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

2. You are investigating a Hong Kong clothing manufacturer that is allegedly laundering money (or a human trafficking organization.
Deposits to the corporate bank account totaled $4.5 million (USD) for the year 2011 and originated from a single source in Panama that makes payment through a bank account in Riga Latvia.
Payments are received through wire transfers They are always in odd amounts of dollars and cents and the SWIFT messaging always slates that the payments are for a seasonal line of women s dresses.
Which is NOT a red flag for money laundering?

A) The payments are in odd amounts and their purpose is always the same in the SWIFT messaging
B) The owner of the business who is the sole signatory of the bank account resides in another country
C) The distributor is located in Panama but payments originate (from a Latvian bank in Riga
D) Payments to the fabricator are only received from a single customer in another industry

3. Phillips Importers LLC. is a shell company owned by Jon Phillips Mr. Phillips is very active in his local church He has convinced a large number of individuals from his church to invest in the Phillips Fund, which guarantees 10% returns.He lakes the money he collects and puts itina bank account for Phillips Importers LLC. He uses that money to market the Phillips Fund to new investors, print statements, pay dividends to his investors and pay some of his personal expenses.
Which types of fraud isMr.Phillips committing? Choose 2 answers

A) Market manipulation
B) Ponzi scheme
C) Affinity fraud
D) Pyramid scheme

4. You have been askedtoreview Ihe annual report lor astartupcompanythatprovides digital identity verification services to online merchants. The company's founder has recently approached several groups of investors to sell a portion of his shares in the company, but after reviewing financial statements the investors had concerns over potential improper accounting to misrepresent the company's position and have asked you to review further.
Based on Ihe annual report it appears the company's total net position has increased each quarter for the past year Looking at sales records you determine a significant portion of the company's revenue comes from one client, a contract with a software development firm for $800,000 each quarter.
Whichfurtherfinding from the annual report and financial statements is Ihe BEST focus for your investigation?

A) The company incurred a tax charge this year of over $120,000
B) The company lists an increase in expenses this year due to changes in overtime payment policies
C) The company has a 10% increase in accounts payable year over year
D) The company s largest expense is a quarterly payment of $790,000 for coding services

5. A U.S. citizen opens an account in an offshore bank in a country that has a bilateral Model II FATCA agreement with an initial deposit of $10,000. USD Over the course of time the kinds in the account exceed
$60,000 USD.
Which obligation under FATCA applies?

A) None the bank may accept Ihe deposited funds and is under no further obligation than to follow applicable local law
B) The bank would be subject to a mandatory withholding tax on income Irom U S financial assets it holds
C) The bank is requiredtofile a Suspicious Activity Report or Suspicious Transaction Report (SAR or STR)
D) The bank is required to report U.S. account holders to the U.S. Internal Revenue Service

Solutions: