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ACFCS Financial Crime Specialist Sample Questions:

1. How are trade price manipulation schemes used to launder criminal proceeds?

A) By serving as a balancing mechanismtosettle payments between unregistered hawalas and other informal value transfer systems
B) By obscuring the money trail through offshore bond swaps and fraudulent letters of credit
C) By transferring funds offshore through invoicing schemes for non-existent good and services
D) By transferring value between related criminal enterprises through the fraudulent misrepresentation of the value of exported commodities

2. You are a fraud investigator lor a U S securities firm. You are currently investigating potential market manipulation involving stock in a company that was created in the Channel Islands.
One of your brokers has 500,000 shares of this stock in several of his customer's accounts This stock had no trading activity for the past several years In Ihe past 30days he has been selling stock in 5,000-share increments every day from his customer accounts.
Upon review of your firm's books you notice that none of your other customers have bought this stock. Your firm has filed a Suspicious Activity Report (SAR) on this activity. Since this activity is putting your firm at risk you decide to contact your regulator and law enforcement to further the investigation Which items do these agencies have access to that you would not? Choose 2 answers

A) The names of the individuals purchasing Ihe stock
B) Emails sent by your broker regarding Ihe selling activity
C) The names of Ihe beneficial owners of the company
D) SARs filed at other U S securities firms

3. Mr. Smith, the compliance manager of ABC Bank, is tasked with conducting a risk assessment of the institution's correspondent banking relationships. Which of the following factors should Mr. Smith consider when assessing the risks associated with correspondent banking?

A) The total assets of ABC Bank.
B) The geographical location of correspondent banks' headquarters.
C) The number of transactions processed through correspondent accounts.
D) The size of transactions conducted by correspondent banks.

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) Enhance the screening system with advanced technologies such as machine learning and artificial intelligence.
B) Disable the sanctions screening system to eliminate false positives altogether.
C) Implement manual review procedures for all transactions flagged as potential matches.
D) Increase the threshold for triggering sanctions alerts to reduce the number of false positives.

5. During a routine organizational overview of financial crime controls, Mr. Garcia, the compliance officer, notices a significant increase in the number of false positives generated by the transaction monitoring system.
What is the most appropriate action for Mr. Garcia to take?

A) Review and adjust the parameters of the transaction monitoring system.
B) Ignore the increase in false positives as they are common in such systems.
C) Immediately suspend all transactions until the issue is resolved.
D) Request additional resources for the compliance department.

Solutions: