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ACFCS Financial Crime Specialist Sample Questions:

1. You are leading the learn at your organization that is tasked with updating the fraud risk assessment. The team determines that the current risk assessment effectively identified the universe of potential fraud risks faced by the organization. The risk assessment also captured how existing fraud riskmanagement and controls address the identified risks. However, the team found weaknesses in other areas.
Which two components should the team include in the development of a sound risk assessment? Choose 2 answers

A) A risk matrix that defines management's risk tolerance
B) An analysis of the likelihood and materiality of fraud types
C) An analysis of the financial resources required to address fraud risks
D) A robust and auditable investigation conducted in accordance with the antifraud policy

2. Your client has been targeted by a payments scam that has resulted in him remitting significant sums of money to the entity perpetrating the fraud Your client has traced the payments which revealed that the ultimate beneficiary of the fraud is Company A that appears to be operating from the British Virgin Islands (BVI) Before taking any further action your client would like to confirm if Company A Ltd is incorporated in the BVI.
How can they do this?

A) Request the details from the BVI Chamber of Commerce
B) Contact Company A directly
C) Contact the Commercial Division of the High Court of the BVI
D) Conduct a search of the Registry of Corporate Affairs in the BVI

3. Your firm has been retained aspairof a complex internal fraud case for a large corporation.Aspartof the investigation you are seeking to collect transaction records held in a subsidiary office located in another country.
The country has strict laws governing cross-border sharing of its citizens' personally identifiable information It does allow data sharing under sate harbor agreements with companies that meet certain data protection standards but your company does not currently have the criteria for such an agreement.
You are not sure il the records you are seeking would contain personal information subjecttothe country's data privacy laws but the matter is time-sensitive and reviewing these records is considered essential to move forward.
Which is Ihe BEST next step lo lake in your investigation?

A) Review the transaction records within the subsidiary s country and only transmit relevant non-personal data back to your country
B) Request that the transaction records be transmitted to your country immediately then delete any personally identifiable information during the review process
C) Submit a request to law enforcement in the subsidiary's country to assist with searching and seizing the transaction records
D) Initiate a review of your company's data protection standards lo identify any needed improvements and start the process to applyfora safe harbor agreement

4. The automated transaction monitoring system at a bank that is headquartered in Japan has generated a case for a customer located in the U S whose activity was more than 50% above its expected activity Hall of the transactional activities are with countries in Asia.
An investigation into this case by the compliance department should include which three steps? Choose 3 answers

A) A request lor information from the bank's relationship manager
B) An Internet search of the parties in the transactions
C) A calltothe customer to determine the nature of the business with Asian countries
D) A review of the customer's Know Your Customer (KYC) file

5. You work in financial crime compliance for a money services business (MSB) with an international network of agents whose core business is handling remittance transactions. As part of your periodic update to your risk assessment you are reviewing payment corridors and customer types.
Which payment corridor is MOST likely to present the highest risk?

A) Payments by seasonal agricultural workers from Canada to the Caribbean
B) Payments by small business owners from the US to Yemen
C) Payments by temporary visa holders in the tech industry from countries in the European Union to India
D) Payments by domestic workers from theUnitedArab Emirates to the Philippines

Solutions: