ACFCS Financial Crime Specialist Sample Questions:

1. You are in charge of network security for a national financial institution. Despite your best efforts you have suffered a major data breach due to overseas hackers. You are now tasked with reacting to that breach.
Which action should you take immediately?

A) Terminate all external connections to devices that hold sensitive customer data
B) Deploy a new set of proxy firewalls to your intranet
C) Identify the sensitivity of the data and level of impact on the organization
D) Reconfigure all of your access devices lo refuse connections for any IP address that is international

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) Redirection - sending funds to an Iranian oil shell company in a non-sanctioned country and then wiring them to Iranian Oil LTD Tehran
B) 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
C) Stripping - removing the name and destination from the SWIFT messaging to mask the client's identity and location
D) 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

3. You arethe ChiefAnti-Money Laundering Officer for a large multinational financial institution and you are building your risk-based Enhanced Due Diligence (EDO) program.
Which business would LEAST likely be targeted tor EDD?

A) A law firm
B) A travel agency
C) A charitable organization
D) A storage facility

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

5. You are a compliance officer at a payment card provider You have been dealing with a number of suspected identity theft cases and are reviewing your policies and procedures to highlight red flags within customer behaviors that might be indicative of stolen identities.
Which are red flags in detecting and investigating identity theft? Choose 2 answers

A) The area code of the customer s personal phone number does not match the area code of his business phone number
B) The person presenting the identification seems to be much younger than his photo
C) An account that has been inactive for a long time has been closed by the customer
D) Mail sent to the customer is returned repeatedly as undeliverable even though transactions are being conducted on the account

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