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ACFCS Financial Crime Specialist Sample Questions:

1. 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) Immediately suspend all transactions until the issue is resolved.
C) Request additional resources for the compliance department.
D) Ignore the increase in false positives as they are common in such systems.

2. You work in a federal government agency processing benefits for millions of people who meet a specified sell of conditions (e. g, age, business size, medical necessity). The requests for benefits are filed electronically. Knowing that Fraudsters often falsely claim eligibility you have been asked to recommend analytical solutions to reduce the fraud across the agency's operations.
Which analytical or investigative method would MOST effectively identify potential fraudsters at the agency's enterprise level of operations?

A) Check for negative news information about applicants
B) Proactively screen transactions or claim requests against established business rules or criminal patterns prior to payment
C) Begin reviewing historical tax information to possibly conduct an audit of all suspicious applicants
D) Partner will a law enforcement agency to review each applicant prior to paying any benefits

3. You are the chief compliance officer for a non-U S Bank that maintains some accounts in the name of U S residents Your country has signed a FATCA Model 1 inter-governmental agreement.
In developing your FATCA compliance program which should be incorporated into your program?

A) IRS reporting must include all account balances and securities held in the name of a US resident
B) Once evidence indicates a relationship with a U S resident, an exemption to file form must be obtained
C) Customer due diligence for FATCA should be based on existing IRS requirements (or Qualified Intermediaries
D) Customer due diligence for FATCA should leverage your existing AML program

4. Mr. Johnson, a compliance officer at ABC Corporation, is conducting due diligence on a potential business partner based in a foreign country. During the due diligence process, Mr. Johnson discovers that the potential partner's principal shareholder is a politically exposed person (PEP) from a country subject to OFAC sanctions. What is the most appropriate action for Mr. Johnson to take?

A) Proceed with the business partnership but disclose the involvement of the PEP to OFAC.
B) Proceed with the business partnership but conduct enhanced monitoring of transactions involving the PEP.
C) Seek guidance from OFAC on the permissibility of engaging with the potential partner.
D) Reject the business partnership due to the involvement of a PEP from a sanctioned country.

5. A client is introduced to a bank by an intermediary The intermediary is a reputable financial institution that is regulated in a foreign FATF compliant jurisdiction Regulation applicable to the bank requires the bank conduct due diligence with respect to the intermediary's clients Which statement is true in this situation according to the 2012 Wolfsberg Principles on Intermediaries?

A) It is not necessary (or a bank to perform due diligence on the intermediary's clients
B) The bank should perform its own due diligence on the underlying clients and may not rely on the intermediary to assist in obtaining due diligence information on the clients
C) The bank may rely on the intermediary to assist in obtaining relevant due diligence information with regard to the intermediary clients
D) The bank can rely on the intermediary's due diligence information because it is regulated in a foreign FATF compliant jurisdiction

Solutions: