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ACFCS Financial Crime Specialist Sample Questions:

1. Which two features of hawala make it particularly attractive to terrorist financing? Choose 2 answers

A) The nature of the hawala system is based on trust making formal records unnecessary
B) The hawala system generates a great deal of profits often used for terrorist financing
C) Hawala utilizes wire transfers thereby making it harder for authorities to track
D) The value of the transaction can be transferred across jurisdictions without the need for a hard currency transfer

2. A company has a number of Special Purpose Vehicles (SPVs) registered in the Cayman Islands Which legitimate purpose would the company use SPVs for as part of its operating structure?

A) To limit regulatory supervision in their home country
B) To eliminate some of the risk held at the parent company
C) To obscure Ihe relationships which the company has offshore
D) To evade tax liability on certain revenue streams

3. An account is opened for Restaurant A at your bank Jim Smith and Peter Sparks are co-owners of the restaurant, which is located in Odessa Ukraine Peter Sparks is a foreign politically exposed person affiliate because his brother, Steve Sparks is a senior government official.
Which two actions are required for anti-money laundering compliance? Choose 2 answers

A) Monitor transactions of the restaurant
B) Monitor personal transactions by Steve Sparks
C) Conduct due diligence and/or background check on Peter Sparks
D) Monitor Jim Smith's personal transactions

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

5. You are the chief compliance officer for a non-U S Bank that maintains some accounts in the name of U S residents Your country has signed a FATCA Model 1 inter-governmental agreement.
In developing your FATCA compliance program which should be incorporated into your program?

A) Once evidence indicates a relationship with a U S resident, an exemption to file form must be obtained
B) IRS reporting must include all account balances and securities held in the name of a US resident
C) Customer due diligence for FATCA should leverage your existing AML program
D) Customer due diligence for FATCA should be based on existing IRS requirements (or Qualified Intermediaries

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