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ACFCS Financial Crime Specialist Sample Questions:

1. A compliance officer at AirPlus a large aerospace firmthatproduces airplanes for commercial and military use was contacted by a director of one of the firm's business partners The director had concerns over potential irregularities in recent transactions and business dealings in matters connected to AirPlus and her company.
The business partners company is located in a country where state-owned enterprises are heavily involved in the airline industry AirPlus has recently wonseveral large contracts in the country to build airplanes for slate-owned enterprises.
The director of the partner company believes these contracts may have been secured through bribes paid by AirPlus to government officials and suspects that the recent unusual activity she has noted indicate her company was utilized in the bribery scheme.
The director has flagged four instances to bring to your attention Which is the BESTindicatorof bribery?

A) The partner company received a series of zero-interest loans from the aerospace company with open-ended repayment terms in recent months
B) The partner company recorded an increase in operating costs in financial statements in recent months and an increase in the number of employees ,
C) Sales agents for the partner company received large bonuses after closing a deal to produce planes for the country's national airline in recent months
D) The partner company recently appointed a new CEO whose prior experience involved managing a state-owned airline in another country

2. A small but very successful construction company is expanding rapidly Having quickly gone from just a few employees to a larger staff the company's managers have become concerned about the possibility for internalTheftand fraud, and are implementing compliance measures.
The company promotes one of its current HR employees to be the new head of compliance It institutes a new whistleblower policy in which all employees are required to report suspicious behavior or transactions directly to their immediate supervisor who will escalate as necessary.
The company also institutes a gifts and entertainment policy that restricts promotional expenses for the company's sales staff and any managersthatinteract with clients and vendors Finally the company starts a selective review process for all invoices above a certain threshold subjecting them to senior management review.
Based on this scenario which is the MOST significant weakness in the company's efforts to detect and prevent internal financial crime?

A) The gifts and entertainment policy - The policy is not comprehensive enough and should include all company employees not only sales staff and management
B) Thewhistleblowerpolicy - Reporting should never go through the company's business lines it should lake place anonymously
C) The Policy ofinvoice review - All invoices should be subject to senior management approval not only those above a certain level
D) The promotion of a current employee as head of compliance - Compliance officers should always be hired externally to minimize the chances of internal fraud

3. Joe Brown a new small business owner wants lo open a new business account at Mega Bank. He Sils down with a bank officer who is very friendly and asks about his new business and his family Joe becomes uncomfortable about sharing so much information about himself with a stranger. He expresses his concern and the bank officer tells him that this information is required for anyone opening a newaccount with Mega Bank and that every other bank is going to ask him the same questions.
Assuming it is a low-risk customer which information does a bank need to collect and then verify from a new account holder?

A) Joe's previous employment information and income
B) Business name industry address tax identification number and corporate documents
C) Financial documents on Joe's income and source of funds
D) Number of employees expected transactions and types of expenses

4. You are investigating a Hong Kong clothing manufacturer that is allegedly laundering money (or a human trafficking organization.
Deposits to the corporate bank account totaled $4.5 million (USD) for the year 2011 and originated from a single source in Panama that makes payment through a bank account in Riga Latvia.
Payments are received through wire transfers They are always in odd amounts of dollars and cents and the SWIFT messaging always slates that the payments are for a seasonal line of women s dresses.
Which is NOT a red flag for money laundering?

A) Payments to the fabricator are only received from a single customer in another industry
B) The payments are in odd amounts and their purpose is always the same in the SWIFT messaging
C) The distributor is located in Panama but payments originate (from a Latvian bank in Riga
D) The owner of the business who is the sole signatory of the bank account resides in another country

5. You have been askedtoreview Ihe annual report lor astartupcompanythatprovides digital identity verification services to online merchants. The company's founder has recently approached several groups of investors to sell a portion of his shares in the company, but after reviewing financial statements the investors had concerns over potential improper accounting to misrepresent the company's position and have asked you to review further.
Based on Ihe annual report it appears the company's total net position has increased each quarter for the past year Looking at sales records you determine a significant portion of the company's revenue comes from one client, a contract with a software development firm for $800,000 each quarter.
Whichfurtherfinding from the annual report and financial statements is Ihe BEST focus for your investigation?

A) The company incurred a tax charge this year of over $120,000
B) The company s largest expense is a quarterly payment of $790,000 for coding services
C) The company has a 10% increase in accounts payable year over year
D) The company lists an increase in expenses this year due to changes in overtime payment policies

Solutions: