ACFCS Financial Crime Specialist Sample Questions:

1. You work in a federal government agency processing benefits for millions of people who meet a specified sell of conditions (e. g, age, business size, medical necessity). The requests for benefits are filed electronically. Knowing that Fraudsters often falsely claim eligibility you have been asked to recommend analytical solutions to reduce the fraud across the agency's operations.
Which analytical or investigative method would MOST effectively identify potential fraudsters at the agency's enterprise level of operations?

A) Proactively screen transactions or claim requests against established business rules or criminal patterns prior to payment
B) Check for negative news information about applicants
C) Begin reviewing historical tax information to possibly conduct an audit of all suspicious applicants
D) Partner will a law enforcement agency to review each applicant prior to paying any benefits

2. Jose who resides in Country Y wants to send funds to Alicia in Country Z. Jose delivers funds to a merchant in Country Y who, in return gives him a code forauthentication purposes The merchant then instructs a colleague in Country Z to deliver an equivalent amount in the local currency to Alicia upon presentation of the designated code After the remittance the first merchant has a liability to the second Their positions can also be transferred to other intermediaries who can assume and consolidate the initial positions and settle at wholesale or multilateral levels.
Which type of transaction is this?

A) Multi-tiered transaction
B) Private transfer
C) Black Market Peso Exchange
D) Hawala

3. You are an investigator at a small bank Your transaction monitoring system alerts you to unusual activity happening in a business account for a consulting firm ABC Consulting.
The account activity consists of incoming wires from a personal account at another institution there are three to four incoming wires each week from one individual. The next day an outgoing check would be issued to the same person for a slightly larger amount with the memo "Wire reimbursement + fee " Web searches indicate that this person is employed by your customer ABC Consulting Additional activity consists of small cash deposits.
Which are Ihe red flags in this scenario? Choose 2 answers

A) The customer is a marketing consulting firm which is always considered a high-risk industry
B) The customer does not appear to be operating a legitimate business
C) Money being wired into this account from a personal account may constitute complying of funds
D) The customer may be layering transactions to conceal the source or purpose of funds

4. Through an annual review for an insured persons government-provided health insurance claims you determine that the applicant's eligibility has been consistently and significantly overstated. Further the medical justification reveals possible duplicate procedures within a short period of time All details and documents provided by the applicant are verified to be accurate and valid.
This type of fraud is usually initiated from which involved party?

A) Service or health care provider
B) No involved party, these are merely accidental errors in billing at the system level
C) Health insurance company
D) Beneficiary or claimant

5. Your bank has recently received an online application for a new business account from a company named ACE Operations, LLC By reviewing the operating agreement and other documents included in the application, you determine that ACE is incorporated in the U S state of Wyoming.
A review of the Wyoming corporate registry online shows that ACE was formed 15 years ago. An initial Internet search produces no company website or further information about the company. The registered agent's contact information and address on the company's most recent annual filing is for Capital Solutions a corporate services provider.
Concerned that ACE Operations appears to be a shelf corporation you are conducting further due diligence on the company's ownership structure Which is the MOST appropriate next step to take?

A) Request a certificate of good standing from the Wyoming corporate registry for ACE Operations
B) Request that the registered agent submit a self-certification of any parties with a 51% or greater ownership stake in ACE Operations
C) Request a company organizational chart that includes members, directors, and other stakeholders
D) Research annual filings in the corporate registry to determine if ACE Operations had any previous owners

Solutions: