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ACFCS Financial Crime Specialist Sample Questions:

1. During an organizational overview of financial crime controls, Ms. Lee, the compliance analyst, discovers that certain high-risk customers have not undergone enhanced due diligence (EDD) as required by regulatory guidelines. What is the most appropriate action for Ms. Lee to take?

A) Ignore the issue as long as there have been no suspicious transactions involving the high-risk customers.
B) Document the findings and recommend the implementation of robust procedures for EDD.
C) Conduct a retrospective review of the high-risk customers' transactions to assess potential risks.
D) Notify senior management and request immediate termination of the high-risk customer relationships.

2. You are leading the learn at your organization that is tasked with updating the fraud risk assessment. The team determines that the current risk assessment effectively identified the universe of potential fraud risks faced by the organization. The risk assessment also captured how existing fraud riskmanagement and controls address the identified risks. However, the team found weaknesses in other areas.
Which two components should the team include in the development of a sound risk assessment? Choose 2 answers

A) An analysis of the financial resources required to address fraud risks
B) A risk matrix that defines management's risk tolerance
C) A robust and auditable investigation conducted in accordance with the antifraud policy
D) An analysis of the likelihood and materiality of fraud types

3. In the context of compliance programs and controls, what is the primary objective of conducting a risk assessment within a financial institution?

A) To generate revenue through risk management activities.
B) To allocate resources for regulatory compliance efforts.
C) To assess the financial institution's exposure to various types of risks.
D) To identify potential areas of non-compliance with internal policies.

4. Jane is a dual citizen of the United Stales and Country B a known lax haven, she has permanently relocated to Country B The lax authorities in the U.S. and Country B have a well-established cooperation agreement to reduce tax evasion.
Upon relocating in Country B she legally changed her name and obtained government identification in Country B's official language. She used this new identification to establish bank accounts in Country B. She created new shell companies and opened new business ventures which generated millions of dollars of income for her.
Jane files proper tax returns in Country B and discontinues filing U.S. income tax returns. Which statement is true?

A) Considering she permanently moved to Country B she is only responsible for filing tax returns in Country B
B) She broke Country B's tax laws by changing her name prior to opening new accounts since Country B now cannot match her records with the U.S. tax authorities
C) She broke U.S. tax laws by not notifying the institutions of her name change when opening new bank accounts in Country B
D) As a dual citizen she is responsible for filing tax returns in both the U.S. and Country B until she renounces her U.S. citizenship

5. Which suggests that countries review the adequacy of laws and regulations that relate to non-profit organizations because they are vulnerable to misuse that may further financing ol terrorism?

A) UN Security Council Resolution 1373
B) OECD Guidelines
C) Wolfsberg Principles
D) FATF Recommendations

Solutions: