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ACFCS Financial Crime Specialist Sample Questions:

1. A prosecutor in Country X needs to obtain the legally admissible testimony of Person A who resides in the United States, related to an ongoing criminal investigation Person A is incapable ol traveling and will only provide testimony if compelled by a court order in the U.S. There is no bilateral or multilateral treaty or convention that facilitates mutual legal assistance between these two countries.
Which should the prosecutor submit to obtain the testimony of Person A?

A) A Mutual Legal Assistance Treaty request
B) A Letters Rogatory request
C) A request for a litigation hold
D) A request for a production order

2. During a risk assessment of its customer onboarding process, a financial institution identifies a lack of adequate procedures for verifying the beneficial ownership of corporate clients. What is the most appropriate action for the institution to take to address this deficiency?

A) Immediately suspend all new customer onboarding activities until the procedures are updated.
B) Disregard the issue as long as corporate clients pass other due diligence checks.
C) Revise the customer onboarding procedures to incorporate requirements for verifying beneficial ownership.
D) Implement enhanced monitoring for transactions involving corporate clients with unidentified beneficial owners.

3. As an internal auditor for a commercial financial institution you are reviewing fixed term loans to a commercial customer that you are convinced were used to launder proceeds of crime.
Which three situations support your suspicion of money laundering? Choose 3 answers

A) The customer is now classified as higher credit risk and would no longer qualify for a loan
B) Loan proceeds were partly disbursed by wire to a higher risk country with strict customer privacy laws
C) Repayment firms were not followed and the loan was fully repaid early
D) The company's CFO is Ihe son-in-law of the Minister of Defense for a neighboring country

4. During a sanctions compliance training session, an employee asks about the consequences of facilitating transactions involving individuals or entities on a sanctions list. What is the most accurate response to the employee's inquiry?

A) Facilitating transactions involving sanctioned individuals or entities is permissible if authorized by senior management.
B) Facilitating transactions involving sanctioned individuals or entities may result in both civil and criminal penalties.
C) Facilitating transactions involving sanctioned individuals or entities may result in civil penalties but not criminal charges.
D) Facilitating transactions involving sanctioned individuals or entities is permissible if the transactions are conducted in foreign currency.

5. You are a law enforcement agent investigating an associate of Country X's former prime minister who is suspected of helping high-level government officials facilitate a scheme to misappropriate hundreds of millions of dollars in public funds. During your investigations, you uncovered a network of legal entities that you believe have been used to transfer and conceal the proceeds of this corruption scheme.
Through public record searches requests to law enforcement in other jurisdictions and subpoenas to financial institutions you have outlined the following arrangement.
* The associate contacted a relationship manager at a small private bank based in Country X to open a private bank account
* The associate's attorney created an offshore investment company Tropico, Ltd that holds the private banking account
* The associates attorney then appointed three shelf companies formed in Panama as Tropico's directors
* A fourth shelf company formed in the Cayman Islands was named as the primary shareholder You are now trying to determine the true owners behind the funds and assets concealed through this corporate structure Wh.ch is the MOST effect.ve next steptoidentify these individuals?

A) Obtain articles of incorporation for the shelf company formed in the Cayman Islands that was listed as primary shareholder
B) Obtain articles of incorporation for the three shelf companies formed in Panama and listed as Tropics directors
C) Obtain a subpoena that requires the relationship manager to provide testimony on the ownership structure of the legal entities
D) Obtain transaction records from the private bank to determine who transferred funds into the account after it was established

Solutions: