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ACFCS Financial Crime Specialist Sample Questions:

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

2. Country A is conducting a criminal investigation of alleged corruption by a public official in its country and needs to obtain bank records in Country B It appears that the public official controls the bank account.
To assure that the evidence (i.e. bank records) can be obtained for a trial in Country A which should the investigators in Country A do?

A) Make an initial contact with the bank to assure that the records are in the name of the public official
B) Make an official request through Interpol
C) Request authentication of the records from the Central Bank of Country B
D) Transmit a mutual legal assistance request through the Central Authority

3. A law enforcement agent is pursuing an asset recovery case against a defendant accused of running a multimillion-dollar securities fraud scam. The defendant is thought to have moved more than $25 million through a corporate brokerage account held by a corporation formed in Las Vegas. Nevada.
It is believed that funds were sent to accounts held by shell companies in the Netherlands and the Bahamas. It is also suspected that the defendant purchased luxury goods including several high-end sports cars with proceeds of the fraud. The vehicles are registered and tilled to a trust company with a mailing address that is a post office box in Delaware. The agent is attempting to connect the vehicles to the defendant to make the case that they should be seized.
Which item below would BEST support this effort?

A) Contact information for a registered agent acting as trustee of the trust company that holds the vehicle titles
B) Records of outgoing funds transfers from the accounts of the shell companies in the Netherlands and Bahamas
C) Records of incoming funds transfers received by the corporate brokerage account held by the Nevada corporation
D) An invoice from the shipping company for the cars that is addressed to the defendant

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

5. Bank A receives a wire transfer Irom Bank B located in another country. When run through Bank A's sanctions screening process, some of the identifying information of the entity initialing the transfer appears as a partial match with an entity on a sanctions list Bank A routinely processes wire transfers from Bank B and almost never runs into matches with sanctions lists.
Which further review should Bank A conduct on the wire transfer?

A) Bank A should contact Bank B lor confirmation that the entity is not on the sanctions list Once it receives written confirmation from Bank B's compliance staff it can complete the transfer without further investigation
B) No review is required Bank B would already have conducted due diligence for sanctions violations and further action would be duplicative and unnecessary
C) Bank A should reject the wire transfer and alert the regulatory or enforcement agency that administers the sanction immediately
D) Bank A should not complete the wire transfer until it gathers more information It should consult the full identifying information in the sanctions entry and attempt to find that information in the transfer

Solutions: