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ACFCS Financial Crime Specialist Sample Questions:

1. A large banking institution retains a collections law firm to determine if a $25 million default on a commercial loan is fraud. The attorneys need to determine if the defaulting parly is worth pursuing in civil litigation by first determining if the defaulting entity and/or individual committed fraud by intentionally defaulting.
Which is an indicator or a red flag that the defaulting party could be committing fraud?

A) The individual or entity involved in the default loan maintains numerous holding companies
B) The loan IS collateralized by accounts receivable
C) A history of bankruptcies is found relating to the defaulting entity or individual
D) The payments toward the loan have been delinquent many times over several years of maintaining Ihe loan

2. During a routine review, a compliance officer at a financial institution discovers that one of its customers has provided false information to evade OFAC sanctions. What is the most appropriate action for the compliance officer to take?

A) Advise the customer to correct the false information and continue business as usual.
B) Immediately terminate the customer's account and report the incident to OFAC.
C) Conduct enhanced due diligence on the customer and notify senior management of the findings.
D) Ignore the false information if it does not directly impact the institution's operations.

3. You are an auditor reviewing the financial statements of a firm that manufactures construction equipment The firm's sales have slowed in recent months. Within the last quarter it has closed one of its lactones, however the firm's management are still reporting a positive outlook. Concerned shareholders have asked you to investigate (or possible signs of improper accounting or fraud.
You are reviewing two balance sheets from the start and end of the quarter below Given this information and your knowledge of the company s status which issue is MOST likely to be a red flag?

A) Wages payable has reduced by nearly $100,000 in the last three months
B) Other liabilities have remained roughly the same over the three-monlh period despite a decline in total liabilities
C) The firm's property plant and equipment have dropped substantially in the past three months
D) Receivables and inventory levels have increased over three months despite a reduction in sales

4. Your firm has been retained aspairof a complex internal fraud case for a large corporation.Aspartof the investigation you are seeking to collect transaction records held in a subsidiary office located in another country.
The country has strict laws governing cross-border sharing of its citizens' personally identifiable information It does allow data sharing under sate harbor agreements with companies that meet certain data protection standards but your company does not currently have the criteria for such an agreement.
You are not sure il the records you are seeking would contain personal information subjecttothe country's data privacy laws but the matter is time-sensitive and reviewing these records is considered essential to move forward.
Which is Ihe BEST next step lo lake in your investigation?

A) Request that the transaction records be transmitted to your country immediately then delete any personally identifiable information during the review process
B) Submit a request to law enforcement in the subsidiary's country to assist with searching and seizing the transaction records
C) Review the transaction records within the subsidiary s country and only transmit relevant non-personal data back to your country
D) Initiate a review of your company's data protection standards lo identify any needed improvements and start the process to applyfora safe harbor agreement

5. A small but very successful construction company is expanding rapidly Having quickly gone from just a few employees to a larger staff the company's managers have become concerned about the possibility for internalTheftand fraud, and are implementing compliance measures.
The company promotes one of its current HR employees to be the new head of compliance It institutes a new whistleblower policy in which all employees are required to report suspicious behavior or transactions directly to their immediate supervisor who will escalate as necessary.
The company also institutes a gifts and entertainment policy that restricts promotional expenses for the company's sales staff and any managersthatinteract with clients and vendors Finally the company starts a selective review process for all invoices above a certain threshold subjecting them to senior management review.
Based on this scenario which is the MOST significant weakness in the company's efforts to detect and prevent internal financial crime?

A) Thewhistleblowerpolicy - Reporting should never go through the company's business lines it should lake place anonymously
B) The promotion of a current employee as head of compliance - Compliance officers should always be hired externally to minimize the chances of internal fraud
C) The gifts and entertainment policy - The policy is not comprehensive enough and should include all company employees not only sales staff and management
D) The Policy ofinvoice review - All invoices should be subject to senior management approval not only those above a certain level

Solutions: