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ACFCS Financial Crime Specialist Sample Questions:

1. During an organizational overview of financial crime controls, Ms. Lee, the compliance analyst, discovers that certain high-risk customers have not undergone enhanced due diligence (EDD) as required by regulatory guidelines. What is the most appropriate action for Ms. Lee to take?

A) Notify senior management and request immediate termination of the high-risk customer relationships.
B) Ignore the issue as long as there have been no suspicious transactions involving the high-risk customers.
C) Conduct a retrospective review of the high-risk customers' transactions to assess potential risks.
D) Document the findings and recommend the implementation of robust procedures for EDD.

2. A real estate developer secured a $9.5 million construction loan from the Bank of China for a high-rise office building When the developer declared bankruptcy. The bank realized that this had become a problem loan and they began to investigate the borrower.
The developer had submitted False invoices for work that was never performed In addition, a portion of the loan money was deposited into the construction business account to pay subcontractor invoices. These invoices were never paid instead the money was diverted into private bank accounts owned by the developer and his family members.
Which type of financial crime did the forensic audit uncover?

A) Pump and dump
B) Sanctions violations
C) Unlicensed money transmission
D) Money laundering

3. According to the Basel's Committee's Customer Due Diligence Paper how should a customer's first payment be carried out?

A) Through an account in the customer's name in an established bank within the financial action task force zone
B) Through an established money service business with a correspondent relationship with the financial institution
C) Through an account in the customers name with another bank subject to similar customer due diligence standards
D) Through a lawyer or other gatekeeper account with another bank subject to similar customer due diligence standards

4. An international construction company was bidding on a large contract to redevelop and modernize a hydroelectric power system in a central Asian country. Theprojectwas being administered by an agency in the country's federal government but federal officials directed the company to contact a number of local officials for additional details on the project and its scope The company later wins its bid for the redevelopment contract and completes the protect.
A year later an internal auditor is conducting a routine review of past projects and notices certain irregularities in the bidding process for Ihe power system redevelopment. All of the company's major competitors had been rejected in the first round of bidding despite offering competitive pricing of the other firms considered in later rounds of bidding most were small companies and several were incorporated recently in the country where the project was taking place All of them put in bids that were higher or much lower than the company's winning bid.
The auditor is concerned that these unusual findings may indicate the company won its bid through a corruption scheme involving government officials. Which further finding BEST supports this possibility?

A) At least one of the companies that submitted a competing bid appears to be a sole proprietorship incorporated in another country
B) The company s total costs for the project came in at 3% higher than the estimated costssubmittedduringthe bidding process
C) The company won the bid and then subcontracted work to several of the smaller local firmsthathad also submitted bids
D) Officials from the federal agency appeared to have limited contact with the local officials during the bidding process

5. InvestPlus was a securities trading firm that purportedly specialized in high-risk high-reward investment opportunities in developing countries. InvestPlus was losing money on many of its products and began to take funds from new clients to repay earlier investors. The scheme was eventually revealed and InvestPlus collapsed leaving behind numerous defrauded investors InvestPlus is now bankrupt.
A group of investors who lost money has hired your law firm to recover assets InvestPlus had complex holdings and investments in many different countries worldwide Without access to the company s financial records it has been difficult to trace them. The owners of InvestPlus reaped substantial profits but led lavish lifestyles and are thought to have burned through most of their assets.
Which is the BEST way your firm could pursue recovery of damages?

A) Investigate whether third parties have facilitated the scheme and, if so, pursue legal action against them
B) File mutual legal assistance treaty requests in the jurisdictions where InvestPlus is thought to have assets
C) Request a summons for the owners of InvestPlus to provide testimony on their financial status
D) Contact other defrauded investors to see if they have further information on the location of recoverable assets

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