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ACFCS Financial Crime Specialist Sample Questions:

1. During a routine audit, a financial institution discovers that its sanctions screening software has not been updated to include the latest changes to the OFAC SDN list. What is the most appropriate action for the institution to take?

A) Immediately suspend all transactions until the screening software is updated.
B) Proceed with transactions and update the screening software during the next scheduled maintenance.
C) Notify OFAC of the software issue and seek guidance on interim measures.
D) Conduct manual screening of transactions against the latest version of the SDN list until the software is updated.

2. A casino needs to hire an auditor (or sensitive financial operations where the employee will have access to large amounts of cash The interviewer needs to be sure that this employee is scrupulously honest lo protect the company.
Which is the MOST effective technique to vet this prospective employee?

A) Conduct a background check on the prospective employee
B) Require Ihe prospective employee to provide personal references
C) Collect documentation to confirm the prospective employee s educational history
D) Review your internal records to determine if the prospective employee has any record of excessive gambling

3. Your construction company wishes to hire Mr. X to provide consultancy services within his country. He has his own consulting firm and is also a board member of a state-owned bank Mr. X is known for having high-level business connections and for charging exorbitant rales for his services Mr. X does not like to complete paperwork and prefers to work based on a verbal agreement.
Which three facts are red flags requiring enhanced due diligence? Choose 3 answers

A) The price Mr. X charges is suspect since he is in the business of helping companies obtain and retain business
B) Mr. X may be considered to be a politically exposed person (PEP)
C) As a board member of a stale-owned bank Mr. X may be considered a public official under the U.S.
Foreign Corrupt Practices Act
D) The price Mr. X charges is suspect if fees are not itemized and documented

4. As part of a risk assessment of its investment advisory services, a financial institution discovers that some of its clients engage in high-frequency trading strategies that may pose market manipulation risks. What is the most appropriate action for the institution to take?

A) Ignore the issue as long as the clients' trading activities comply with regulatory requirements.
B) Implement enhanced monitoring and surveillance measures for clients engaged in high-frequency trading.
C) Seek legal advice before taking any action regarding clients engaged in high-frequency trading.
D) Immediately terminate all client relationships involved in high-frequency trading.

5. InvestPlus was a securities trading firm that purportedly specialized in high-risk high-reward investment opportunities in developing countries. InvestPlus was losing money on many of its products and began to take funds from new clients to repay earlier investors. The scheme was eventually revealed and InvestPlus collapsed leaving behind numerous defrauded investors InvestPlus is now bankrupt.
A group of investors who lost money has hired your law firm to recover assets InvestPlus had complex holdings and investments in many different countries worldwide Without access to the company s financial records it has been difficult to trace them. The owners of InvestPlus reaped substantial profits but led lavish lifestyles and are thought to have burned through most of their assets.
Which is the BEST way your firm could pursue recovery of damages?

A) File mutual legal assistance treaty requests in the jurisdictions where InvestPlus is thought to have assets
B) Investigate whether third parties have facilitated the scheme and, if so, pursue legal action against them
C) Contact other defrauded investors to see if they have further information on the location of recoverable assets
D) Request a summons for the owners of InvestPlus to provide testimony on their financial status

Solutions: