ACFCS Financial Crime Specialist Sample Questions:

1. In an attempt to ensure the selection of his bid for a government project in a foreign country Mr. Jones decided to pay off a foreign official who had the ability to influence the process Mr. Jones created a shell company to conduct the transaction.
In exchange for this influence Mr. Jones created a series of invoices that made it appear as if his shell company owed money to Ihe foreign official Mr. Jones wired money from his bank account in the US to the shell company in the foreign jurisdiction for credit to the government official Unfortunately for Mr. Jones, the official did not keep his promise and Jones did not gel the bid.
When did money laundering FIRST occurs?

A) When Mr. Jones wired the funds to the shell company
B) When Mr. Jones transferred funds from the shell company to the public official
C) When Mr. Jones created the shell company
D) When Mr. Jones generated a series of false invoices

2. You are an investigator pursuing a suspected fraudster whom you believe is leading a multi-million dollar Ponzi scheme targeting the elderly in your country You believe you are close to gathering the evidence needed to recover some of the victims losses However you are missing some transaction records from a financial institution that would connect the suspect to accounts holding the proceeds of the fraud.
These records can only be released to law enforcement or government regulators. You have a friend in the local police department who is willing to contact the institution and request the records under the pretenses they are needed for an unrelated police investigation.
Given these circumstances would it be ethical for you to ask your friend to obtain the records?

A) This action is unethical because your avenue for obtaining Ihe records was inappropriate, even if you did not directly misrepresent yourself
B) This action is ethical because you are acting in the best interests of your clients, the fraud victims who need this information to recover some of Their losses
C) This action is epical because the records are being turned over to a law enforcement official and you the investigator, are not directly misrepresenting yourself
D) This action is unethical because you do not have proof that Ihe suspect has committed the fraud and are only acting on your belief

3. David is the owner of afast-foodrestaurant He has made deposits into his bank account totaling $123,000 of which S51,000 is from cash deposits of mostly small denominations David deposited the S51,000 into his bank account over a one-month period at three different branches using multiple employees to make the deposits which are detailed below.
Branch 1: Deposits were made on February 3 6 and 9 in the respective amounts-$4,000 S6,000 and $5,300 Branch 2: Deposits were made on February 6 9 and 12 in the respective amounts-S3,750, $3,200 and S9,850 Branch 3: Deposits were made on February 3 7. and 13 in the respective amounts-$5,300 $9,750 and $3,850 Which red flags are indicative of money laundering?
Choose 3 answers

A) Conducting transactions at multiple branches
B) Making multiple transactions under the reporting threshold
C) Having individuals other than the account signatory make deposits
D) Depositing round dollar amounts

4. You are investigating a multi-national company for financial fraud As part of your investigation, you would like to determine whether the company has complied with applicable tax laws in the jurisdictions in which it operates As a preliminary starting point you need to know the applicable laws relating to exchange of tax information.
Other than contacting the governments of each jurisdiction which organization's website would have the MOST effective resources for obtaining such information?

A) Organization for Economic Cooperation and Development (OECD)
B) World Bank Doing Business Project
C) United Nations Office of Drugs and Crime (UNODC)
D) Internal Revenue Service (IRS)

5. The U.S. Federal Bureau of Investigations (FBI) has recently contacted your financial institution to provide advanced warning of a potential attack by a known cybercrime ring Based on information obtained from an ongoing investigation, the FBI believes that an attack is likely within the next 48 hours although it does not have any further details on the likely targets or attack techniques.
Your institution has a large online presence and holds a variety of sensitive data-from payment card numbers to personal information on customers that could be used in identity theft schemes Based on the available information which steps should you prioritize? Choose 2 answers

A) Notify customers that online operations may be interrupted in response to a threatened cyber incident
B) Implement enhanced monitoringofuser access logs that record when and how individuals are connecting to the institution's networks
C) Analyze the results from your most recent cybersecurity assessment to determine the data that would be at greatest risk
D) Contact the institution's public relations department and instruct them to begin drafting a strategy on how to respond to the potential cyber incident

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