ACFCS Financial Crime Specialist Sample Questions:

1. During a training session on OFAC compliance, an employee asks about the consequences of processing transactions involving individuals or entities designated under OFAC sanctions programs. What is the most accurate response to the employee's inquiry?

A) Processing transactions involving individuals or entities designated under OFAC sanctions programs may result in civil penalties but not criminal charges.
B) Processing transactions involving individuals or entities designated under OFAC sanctions programs may result in both civil and criminal penalties.
C) Processing transactions involving individuals or entities designated under OFAC sanctions programs is permissible if authorized by senior management.
D) Processing transactions involving individuals or entities designated under OFAC sanctions programs is permissible if conducted through offshore accounts.

2. Your bank has recently been targeted by cyber attackers who have compromised the institutions network and stolen some customers online account credentials to conduct account takeovers.
Your team is responsible for reporting the incident to law enforcement and regulatory authorities which includes filing Suspicious Activity or Transaction Reports (SAR/STR) You are reviewing accounts that are thought to have been affected to determine if reporting is needed.
Which of the findings below would MOST likely trigger a SAR/STR report?

A) A customer's account has not displayed any transaction activity in more than a month
B) An account received a fairly large cash deposit shortly before the cyber incident started
C) An account displays several withdrawals from ATMs within the past three days
D) An account has recently initiated a series of funds transfers to previously unknown recipients

3. You are conducting a due diligence review of one of your firms' high-risk clients He runs an international import/export business and transacts in multiple currencies including Bitcoin. You notice a suspicious outgoing transaction Irom your firm and know your client often converts his currency to Bitcoin Since all transactions are public on the Bitcoin blockchain. you conduct research online and find the following string that coincides with the date, time and approximate amount of your client's transaction.

You want to contact Bitcoin to learn if this is, in fact your client.
Which part of the encrypted transaction can Bitcoin confirm for you?

A) Bitcoin cannot confirm any information
B) The ISP identifier
C) If either party is a merchant and the purpose of the transaction
D) The type of the currency converted to Bitcoin

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

5. You are asked to investigate the apparent deterioration of financial condition within a company.

Considering the income statement above where should you begin your investigation?

A) Administrative Expenses
B) Sales Expenses
C) Net Receivables
D) Cost of Goods Sold

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