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ACFCS Financial Crime Specialist Sample Questions:

1. During a sanctions compliance training session, an employee asks about the consequences of facilitating transactions involving individuals or entities on a sanctions list. What is the most accurate response to the employee's inquiry?

A) Facilitating transactions involving sanctioned individuals or entities may result in civil penalties but not criminal charges.
B) Facilitating transactions involving sanctioned individuals or entities is permissible if authorized by senior management.
C) Facilitating transactions involving sanctioned individuals or entities is permissible if the transactions are conducted in foreign currency.
D) Facilitating transactions involving sanctioned individuals or entities may result in both civil and criminal penalties.

2. Which scenario is an example of the placement stage of money laundering?

A) A Ponzi scheme operator uses his debit card associated with his British Virgin Islands bank account to withdraw cash from an ATM machine in the U.S.
B) A multiple lax refund scheme fraudster transfers the proceeds of his illicit tax refund from a prepaid debit card to a foreign bank account through an online funds transfer service
C) A Mexican money broker deploys couriers across the U S border where they deposit drug cash into the U S National Bank of San Diego
D) A money laundering organization moves illicit drug proceeds into the U S financial system through a wire transfer into the correspondent account of a Guatemalan Bank domiciled at a U S financial institution

3. A real estate developer secured a $9.5 million construction loan from the Bank of China for a high-rise office building When the developer declared bankruptcy. The bank realized that this had become a problem loan and they began to investigate the borrower.
The developer had submitted False invoices for work that was never performed In addition, a portion of the loan money was deposited into the construction business account to pay subcontractor invoices. These invoices were never paid instead the money was diverted into private bank accounts owned by the developer and his family members.
Which type of financial crime did the forensic audit uncover?

A) Pump and dump
B) Money laundering
C) Unlicensed money transmission
D) Sanctions violations

4. Your Chent has been the victim of an investment fraud and he is in the process of obtaining a judgment against the perpetrator You have provided him with solid evidence that funds he invested in the scheme are on deposit in a domestic bank in the name of a shell corporation incorporated in another jurisdiction Through previous conduct by the perpetrator it can be demonstrated that not freezing the account could mean that the funds will be dispersed thereby frustrating a potential claim.
To protect the funds which should you suggest to your client?

A) Provide a Mareva injunction to the bank
B) Request a civil forfeiture action against the perpetrator
C) File a Lis Pendens against the account
D) Request a Norwich Pharmacal without gag order be issued to the bank

5. A U.S. citizen applies lo open a bank account in a local bank in a non-US jurisdiction with a Model II Agreement with an initial deposit of S75.000 USD The bank has a substantial correspondent banking relationship with U.S banks and wants to remain in good standing with its U S counterparts.
Which statement is true about this bank?

A) The bank must filewithFINCENnotifyingthem of the opening of theaccount
B) The bank is required to report certain details about the account to the U S Internal Revenue Service (IRS)
C) The bank must refuseto open the account unless the US citizen has filed a Form 8938 with his US tax return
D) The bank must institute a 30% withholding on the account

Solutions: