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ACFCS Financial Crime Specialist Sample Questions:

1. You were recently hired as a new sanction's analyst for a large international bank in your introductory training you were told the bank generally prefers to avoid doing business with jurisdictions on U.S. sanctions lists, but has supported transactions under "specific' and "general licenses".
In your day-to-day job you find a certain business line seems to be conducting transactions with companies in sanctioned countries and these transactions are flagged by your sanction's filters more than others When you researched the companies you found the transactions were not covered under a general or specific license When you raised this issue with the division's business line manager, he said it "was a mistake".
A week later, you saw a transaction to a company with nearly the same name except shortened and slightly altered. The transaction amount is the same but there was no mention of the sanctioned jurisdiction. The business line manager assured you it was a different company m non-sanctioned country Which is the MOST appropriate next step for you to take?

A) Close the case because the original alerts were false positives The country is not on a U.S. sanctions list
B) inform your superiors that some business lines may be stripping transaction details and dealing with entities or regions on U.S. sanctions
C) inform your superiors that due to conflicting information both companies should be the subject of a Suspicious Activity Report (SAR)
D) Update your sanctions filter parameters lo note that the new company with the similar name has been internally white-listed

2. Your client is the victim of an investment fraud You traced the investment payments made by your client to XYX, Inc. Your research indicates XYX is incorporated in Delaware.
Which means are used to obtain beneficial ownership information from a state authority?

A) Petition the Delaware Court of Chancery to obtain details ol beneficial ownership
B) Contact the corporate Registered Agent and request a list of the shareholders
C) No beneficial ownership information is required to be obtained by the Delaware Secretary ol State
D) Contact the Delaware Secretary of State and request the list of corporate officers and directors

3. Bank A is a mid-size financial institution in Polandthatprimarily holds accounts (or individual and small-business customers While the bank has no U S branches or affiliates the bank's compliance officers realize they must still implement a FATCA compliance program.
Which step should Bank A take FIRST to commence its FATCA compliance program?

A) Begin closing accounts and exiting relationships with account holders believed to be U S persons
B) Because of the FATCA requirement to sell certify notify all international account holders of the need to document their status as a U.S. citizen
C) Implement a 30% withholding on all interest and dividend payments coming from the U.S. to comply with the law's withholding requirements
D) Gather and sod all relevant data the bank currently has on its customers to determine what information needs to be collected from account holders

4. You are in charge of network security for a national financial institution. Despite your best efforts you have suffered a major data breach due to overseas hackers. You are now tasked with reacting to that breach.
Which action should you take immediately?

A) Deploy a new set of proxy firewalls to your intranet
B) Identify the sensitivity of the data and level of impact on the organization
C) Terminate all external connections to devices that hold sensitive customer data
D) Reconfigure all of your access devices lo refuse connections for any IP address that is international

5. How are trade price manipulation schemes used to launder criminal proceeds?

A) By obscuring the money trail through offshore bond swaps and fraudulent letters of credit
B) By transferring funds offshore through invoicing schemes for non-existent good and services
C) By transferring value between related criminal enterprises through the fraudulent misrepresentation of the value of exported commodities
D) By serving as a balancing mechanismtosettle payments between unregistered hawalas and other informal value transfer systems

Solutions: