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ACFCS Financial Crime Specialist Sample Questions:

1. Your company acquires new mortgage loans through a network of independent brokers and you have experienced losses attributed to one of your brokers You suspect that the broker did not act alone You are revisiting your institution's policies and procedures to effectively mitigate the risks of collusion.
Which specific task would NOT be effective in mitigating the risk of collusion?

A) Restrict the use ot property appraisers to those who have been approved by your institution
B) Have the mortgagor provide documentary evidence of employment and income
C) Provide mortgage underwriters and administrative staff with training on how to recognize suspicious transactions
D) Ensure that your brokers are subjected to rigorous on-boarding standards

2. As the head of compliance (or a multinational bank you are reviewing new data security policies to keep customer data secure Your customer base includes many important political figures in your home country and any breach of security would lead to a significant loss of business.
To be safe you want a secure and stringent data security program.
Which is the BEST option to include in your data security program?

A) Require customers and employees to use two-factor authentication to log in
B) Require customerstoconfirm via email or phone any transaction that exceeds $10,000
C) Require all customers and employees to use the same standardized revised security protocols
D) Require customers to answer security questions for all transactions

3. A fraud analyst is concerned that the company's reloadable prepaid card program could be abused by terrorist financiers and wants to ensure the data supplied to the detection system is sufficient for assisting with investigations.
Which data element would be Ihe MOST difficult for the analyst to obtain?

A) Transaction details including ATM location or merchant
B) The name of the cardholder
C) The network of the loading system
D) The name of the person who loaded the card with funds

4. Your bank is considering entering into a correspondent relationship with a respondent bank Your bank does not have any existing business relationship with this respondent bank and has never worked with the respondent bank in the past.
Based upon FATF Recommendations which statement is true?

A) Your bank is required to apply the same due diligence measures to this respondent bank that it has applied when evaluating respondent banks in other jurisdictions lo avoid inequitable practices
B) Your bank should not enter into a correspondent relationship with the respondent bank if it is a small local or regional bank because of the inherent risk concerns with these institutions
C) Your bank is required to gather information to understand the respondent's business reputation quality of its supervision and anti-money laundering and counter-terrorist financing controls
D) Your bank is required to conduct enhanced due diligence on the respondent bank which includes conducting due diligence on customers of the respondent bank

5. You are a law enforcement agent investigating an associate of Country X's former prime minister who is suspected of helping high-level government officials facilitate a scheme to misappropriate hundreds of millions of dollars in public funds. During your investigations, you uncovered a network of legal entities that you believe have been used to transfer and conceal the proceeds of this corruption scheme.
Through public record searches requests to law enforcement in other jurisdictions and subpoenas to financial institutions you have outlined the following arrangement.
* The associate contacted a relationship manager at a small private bank based in Country X to open a private bank account
* The associate's attorney created an offshore investment company Tropico, Ltd that holds the private banking account
* The associates attorney then appointed three shelf companies formed in Panama as Tropico's directors
* A fourth shelf company formed in the Cayman Islands was named as the primary shareholder You are now trying to determine the true owners behind the funds and assets concealed through this corporate structure Wh.ch is the MOST effect.ve next steptoidentify these individuals?

A) Obtain transaction records from the private bank to determine who transferred funds into the account after it was established
B) Obtain articles of incorporation for the shelf company formed in the Cayman Islands that was listed as primary shareholder
C) Obtain a subpoena that requires the relationship manager to provide testimony on the ownership structure of the legal entities
D) Obtain articles of incorporation for the three shelf companies formed in Panama and listed as Tropics directors

Solutions: