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ACFCS Financial Crime Specialist Sample Questions:

1. You are part of a law enforcement learn reviewing remittances from global money service businesses (MSBs) over a several year period including a time of severe economic recession During this time period there was a regulatory change that drastically lowered the transaction amount al which ihe MSBs were required lo record identity documentation (e.g., driver's license passport) (or any wire transfers crossing international boundaries.
Which result suggests criminal actors have previously been using the system to transfer funds and avoid the reporting requirement?

A) The aggregate amount of money transferred from one country to another reduced sharply immediately prior to and after the new reporting requirements were enacted
B) There was an increase in Suspicious Transaction Reports (SARs/STRs) filed to the Financial Intelligence Unit (FIU)
C) There was an increase in the number of cross-border transmissions with an increased average value
D) The aggregate amount of money transferred from one country to another decreased sharply immediately prior to and increased sharply after the new reporting requirements were enacted

2. You are asked to investigate a potential fraud at an automobile dealership. The president of Bank A provides inventory financing to the dealership and suspects that it may be providing fraudulent documentation to the bank to increase its funding.
Which documents would provide the MOST effective evidence of potential fraudulent activity?

A) A list of vehicle identification numbers (VINs) at the dealership and Ihe accompanying internal bank list of VINs
B) Internal dealership records displaying names and contact information of all buyers of cars in the last two years
C) Shipping invoices for cars sold at the dealership and then transported out of state
D) Registrations of all cars sold by the dealership

3. You are investigating an attorney who is suspected of assistingMr.Jones in hiding his illegal drug proceeds Your investigation has disclosed a bank account controlled by the attorney that is in the nameofa shell company There is a seriesofbank transfers from this account to an account in Switzerland.
Which information would be MOST useful in demonstrating the lawyer's complicity in the money laundering activity?

A) Documents in which the attorney discusses buying illegal drugs directly from Mr Jones
B) E-mails indicating the attorney had knowledge that the funds transferred to Switzerland stemmed from drug sales
C) Records reflecting the signature of the lawyer on the initial filing of Ihe shell company
D) Financial records indicating Mr. Jones was using the bank transfers to place and layer illicit proceeds of drug sales

4. A financial institution operates in multiple jurisdictions and encounters challenges in ensuring consistent compliance with OFAC sanctions across its global operations. What would be the most effective approach for the institution to enhance cross-border sanctions compliance?

A) Implementing jurisdiction-specific sanctions compliance policies tailored to the regulatory requirements of each country.
B) Establishing a centralized sanctions compliance team responsible for overseeing compliance efforts in all jurisdictions.
C) Outsourcing sanctions compliance responsibilities to third-party service providers specialized in global compliance solutions.
D) Conducting regular risk assessments to identify jurisdiction-specific sanctions risks and adjust compliance measures accordingly.

5. Mr. Smith, a compliance officer at a financial institution, is tasked with evaluating the effectiveness of the institution's sanctions compliance program. Which of the following indicators would be most relevant for Mr. Smith to assess the program's effectiveness?

A) The number of transactions processed by the institution each month.
B) The diversity of the institution's client base.
C) The profitability of the institution's international business operations.
D) The frequency and adequacy of sanctions compliance training provided to employees.

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