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ACFCS Financial Crime Specialist Sample Questions:

1. 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) Close the case because the original alerts were false positives The country is not on a U.S. sanctions list
C) Update your sanctions filter parameters lo note that the new company with the similar name has been internally white-listed
D) inform your superiors that some business lines may be stripping transaction details and dealing with entities or regions on U.S. sanctions

2. You are an investigator in the compliance department of a bank in a border region. The country on the other side of the border has an active narcotics trade run by organized crime gangs operating on both sides of the border Recently, youhave become concerned your bank is being used by a narcotics gang to smuggle bulk cash out of your country.
Which evidence is Ihe strongest indicator that bulk cash smuggling is taking place?

A) Accounts at your bank have made a large number of wire transfers lo offshore jurisdictions
B) Your bank has increased transfers of large-denomination notes in your country's currency to banks across the border
C) There has been a sudden increase in deposit transactions from a third-party domestic bank to your bank
D) Your bank has logged a large number of transactions converting large denominations lo small denomination notes in its branches across the border

3. Mr. Smith, a compliance officer at a financial institution, is tasked with evaluating the effectiveness of the institution's sanctions compliance program. Which of the following indicators would be most relevant for Mr. Smith to assess the program's effectiveness?

A) The profitability of the institution's international business operations.
B) The frequency and adequacy of sanctions compliance training provided to employees.
C) The number of transactions processed by the institution each month.
D) The diversity of the institution's client base.

4. David is the owner of afast-foodrestaurant He has made deposits into his bank account totaling $123,000 of which S51,000 is from cash deposits of mostly small denominations David deposited the S51,000 into his bank account over a one-month period at three different branches using multiple employees to make the deposits which are detailed below.
Branch 1: Deposits were made on February 3 6 and 9 in the respective amounts-$4,000 S6,000 and $5,300 Branch 2: Deposits were made on February 6 9 and 12 in the respective amounts-S3,750, $3,200 and S9,850 Branch 3: Deposits were made on February 3 7. and 13 in the respective amounts-$5,300 $9,750 and $3,850 Which red flags are indicative of money laundering?
Choose 3 answers

A) Conducting transactions at multiple branches
B) Depositing round dollar amounts
C) Making multiple transactions under the reporting threshold
D) Having individuals other than the account signatory make deposits

5. You are investigating an attorney who is suspected of assistingMr.Jones in hiding his illegal drug proceeds Your investigation has disclosed a bank account controlled by the attorney that is in the nameofa shell company There is a seriesofbank transfers from this account to an account in Switzerland.
Which information would be MOST useful in demonstrating the lawyer's complicity in the money laundering activity?

A) Documents in which the attorney discusses buying illegal drugs directly from Mr Jones
B) E-mails indicating the attorney had knowledge that the funds transferred to Switzerland stemmed from drug sales
C) Records reflecting the signature of the lawyer on the initial filing of Ihe shell company
D) Financial records indicating Mr. Jones was using the bank transfers to place and layer illicit proceeds of drug sales

Solutions: