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ACFCS Financial Crime Specialist Sample Questions:

Question 1

Person A has a savings account with Bank X. Five years later Person A was appointed chief minister of infrastructure lor Country Y a high-risk jurisdiction.

A. Restrict activity in Person A's account since he is now a political figure in a high-risk country
B. Initiate an audit of the original source of funds in Person A's account
C. Because Country Y is a high-risk jurisdiction immediately file a SAR/STR
D. Establish permanent and improved monitoring of Person A's savings account

Question 2

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 is permissible if authorized by senior management.
B. Facilitating transactions involving sanctioned individuals or entities may result in both civil and criminal penalties.
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.

Question 3

Your client is the family of a man who is deceased. The family remembers stones that their father (the deceased) had a Cayman Islands company where he held his investments. They have located a file containing an old Cayman Islands bank statement in the name of Company A Limited and in care of a post office address. They want to know what information they can find out about the company and the account.
How can they determine if the company still exists?

A. Contact the bank and ask the status of the company
B. Conduct an internet search for the company's name as company information is public
C. Visit the post office and ask for access to the PO Box
D. Check with the Corporate Registry as this information is public

Question 4

Your bank is considering entering into a correspondent relationship with a respondent bank Your bank does not have any existing business relationship with this respondent bank and has never worked with the respondent bank in the past.
Based upon FATF Recommendations which statement is true?

A. Your bank should not enter into a correspondent relationship with the respondent bank if it is a small local or regional bank because of the inherent risk concerns with these institutions
B. Your bank is required to apply the same due diligence measures to this respondent bank that it has applied when evaluating respondent banks in other jurisdictions lo avoid inequitable practices
C. Your bank is required to gather information to understand the respondent's business reputation quality of its supervision and anti-money laundering and counter-terrorist financing controls
D. Your bank is required to conduct enhanced due diligence on the respondent bank which includes conducting due diligence on customers of the respondent bank

Question 5

You are asked to investigate a potential fraud at an automobile dealership. The president of Bank A provides inventory financing to the dealership and suspects that it may be providing fraudulent documentation to the bank to increase its funding.
Which documents would provide the MOST effective evidence of potential fraudulent activity?

A. A list of vehicle identification numbers (VINs) at the dealership and Ihe accompanying internal bank list of VINs
B. Internal dealership records displaying names and contact information of all buyers of cars in the last two years
C. Shipping invoices for cars sold at the dealership and then transported out of state
D. Registrations of all cars sold by the dealership

Solutions: