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ACFCS Financial Crime Specialist Sample Questions:

1. One of the tasks for an employee of a U S bank is to administer overseas large value drafts. The employee receives a draft from Country X that is identified as a high-risk and non-cooperative jurisdiction by the FATF According lo the FATF 40 Recommendations, which action should the employee take?

A) Request additional documentation to get a deeper understanding about the payer and the origin of the funds
B) Since the draft was issued in a non-cooperative country block the transaction
C) Verify the transaction's basic data according to the bank's international operations manual
D) Conduct an investigation according to the money laundering and the financing of terrorism norms/rules enforced and adopted by Country X

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

3. You are a money laundering investigator at a financial institution. You discover that the target of one of your cases was your direct supervisor during previous employment.
How should you proceed?

A) Continue working the case because the target of the investigation is not a family member or close associate
B) Notify your current supervisor and assure him or her you will maintain confidentiality on the case
C) Stop investigating the case and have it assigned to a coworker or supervisor
D) Use your inside information to build a stronger case

4. A new banking customer is flagged as a politically exposed person (PEP) from a developing country. This country is known for graft corruption, political oppression and very recently kleptocracy. You are an officer at a bank responsible lor determining if the bank will do business with this PEP.
Given your responsibilities as an officer which course of action is MOST ethical?

A) Download a law enforcement report about the PEP from WikiLeaks
B) While your employer does not forbid accounts from this country, recommend that enhanced due diligence be performed andthe customer be put on high-risk review
C) Contact the country's government regulator notifying them that the PEP is attempting to open an account and inquire as to the PEP's perceived status
D) Contact your personal network of compliance peers to see if they have filed any reports against the PEP in the past

5. Which is the MOST effective way to verify a company's registration information?

A) Access the jurisdiction's court system and search for any court cases against the company which will include the company's registration number and information
B) Conduct a Google advanced search using the keyword registration details to find articles or other pieces of information about the company
C) Examine the company's website
D) Access the jurisdiction's company registry repository and search lor the company name and retrieve the company's information

Solutions: