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ACFCS Financial Crime Specialist Sample Questions:

1. You are an examiner with Ihe regulatory agency in your jurisdiction that oversees money services businesses (MSBs).
You are conducting an examination of a midsize MSB with agents located domestically and in several countries. A previous examination last year found numerous weaknesses in Ihe MSB s anti-money laundering and fraud prevention programs, and you are reviewing these programs to determine if improvements have been made.
Which activity would MOST likely lead your agency to lake further regulatory action against the MSB?

A) The MSB has not updated the AML training it provides to its agents in almost four months
B) The MSB is not applying FATCA's withholding tax to its domestic money transactions
C) The MSB's suspicious activity/transaction report (SAR/STR) filings related to cybercrime have increased in the past year
D) The MSB has suspended agents found to be facilitating fraud schemes and allowed them to rejoin as a new company

2. Your bank is considering entering into a correspondent relationship with a respondent bank Your bank does not have any existing business relationship with this respondent bank and has never worked with the respondent bank in the past.
Based upon FATF Recommendations which statement is true?

A) Your bank is required to apply the same due diligence measures to this respondent bank that it has applied when evaluating respondent banks in other jurisdictions lo avoid inequitable practices
B) Your bank is required to conduct enhanced due diligence on the respondent bank which includes conducting due diligence on customers of the respondent bank
C) Your bank should not enter into a correspondent relationship with the respondent bank if it is a small local or regional bank because of the inherent risk concerns with these institutions
D) Your bank is required to gather information to understand the respondent's business reputation quality of its supervision and anti-money laundering and counter-terrorist financing controls

3. Ms. Rodriguez, the compliance officer at XYZ Bank, is reviewing the bank's sanctions screening process.
She notices that the screening system has a high rate of false positives, leading to delays in processing transactions. What is the most effective approach for Ms. Rodriguez to improve the efficiency of the sanctions screening process?

A) Disable the sanctions screening system to eliminate false positives altogether.
B) Increase the threshold for triggering sanctions alerts to reduce the number of false positives.
C) Enhance the screening system with advanced technologies such as machine learning and artificial intelligence.
D) Implement manual review procedures for all transactions flagged as potential matches.

4. A customer wishes to open a personal account at Bank A with a cashier's check A representative at Bank A has the customer fill out a questionnaire including questions about the source of wealth as well as the primary purpose of the account.
To perform appropriate due diligence which three activities should Bank A perform? Choose2answers

A) Conduct enhanced due diligence due to the account being opened with a cashier's check
B) Verity the customer's personal details such as the customer's address both via his provided identification and independently through public record searches
C) Confirm the customers source of wealth including verification of employment
D) Take into account factors such as whether the customer lives in a high-risk jurisdiction

5. Company A is a New Jersey-based company, that trades in the metals industry and has been in business for less than two years. To augment their financing, they approach several banks to obtain loans to be repaid in
180 days. The collateral for the loans is the receivables. When the banks ask Company A for documentation to support the receivables, they are presented with documentation that suggests the receivables are coming from customers in various industries none of which have anything to do with metals.
Which is a red flag of illegal incoming revenue to an entity?

A) The receivables transactions have no business or apparent lawful purpose related to the metals industry
B) A relatively young company approaching several banks for a loan is very unusual
C) The loans are very short-term and should not be used to augment their financing
D) it is very unusual for a company to secure a loan based on receivables from other companies

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