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ACFCS Financial Crime Specialist Sample Questions:

1. You are asked to investigate the apparent deterioration of financial condition within a company.

Considering the income statement above where should you begin your investigation?

A) Net Receivables
B) Administrative Expenses
C) Cost of Goods Sold
D) Sales Expenses

2. A new banking customer is flagged as a politically exposed person (PEP) from a developing country. This country is known for graft corruption, political oppression and very recently kleptocracy. You are an officer at a bank responsible lor determining if the bank will do business with this PEP.
Given your responsibilities as an officer which course of action is MOST ethical?

A) Contact your personal network of compliance peers to see if they have filed any reports against the PEP in the past
B) Download a law enforcement report about the PEP from WikiLeaks
C) Contact the country's government regulator notifying them that the PEP is attempting to open an account and inquire as to the PEP's perceived status
D) While your employer does not forbid accounts from this country, recommend that enhanced due diligence be performed andthe customer be put on high-risk review

3. You are a financial crime specialist who has been asked to investigate allegations of internal fraud at a construction supplies manufacturer Managers believe one or more employees are working with outsiders to siphon off company funds, but have little information on how it is happening.
The company s sales have grown significantly in recent months and it is expanding the geographic area in which it operates It relies on a large numberofthirdpartiesto conduct its operations, including distributors and sales agents You have started your investigation by examining invoices and other payment records made by the manufacturing company to thirdparties.
Which record would you prioritize as MOST suspicious?

A) Sales contracts that indicate a number ol new distributors in a city in wh.ch the manufacturer did not previously operate
B) Payment records to a new sales agent that demonstrate steadily increasing commissions requests over the past six months
C) invoices paid to a distributor that include sizable reimbursements lorunspecifiedtravel expenses
D) Transaction records that show commission checks larger than any other commission payments were issued to the mostexperiencedsales agent

4. You are an investigator in a country that has a money laundering law that uses the list approach to identify the predicate offenses. There are 12 crimes on this list of predicate offenses. You are currently investigating a public official for suspected money laundering, and the source of the official's illegal income is not yet known You have just discovered a hidden bank account owned by the official in which $5 million has been transacted in the past year.
Which is Ihe MOST important in order to prove money laundering?

A) Trace the source of the deposit into the bank account
B) Establish the layering phase of the transactions
C) Analyze the disbursements from the bank account to prove Ihe integration phase
D) Identify all cash transactions within the account

5. Ms. Rodriguez, the compliance officer at XYZ Bank, is reviewing the bank's sanctions screening process.
She notices that the screening system has a high rate of false positives, leading to delays in processing transactions. What is the most effective approach for Ms. Rodriguez to improve the efficiency of the sanctions screening process?

A) Disable the sanctions screening system to eliminate false positives altogether.
B) Enhance the screening system with advanced technologies such as machine learning and artificial intelligence.
C) Increase the threshold for triggering sanctions alerts to reduce the number of false positives.
D) Implement manual review procedures for all transactions flagged as potential matches.

Solutions: