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ACFCS Financial Crime Specialist Sample Questions:

1. 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) Money being wired into this account from a personal account may constitute complying of funds
C) The customer may be layering transactions to conceal the source or purpose of funds
D) The customer is a marketing consulting firm which is always considered a high-risk industry

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

3. Bob a representative of Company A meets with a representative from the State Ministry of Country X to discuss a construction project in the country. The Ministry representative states that it is highly unlikelyfor a foreign firm to win such a bid without additional efforts" on the part of the foreign firm Bob s job is on the line and he pays the representative.
This is an example of which offense?

A) Duress
B) Coercion
C) Extortion
D) Bribery

4. An offshore energy company is attempling to make payment to Iran for a bulk oil purchase The payment is routed through the offshore bank's New Y affiliate bank where the funds are converted to USD to be forwarded to Iranian Oil LTD, Tehran, Iran.
Which forward payment scheme is MOST likely to be used by banks to defeat the U.S. Office of Foreign Assets Control (OFAC) Sanctions?

A) Stripping - removing the name and destination from the SWIFT messaging to mask the client's identity and location
B) Intermediated Delivery Service (IDS) - forwarding funds to a non-sanctioned affiliate bank not in the US lo be forwarded to a correspondent bank account inside Iran
C) Alternate Delivery Service (ADS) - referring to an automated clearing house service to forward payment to a service provider in a non-sanctioned country for final payment to Iranian Oil LTD
D) Redirection - sending funds to an Iranian oil shell company in a non-sanctioned country and then wiring them to Iranian Oil LTD Tehran

5. A large banking institution retains a collections law firm to determine if a $25 million default on a commercial loan is fraud. The attorneys need to determine if the defaulting parly is worth pursuing in civil litigation by first determining if the defaulting entity and/or individual committed fraud by intentionally defaulting.
Which is an indicator or a red flag that the defaulting party could be committing fraud?

A) A history of bankruptcies is found relating to the defaulting entity or individual
B) The payments toward the loan have been delinquent many times over several years of maintaining Ihe loan
C) The individual or entity involved in the default loan maintains numerous holding companies
D) The loan IS collateralized by accounts receivable

Solutions: