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ACFCS Financial Crime Specialist Sample Questions:

1. The Director of Purchasing at Company A in the US is in charge of purchasing raw materials for vehicle manufacturing. To his supervisors the director appears to live a lifestyle well above his annual salary at the company You are asked to perform a financial investigation lo identify any red flags in Ihe purchasing / inventory departments.
Which two are red flags? Choose 2 answers

A) There has been a decrease in inventory purchases but no decrease in sales
B) There is little excess inventory and the company has a high inventory turnover
C) There is a high volume of purchases from new vendors
D) There has been an increase in inventory purchases but no increase in sales

2. One of the tasks for an employee of a U S bank is to administer overseas large value drafts. The employee receives a draft from Country X that is identified as a high-risk and non-cooperative jurisdiction by the FATF According lo the FATF 40 Recommendations, which action should the employee take?

A) Conduct an investigation according to the money laundering and the financing of terrorism norms/rules enforced and adopted by Country X
B) Verify the transaction's basic data according to the bank's international operations manual
C) Request additional documentation to get a deeper understanding about the payer and the origin of the funds
D) Since the draft was issued in a non-cooperative country block the transaction

3. Mark Jameson manages a grocery store and is responsible for making the nightly cash deposits Before leaving for vacation Mr. Jameson misappropriated part of one nightly deposit and initiated a wire transfer to his personal account at another bank. The next day he withdrew the money and used it to gamble in the casino he was visiting (or vacation He won and the casino presented him with a check which he deposited in another personal account when he returned home.
Which phase of money laundering does the money he gambled with represent?

A) Structuring
B) Layering
C) Integration
D) Placement

4. A credit card company has recently become aware that fraudsters are obtaining multiple cards using stolen or synthetic identities II is now reviewing its card application process to identify potential weaknesses.
Which two elements in the company's application process are potential weaknesses? Choose 2 answers

A) Applications from geographic areas where high instances of credit card fraud have been reported in the past are subjected to a more detailed review
B) The company treats credit card applications from all channels (online mail unsolicited etc) the same and subjects them to the same review process
C) The company calls the applicant to verify contact information il area codes for home, cell, and office phone numbers do not match the address on the application
D) The company verifies customer contact information using only the information from a customer's credit report

5. During a sanctions compliance training session, an employee asks about the consequences of facilitating transactions involving individuals or entities on a sanctions list. What is the most accurate response to the employee's inquiry?

A) Facilitating transactions involving sanctioned individuals or entities may result in both civil and criminal penalties.
B) Facilitating transactions involving sanctioned individuals or entities is permissible if authorized by senior management.
C) Facilitating transactions involving sanctioned individuals or entities may result in civil penalties but not criminal charges.
D) Facilitating transactions involving sanctioned individuals or entities is permissible if the transactions are conducted in foreign currency.

Solutions: