ACFCS Financial Crime Specialist Sample Questions:

1. Mr. Smith registered a business and opened a bank account under the name of ABC Consulting Services. Mr.
Smith and his wife were signatories on the account and the contact address for the account was that of his home in Palm Beach ABC Consulting Services had no website and Mr. Smith did not provide any actual consulting services.
Which term describes ABC Consulting Services?

A) A front company
B) A nominee
C) A shelf company
D) A shell company

2. You work in the general counsel's office al a mid-size online retail firm. Your firm specializes in women's clothing which it sources from an international supply chain.
A nonprofit group has recently released a report on the trafficking of persons for forced labor in the textiles industry. One of the countries that the report singles out for particularly widespread abuses is home to several of yourfirms'suppliers.
The generalcounsel'soffice is asked to develop a program for due diligence on suppliers tied to their human trafficking risks Which steps would be MOST appropriate to include? Choose 2 answers

A) Request that all suppliers produce their most current profit and loss statement, and update it on a periodic basis
B) Schedule interviews with suppliers to ask questions on recruitment compensation and their production processes
C) Request suppliers provide employee wage statements and payment records and inspect for omissions or signs of alterations
D) Review media outlets and social media sites for any information that could connect suppliers to government officials

3. A customer wishes to open a personal account at Bank A with a cashier's check A representative at Bank A has the customer fill out a questionnaire including questions about the source of wealth as well as the primary purpose of the account.
To perform appropriate due diligence which three activities should Bank A perform? Choose2answers

A) Verity the customer's personal details such as the customer's address both via his provided identification and independently through public record searches
B) Take into account factors such as whether the customer lives in a high-risk jurisdiction
C) Confirm the customers source of wealth including verification of employment
D) Conduct enhanced due diligence due to the account being opened with a cashier's check

4. 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 unethical because your avenue for obtaining Ihe records was inappropriate, even if you did not directly misrepresent yourself
D) 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

5. A bank holds accounts for several different gatekeeper clients such as attorneys accountants and company formation agents II is conducting a periodic review of these accounts and updating their risk ratings.
Which two accounts should the bank consider to be at highest risk? Choose 2 answers

A) An attorney whose practice specializes in cases involving maritime law in the international shipping industry
B) An accountant at a private accounting firm whose clients are large multinational agricultural corporations
C) A notary in Latin America who specializes in assisting clients from other countries with high-end real estate transactions
D) A company formation agent that establishes private investment companies primarily for clients in Africa and Asia

Solutions: