ACFCS Financial Crime Specialist : CFCS

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ACFCS Financial Crime Specialist Sample Questions:

1. During a risk assessment of its trade finance operations, XYZ Bank identifies a high volume of transactions involving shell companies with obscure ownership structures. What is the most appropriate action for XYZ Bank to take in response to this finding?

A) Ignore the issue as long as the transactions are compliant with regulatory requirements.
B) Conduct enhanced due diligence on transactions involving shell companies.
C) Seek approval from senior management to continue trade finance operations.
D) Immediately terminate all trade finance operations involving shell companies.

2. Bank A receives a wire transfer Irom Bank B located in another country. When run through Bank A's sanctions screening process, some of the identifying information of the entity initialing the transfer appears as a partial match with an entity on a sanctions list Bank A routinely processes wire transfers from Bank B and almost never runs into matches with sanctions lists.
Which further review should Bank A conduct on the wire transfer?

A) Bank A should contact Bank B lor confirmation that the entity is not on the sanctions list Once it receives written confirmation from Bank B's compliance staff it can complete the transfer without further investigation
B) No review is required Bank B would already have conducted due diligence for sanctions violations and further action would be duplicative and unnecessary
C) Bank A should not complete the wire transfer until it gathers more information It should consult the full identifying information in the sanctions entry and attempt to find that information in the transfer
D) Bank A should reject the wire transfer and alert the regulatory or enforcement agency that administers the sanction immediately

3. The Director of Purchasing at Company A in the US is in charge of purchasing raw materials for vehicle manufacturing. To his supervisors the director appears to live a lifestyle well above his annual salary at the company You are asked to perform a financial investigation lo identify any red flags in Ihe purchasing / inventory departments.
Which two are red flags? Choose 2 answers

A) There is a high volume of purchases from new vendors
B) There is little excess inventory and the company has a high inventory turnover
C) There has been a decrease in inventory purchases but no decrease in sales
D) There has been an increase in inventory purchases but no increase in sales

4. A hacker gains access to aclient'semail. The hacker, posing as the client contacts the real client's financial advisor and requests a wire transfer of S50,000 The advisor sells stock to generate cash and wires the funds to the account at ABC Bank provided by the hacker Has money laundering occurred?

A) Yes; the advisor sold stock and generated cash
B) No; there was no placement of funds in the account
C) Yes; the hacker committed fraud and then wired money out to hide its origin
D) No; the hacker has committed fraud but not money laundering

5. You operate a convenience store that also sells and cashes money orders and offers wire transfer services.
Which three activities on their own are sufficient red flags to warrant further due diligence into whether a transaction may be related to terrorist financing? Choose 3 answers

A) On a weekly basis a customer wires S2 500 to the charity Middle Eastern Orphans and Refugees Relief Association with a post office box address in New York City
B) Several customers receive a monthly wire transfer of funds from the same business which has an address in a high-risk jurisdiction
C) Every week immediately upon receiving a money transfer the customer purchases a series of money orders, prepaid debit and phone cards to be sent to other individuals
D) A customer who has recently immigrated to the country sends funds to a high-nsk jurisdiction, where they used to live

Solutions: