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ACFCS Financial Crime Specialist Sample Questions:

1. You are a fraud investigator who is working lor a large hardware and construction supply retailer that believes it is losing revenue to internal theft and embezzlement. The company has many vendors and fraudulent invoicing is suspected as a source of lost funds.
You have gathered records on payments to vendors from the accounts payable department, and are now going vendor by vendor to analyze documents and look for sources of fraud. You are currently reviewing information on one vendor, Quality Goods, Inc.
* Twenty invoices were received and paid from Quality Goods in the past six months
* Sixteen invoices were for amounts of about S9,000 dollars each Two were just below S1,000 and the remaining two were for amounts of about $3,000
* Purchase orders for items from Quality Goods total about $130,000
* Descriptions of items purchased varies somewhat by invoice but they generally describe different types of plumbing supplies Given this information what would be the most likely red flag?

A) The number of invoices appear to exceed what would be reasonably expected in a six-month period
B) The majority of the invoices from Quality Goods appear to be in amounts that would indicate structuring
C) The amount invoiced by Quality Goods appears to exceed total purchase orders
D) The descriptions of items purchased on the invoices do not appear to match the company's business

2. You have been askedtoreview Ihe annual report lor astartupcompanythatprovides digital identity verification services to online merchants. The company's founder has recently approached several groups of investors to sell a portion of his shares in the company, but after reviewing financial statements the investors had concerns over potential improper accounting to misrepresent the company's position and have asked you to review further.
Based on Ihe annual report it appears the company's total net position has increased each quarter for the past year Looking at sales records you determine a significant portion of the company's revenue comes from one client, a contract with a software development firm for $800,000 each quarter.
Whichfurtherfinding from the annual report and financial statements is Ihe BEST focus for your investigation?

A) The company incurred a tax charge this year of over $120,000
B) The company lists an increase in expenses this year due to changes in overtime payment policies
C) The company has a 10% increase in accounts payable year over year
D) The company s largest expense is a quarterly payment of $790,000 for coding services

3. You are a manager in Ihe fraud department of a regional bank Upon returning from a three-day weekend one of your analysts informs you that in the last 48 hours a high volume of suspicious activity has been detected in a number of a small business accounts.
The accounts are showing a similar pattern - first a small funds transfer to institutions in other countries followed by a series of larger transactions to the same institutions initiated in rapid succession.
Concerned about the activity you contact your senior compliance managers and recommend these transactions be suspended or clawed back pending further investigation. Based on the information available which additional steps should you recommend?
Choose 2 answers

A) Require the bank to call a known number to confirm all international transactions from small business accounts
B) Suspend all active credit cards currently issued to small business accounts and issue new ones
C) Contact small business accountholders to alert them that they may have been the victims of a ransomware attack
D) Contact the cybersecurity department to alert them that your institution may have been the victim of a data breach

4. A compliance officer at AirPlus a large aerospace firmthatproduces airplanes for commercial and military use was contacted by a director of one of the firm's business partners The director had concerns over potential irregularities in recent transactions and business dealings in matters connected to AirPlus and her company.
The business partners company is located in a country where state-owned enterprises are heavily involved in the airline industry AirPlus has recently wonseveral large contracts in the country to build airplanes for slate-owned enterprises.
The director of the partner company believes these contracts may have been secured through bribes paid by AirPlus to government officials and suspects that the recent unusual activity she has noted indicate her company was utilized in the bribery scheme.
The director has flagged four instances to bring to your attention Which is the BESTindicatorof bribery?

A) The partner company received a series of zero-interest loans from the aerospace company with open-ended repayment terms in recent months
B) The partner company recently appointed a new CEO whose prior experience involved managing a state-owned airline in another country
C) The partner company recorded an increase in operating costs in financial statements in recent months and an increase in the number of employees ,
D) Sales agents for the partner company received large bonuses after closing a deal to produce planes for the country's national airline in recent months

5. You operate a convenience store that also sells and cashes money orders and offers wire transfer services.
Which three activities on their own are sufficient red flags to warrant further due diligence into whether a transaction may be related to terrorist financing? Choose 3 answers

A) Several customers receive a monthly wire transfer of funds from the same business which has an address in a high-risk jurisdiction
B) A customer who has recently immigrated to the country sends funds to a high-nsk jurisdiction, where they used to live
C) On a weekly basis a customer wires S2 500 to the charity Middle Eastern Orphans and Refugees Relief Association with a post office box address in New York City
D) Every week immediately upon receiving a money transfer the customer purchases a series of money orders, prepaid debit and phone cards to be sent to other individuals

Solutions: