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ACFCS Financial Crime Specialist Sample Questions:

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

2. According to the FATF 2012 recommendations which should countries do to ensure compliance around money remittance businesses?

A) Ensure proper identification and registration of persons operating money remittance businesses
B) Provide a list of all money remittance businesses to the Egmont Group
C) Require compliance measures to be implemented once a Suspicious Activity or Transaction Report (SAR or STR) has been died
D) Prohibit money remittance businesses to be operated as a sole proprietorship

3. An individual has approached your securities firm with interest in opening an account After an interview, you establish that the individual is an attorney who states that she is representing a consulting company located in another country She saysthatshe is the company s agent and is authorized to open an account on its behalf.
You request the attorney to fill out a questionnaire to gather more information on the consulting company's ownership She takes the forms and agrees to return them within the next few days.
In themeantime,you research the consulting company using public records, social media and other online sources The company's website is vague and online searches return very few results.However,you do find an annual report Irom this year that lists company members and shareholders One minority shareholder appears to beanothercorporation.
The attorney later returns the completed questionnaire You note that several shareholders listed are not the same as those on the annual report When you ask follow-up questions regarding the nature of the business and expectedtransactions,she reiterates that the client is a consulting firm that works in a variety of fields and it expects to conduct transactions with clients located in several different countries.
Which is the BEST next step for your institution to take?

A) File a suspicious activity/suspicious transaction report on the grounds that the attorney may be involved in illicit activity
B) Ask the attorney to certify the owners of the consulting firm and do not move forward with account opening until they have been verified
C) Research corporate registries and other sources to identify the owner of the company that is the minority shareholder of the consulting firm
D) Compare the listing of company members and shareholders to the information provided on the consulting firms website

4. 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.

5. Mark Jameson manages a grocery store and is responsible for making the nightly cash deposits Before leaving for vacation Mr. Jameson misappropriated part of one nightly deposit and initiated a wire transfer to his personal account at another bank. The next day he withdrew the money and used it to gamble in the casino he was visiting (or vacation He won and the casino presented him with a check which he deposited in another personal account when he returned home.
Which phase of money laundering does the money he gambled with represent?

A) Integration
B) Layering
C) Placement
D) Structuring

Solutions: