ACFCS Financial Crime Specialist Sample Questions:

1. You are conducting a due diligence review of one of your firms' high-risk clients He runs an international import/export business and transacts in multiple currencies including Bitcoin. You notice a suspicious outgoing transaction Irom your firm and know your client often converts his currency to Bitcoin Since all transactions are public on the Bitcoin blockchain. you conduct research online and find the following string that coincides with the date, time and approximate amount of your client's transaction.

You want to contact Bitcoin to learn if this is, in fact your client.
Which part of the encrypted transaction can Bitcoin confirm for you?

A) If either party is a merchant and the purpose of the transaction
B) The type of the currency converted to Bitcoin
C) Bitcoin cannot confirm any information
D) The ISP identifier

2. A law enforcement agent is investigating a properly within her jurisdiction that she believes may have been purchased with the proceeds of an online Fraud scheme. The property in question is a luxury condominium in a high-end residentialcommunity in a large urban area. It does not appear to be currently occupied and the agent suspects the properly might be used to integrate the fraudster s illicit profits.
After reviewing the case notes collected to date in the investigation the agent determines that the properly was purchased in the name of a shell company formed in another jurisdiction known for a high degree of corporate secrecy The agent is seeking to identity the beneficial owner of the properly to tie its purchase back to the proceeds of the fraud scheme.
Which is Ihe BEST next step in her investigation to find sources ol information that could identify the property's beneficial owner?

A) Subpoena all financial institutions in the property s surrounding area to determine it any helped facilitate the sale of the property
B) Submit a mutual legal assistance treaty (MLAT) request to the authorities ol the jurisdiction where the shell company is located to ask for their help in the case
C) Subpoena the title insurance agency that assisted with reviewing and underwriting the transfer ol the property's title
D) Conduct physical surveillance on the property and surrounding area to determine who is living in the location

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

4. An account is opened for Restaurant A at your bank Jim Smith and Peter Sparks are co-owners of the restaurant, which is located in Odessa Ukraine Peter Sparks is a foreign politically exposed person affiliate because his brother, Steve Sparks is a senior government official.
Which two actions are required for anti-money laundering compliance? Choose 2 answers

A) Conduct due diligence and/or background check on Peter Sparks
B) Monitor transactions of the restaurant
C) Monitor Jim Smith's personal transactions
D) Monitor personal transactions by Steve Sparks

5. You are a manager in Ihe fraud department of a regional bank Upon returning from a three-day weekend one of your analysts informs you that in the last 48 hours a high volume of suspicious activity has been detected in a number of a small business accounts.
The accounts are showing a similar pattern - first a small funds transfer to institutions in other countries followed by a series of larger transactions to the same institutions initiated in rapid succession.
Concerned about the activity you contact your senior compliance managers and recommend these transactions be suspended or clawed back pending further investigation. Based on the information available which additional steps should you recommend?
Choose 2 answers

A) Contact the cybersecurity department to alert them that your institution may have been the victim of a data breach
B) Suspend all active credit cards currently issued to small business accounts and issue new ones
C) Require the bank to call a known number to confirm all international transactions from small business accounts
D) Contact small business accountholders to alert them that they may have been the victims of a ransomware attack

Solutions: