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ACFCS Financial Crime Specialist Sample Questions:

1. During a routine organizational overview of financial crime controls, Mr. Garcia, the compliance officer, notices a significant increase in the number of false positives generated by the transaction monitoring system.
What is the most appropriate action for Mr. Garcia to take?

A) Review and adjust the parameters of the transaction monitoring system.
B) Ignore the increase in false positives as they are common in such systems.
C) Request additional resources for the compliance department.
D) Immediately suspend all transactions until the issue is resolved.

2. You are an examiner for a financial industry regulator One of your smaller firms has shown a dramatic increase in wire activity that you think may be indicative of them facilitating money laundering. You request their outgoing wire transactionsfor the past six months and they provide you a spreadsheet with nearly 10,000 wires.
Which two criteria would be the MOST effective way to narrow down your sample for investigation? Choose
2 answers

A) The client(s) with multiple third-party wires to different foreign beneficiaries
B) The client(s) with an address outside the country where your firm is domiciled
C) The client(s) with the highest number of foreign wires
D) The client(s) with multiple wires just below the reporting threshold

3. You are a compliance officer at a payment card provider You have been dealing with a number of suspected identity theft cases and are reviewing your policies and procedures to highlight red flags within customer behaviors that might be indicative of stolen identities.
Which are red flags in detecting and investigating identity theft? Choose 2 answers

A) The person presenting the identification seems to be much younger than his photo
B) The area code of the customer s personal phone number does not match the area code of his business phone number
C) Mail sent to the customer is returned repeatedly as undeliverable even though transactions are being conducted on the account
D) An account that has been inactive for a long time has been closed by the customer

4. A small but very successful construction company is expanding rapidly Having quickly gone from just a few employees to a larger staff the company's managers have become concerned about the possibility for internalTheftand fraud, and are implementing compliance measures.
The company promotes one of its current HR employees to be the new head of compliance It institutes a new whistleblower policy in which all employees are required to report suspicious behavior or transactions directly to their immediate supervisor who will escalate as necessary.
The company also institutes a gifts and entertainment policy that restricts promotional expenses for the company's sales staff and any managersthatinteract with clients and vendors Finally the company starts a selective review process for all invoices above a certain threshold subjecting them to senior management review.
Based on this scenario which is the MOST significant weakness in the company's efforts to detect and prevent internal financial crime?

A) The promotion of a current employee as head of compliance - Compliance officers should always be hired externally to minimize the chances of internal fraud
B) Thewhistleblowerpolicy - Reporting should never go through the company's business lines it should lake place anonymously
C) The Policy ofinvoice review - All invoices should be subject to senior management approval not only those above a certain level
D) The gifts and entertainment policy - The policy is not comprehensive enough and should include all company employees not only sales staff and management

5. Ms. Thompson, a compliance manager at a financial institution, is tasked with developing a sanctions compliance program. Which of the following components should be included in the program to ensure comprehensive coverage of sanctions risks?

A) Offering financial incentives to employees who achieve high levels of compliance with sanctions regulations.
B) Conducting market research to identify emerging trends in sanctions enforcement by regulatory authorities.
C) Ongoing monitoring of transactions to detect and report suspicious activities related to sanctions.
D) Regular audits of the institution's financial statements to identify potential sanctions violations.

Solutions: