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ACFCS Financial Crime Specialist Sample Questions:

1. You work in Ihe investigations unit at a financial crime compliance department of a bank You have been assigned an alert to review a transaction in a customer account held by a small plumbing company.
The alert was produced on a funds transfer out ol the plumbing company's account to what appears to be a business account in another stale The customer appears to have initialed the funds transfer request yesterday evening a weekend day that is outside of the company s usual business hours. The company does not commonly conduct transactions with business accounts that are out of state and the amount was slightly larger than other outgoing funds transfers.
While reviewing this alert you realize that several other alerts on the account have just recently been generated all relating to outgoing transfers destined lor Ihe same out-of-stale business account.
Which is the MOST appropriate next step for you to take?

A) Flag the account as potentially compromised and open an investigation
B) Contact the customer to inquire about Ihe suspicious nature of the transactions
C) File a Suspicious Activity or Transaction Report (SAR/STR) on the transactions
D) Contact the business account receiving the funds transfers to inquire about their purpose

2. Bank A receives a wire transfer Irom Bank B located in another country. When run through Bank A's sanctions screening process, some of the identifying information of the entity initialing the transfer appears as a partial match with an entity on a sanctions list Bank A routinely processes wire transfers from Bank B and almost never runs into matches with sanctions lists.
Which further review should Bank A conduct on the wire transfer?

A) Bank A should contact Bank B lor confirmation that the entity is not on the sanctions list Once it receives written confirmation from Bank B's compliance staff it can complete the transfer without further investigation
B) No review is required Bank B would already have conducted due diligence for sanctions violations and further action would be duplicative and unnecessary
C) Bank A should reject the wire transfer and alert the regulatory or enforcement agency that administers the sanction immediately
D) Bank A should not complete the wire transfer until it gathers more information It should consult the full identifying information in the sanctions entry and attempt to find that information in the transfer

3. Ms. Johnson, the compliance officer at DEF Credit Union, is conducting a risk assessment of the credit union's mobile banking services. Which of the following factors should Ms. Johnson consider when assessing the risks associated with mobile banking?

A) The number of branches operated by DEF Credit Union.
B) The credit union's annual revenue.
C) The age demographics of credit union members.
D) The level of encryption used in the mobile banking app.

4. During a sanctions compliance review, a financial institution discovers that one of its clients has conducted transactions with individuals and entities on a sanctions list. What is the most appropriate action for the institution to take?

A) Report the findings to the relevant authorities and seek guidance on next steps.
B) Immediately terminate all business relationships with the client.
C) Conduct enhanced due diligence on the client and continue monitoring their activities.
D) Ignore the issue if the transactions were unintentional and the client is cooperative.

5. A pharmaceutical company is developing a new Alzheimer's drug All of the employees are subject to confidentiality agreements because the drug has not been publicly announced One of the employees talks to his doctor about this new drug.
Which are the possible crimes resulting from this breach of confidentiality? Choose 2 answers

A) The doctor collaborates with friends and family to invest in the company
B) The doctor asks to be included on the clinical trials of the drug thereby benefitting his own practice
C) The doctor decides to buy stock in the pharmaceutical company
D) The doctor broadcasts the news about this new drug to his Alzheimer's patients. giving them false hope

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