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ACFCS Financial Crime Specialist Sample Questions:

1. You are a law enforcement agent who has received an anonymous tip about suspicious financial activities at Labor Way Inc. a company in your jurisdiction. Labor Way contracts with large corporations internationally to provide temporary employees, and handles payroll processing and lax withholding lor its temporary employees.
You begin an investigation into Labor Way and discover the following information:
* Labor Way's corporate bank account was opened in the name of a law firm that is acting as nominee
* Labor Way's financial records show a sharp increase in revenues and a corresponding increase in temporary employment contracts over the past two years
* Labor Way's transaction history shows periodic withdrawals of large amounts of cash that correspond with its payroll coming due
* Labor Way has recently gained a number of clients in other countries (where it is not located) including several in which it did not previously operate Based on (his information which is your MOST likely conclusion?

A) Labor Way may be involved in a money laundering scheme due to the presence of a beneficial owner who is hiding behind the nominee account
B) Labor Way may be committing employment tax fraud because its transaction records indicate it is paying all of US temporary employees in cash
C) Labor Way may be involved m a terrorist financing scheme because it has recently entered into contracts in overseas indications to which it has no prior business connections
D) Labor Way may be committing internal accounting fraud due to the substantial and unexplained increase in revenues

2. An offshore energy company is attempling to make payment to Iran for a bulk oil purchase The payment is routed through the offshore bank's New Y affiliate bank where the funds are converted to USD to be forwarded to Iranian Oil LTD, Tehran, Iran.
Which forward payment scheme is MOST likely to be used by banks to defeat the U.S. Office of Foreign Assets Control (OFAC) Sanctions?

A) Alternate Delivery Service (ADS) - referring to an automated clearing house service to forward payment to a service provider in a non-sanctioned country for final payment to Iranian Oil LTD
B) Stripping - removing the name and destination from the SWIFT messaging to mask the client's identity and location
C) Intermediated Delivery Service (IDS) - forwarding funds to a non-sanctioned affiliate bank not in the US lo be forwarded to a correspondent bank account inside Iran
D) Redirection - sending funds to an Iranian oil shell company in a non-sanctioned country and then wiring them to Iranian Oil LTD Tehran

3. Recently your database of customer records was compromised and hundreds of thousands of customer's personal data was stolen Based on the feedback from your customers you have surmised that the following occurred.
* Using the stolen customer information a personalized email was sent to all of the customers Irom the criminals with a significant amount of personal information in them to appear legitimate directing them to a fake website mimicking yours
* That fake website captured logins and passwords from customers for later use
* The criminals then used the logins and passwords to wire funds from those accounts to offshore accounts that they controlled Which type of attack is this?

A) Spear phishing
B) Login capture
C) Man-in-the-middle
D) Key logging

4. You were recently hired as a new sanction's analyst for a large international bank in your introductory training you were told the bank generally prefers to avoid doing business with jurisdictions on U.S. sanctions lists, but has supported transactions under "specific' and "general licenses".
In your day-to-day job you find a certain business line seems to be conducting transactions with companies in sanctioned countries and these transactions are flagged by your sanction's filters more than others When you researched the companies you found the transactions were not covered under a general or specific license When you raised this issue with the division's business line manager, he said it "was a mistake".
A week later, you saw a transaction to a company with nearly the same name except shortened and slightly altered. The transaction amount is the same but there was no mention of the sanctioned jurisdiction. The business line manager assured you it was a different company m non-sanctioned country Which is the MOST appropriate next step for you to take?

A) inform your superiors that due to conflicting information both companies should be the subject of a Suspicious Activity Report (SAR)
B) Update your sanctions filter parameters lo note that the new company with the similar name has been internally white-listed
C) Close the case because the original alerts were false positives The country is not on a U.S. sanctions list
D) inform your superiors that some business lines may be stripping transaction details and dealing with entities or regions on U.S. sanctions

5. You are a financial crime specialist who has been asked to investigate allegations of internal fraud at a construction supplies manufacturer Managers believe one or more employees are working with outsiders to siphon off company funds, but have little information on how it is happening.
The company s sales have grown significantly in recent months and it is expanding the geographic area in which it operates It relies on a large numberofthirdpartiesto conduct its operations, including distributors and sales agents You have started your investigation by examining invoices and other payment records made by the manufacturing company to thirdparties.
Which record would you prioritize as MOST suspicious?

A) invoices paid to a distributor that include sizable reimbursements lorunspecifiedtravel expenses
B) Transaction records that show commission checks larger than any other commission payments were issued to the mostexperiencedsales agent
C) Payment records to a new sales agent that demonstrate steadily increasing commissions requests over the past six months
D) Sales contracts that indicate a number ol new distributors in a city in wh.ch the manufacturer did not previously operate

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