?

A) World Bank Doing Business Project
B) Internal Revenue Service (IRS)
C) United Nations Office of Drugs and Crime (UNODC)
D) Organization for Economic Cooperation and Development (OECD)

2. You are an investigator pursuing a suspected fraudster whom you believe is leading a multi-million dollar Ponzi scheme targeting the elderly in your country You believe you are close to gathering the evidence needed to recover some of the victims losses However you are missing some transaction records from a financial institution that would connect the suspect to accounts holding the proceeds of the fraud.
These records can only be released to law enforcement or government regulators. You have a friend in the local police department who is willing to contact the institution and request the records under the pretenses they are needed for an unrelated police investigation.
Given these circumstances would it be ethical for you to ask your friend to obtain the records?

A) This action is ethical because you are acting in the best interests of your clients, the fraud victims who need this information to recover some of Their losses
B) This action is unethical because you do not have proof that Ihe suspect has committed the fraud and are only acting on your belief
C) This action is epical because the records are being turned over to a law enforcement official and you the investigator, are not directly misrepresenting yourself
D) This action is unethical because your avenue for obtaining Ihe records was inappropriate, even if you did not directly misrepresent yourself

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

4. During a sanctions compliance training session, an employee asks about the implications of conducting transactions with individuals or entities on the OFAC Sectoral Sanctions Identifications (SSI) list. What is the most accurate response to the employee's inquiry?

A) Conducting transactions with individuals or entities on the OFAC SSI list is permissible if the transactions are below a certain monetary threshold.
B) Conducting transactions with individuals or entities on the OFAC SSI list may result in reputational damage but not regulatory penalties.
C) Conducting transactions with individuals or entities on the OFAC SSI list is permissible if authorized by senior management.
D) Conducting transactions with individuals or entities on the OFAC SSI list may result in both regulatory penalties and reputational damage.

5. A small but very successful construction company is expanding rapidly Having quickly gone from just a few employees to a larger staff the company's managers have become concerned about the possibility for internalTheftand fraud, and are implementing compliance measures.
The company promotes one of its current HR employees to be the new head of compliance It institutes a new whistleblower policy in which all employees are required to report suspicious behavior or transactions directly to their immediate supervisor who will escalate as necessary.
The company also institutes a gifts and entertainment policy that restricts promotional expenses for the company's sales staff and any managersthatinteract with clients and vendors Finally the company starts a selective review process for all invoices above a certain threshold subjecting them to senior management review.
Based on this scenario which is the MOST significant weakness in the company's efforts to detect and prevent internal financial crime?

A) The Policy ofinvoice review - All invoices should be subject to senior management approval not only those above a certain level
B) Thewhistleblowerpolicy - Reporting should never go through the company's business lines it should lake place anonymously
C) The promotion of a current employee as head of compliance - Compliance officers should always be hired externally to minimize the chances of internal fraud
D) The gifts and entertainment policy - The policy is not comprehensive enough and should include all company employees not only sales staff and management

Solutions: