ACFCS CFCS : Financial Crime Specialist

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ACFCS Financial Crime Specialist Sample Questions:

1. An individual wrote emails lo a local government posing as officials from companies with ongoing contracts with the government In the emails, he requested that wire transfers for payments owed be remitted to new bank accounts The emails appeared legitimate because they included valid but unlawfully obtained tax identification numbers for the companies In all the individual managed to steal nearly $2 million.
Which step would BEST address Ihe gap in the localgovernment'sfraud prevention program?

A) Conducting a fraud risk assessment of the controls used for funds transfer approvals
B) Conducting analyses of contractor tax identification numbers and their approved bank accounts
C) Conducting thorough due diligence on all contractors and subcontractors
D) Conducting more frequent bank reconciliations to screen for fraudulent electronic transactions

2. The bookkeeper lor Corporation A has been charged wilh embezzling corporate funds. It was discovered that the bookkeeper misappropriated customer checks received in the mail cashed the checks and wrote-off the accounts receivable asuncollectible. The corporation had policies to ensure there was a segregation of duties.
Which condition is MOST likely to have provided an opportunity for the bookkeeper to embezzle corporate income checks?

A) The bookkeeper and receptionist who opens the mail cover lor each other while the other is at lunch
B) The outside accountant receives and reconciles the monthly bank statement
C) The bookkeeper enters all payments received (rom customers into the corporate Cash Receipts Journal
D) The corporate mail duties of the receptionist which include logging the receipt of payments from customers are covered by a student intern when the receptionist calls in sick

3. Mr. X is a business consultant who specializes in helping European companies expand their operations into Latin America. You are part of a law enforcement unit investigating Mr. X who is under suspicion of assisting his clients to conceal bribe payments made to government officials in Latin American countries.
Mr. X is knowntocontrol a numberofdifferent companies andtheirrelated subsidiaries within severalLamAmerican countries. You are tracing (fundsthat originated from an account held by one of Mr.X's companies in the UK in an effort to establish that he is involved in the corruption and money laundering scheme.
Which would provide the BEST indicatorThatMr.X is helping to launder funds connected to bribery?

A) Funds that are being used in the operation of a business in ahigh-riskjurisdiction
B) Funds transferred into the account from a nondescript business with little information available about it
C) Funds transferred to business associates of Mr.X located in the European Union
D) Funds whose source can be traced to a corporate account in a country located in the European Union

4. According to the FATF 2012 recommendations which should countries do to ensure compliance around money remittance businesses?

A) Provide a list of all money remittance businesses to the Egmont Group
B) Prohibit money remittance businesses to be operated as a sole proprietorship
C) Require compliance measures to be implemented once a Suspicious Activity or Transaction Report (SAR or STR) has been died
D) Ensure proper identification and registration of persons operating money remittance businesses

5. In your job as an analyst with a securities regulator you are reviewing the movement and volatility in penny stocks. As part of your daily work, you review reports and you encounter this chart in the chart the dotted line represents the closing price and the bars represent average daily volume.

Which type of securities fraud should you begin investigating?

A) Cherry picking
B) Market manipulation
C) Front running
D) Insider trading

Solutions: