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ACFCS Financial Crime Specialist Sample Questions:

1. You are Ihe chief anti-money laundering officer of a lull-service bank and you are designing a risk-based customer acceptance program to determine the Terrorist Financing risks specific to not-for-profit (NFP) organizations.
Which enhanced due diligence activity is MOST essential for these types of client relationships due to the elevated risk that NFPs pose?

A) Establish who controls the organization and its financial activities
B) Monitor the financial activity in relation to the stated purpose and objectives of the entity
C) For NFPs customer acceptance requirements are the same as for any other customer
D) Obtain a copy of the organization's charier

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

3. A fraud consultant has been engaged to review and determine whether (here has been any fraudulent activity at a large manufacturing company. The consultant utilizes Benlords Law to analyze the disbursements (payments) over the past two years.
Which should prompt the consultant to investigate further?

A) The frequency of the leading number of the payment amount being "5" was greater than the leading number being "8"
B) The frequency of the leading number of Ihe payment amount being "1" was greater than the leading number being "4"
C) The frequency of Ihe leading number of the payment amount being "9" was greater than the leading number being "2"
D) The frequency of the leading number of the payment amount being "4" was greater than the leading number being "7"

4. Your construction company wishes to hire Mr. X to provide consultancy services within his country. He has his own consulting firm and is also a board member of a state-owned bank Mr. X is known for having high-level business connections and for charging exorbitant rales for his services Mr. X does not like to complete paperwork and prefers to work based on a verbal agreement.
Which three facts are red flags requiring enhanced due diligence? Choose 3 answers

A) The price Mr. X charges is suspect since he is in the business of helping companies obtain and retain business
B) The price Mr. X charges is suspect if fees are not itemized and documented
C) As a board member of a stale-owned bank Mr. X may be considered a public official under the U.S.
Foreign Corrupt Practices Act
D) Mr. X may be considered to be a politically exposed person (PEP)

5. An internal auditor is conducting a quality assurance review of sales results and records for a large U.S.
based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures.
In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards.
Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers.
Given this information which is the MOST likely conclusion the internal auditor will make?

A) The sales department may be involved in a tax evasion scheme involving falsified returns to disguise undisclosed assets
B) The sales department manager may be involved in an embezzlement scheme tied to the returned airplane parts
C) The sales department may be violating sanctions through the undocumented saleofdual-use goods to countriessubjectto U S sanctions
D) The sales department may beinvolved in a fraudulent revenue recognition scheme related to hidden payment andrefundterms

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