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ACFCS Financial Crime Specialist Sample Questions:

1. A mid-size bank receives a S35 000 wire transfer request in an email from the chief financial officer (CFO) of one of the bank's business clients. The client's head of accounting was copied on the message An employee at the bank replied to the email with a wire transfer form and agreement for the client to complete.
The CFO replied with the signed and completed forms the bank began processing the wire transfer and as a routine measure called the number in the CFO's email signature to validate request. The bank received verbal confirmation to complete the transfer.
The next day a bank employee receives a call from the head of the clients accounting department inquiring about the $35,000 transfer believing it to be an error. The bank employee says that the transfer was initiated by the company CFO and produces the wire transfer forms. The head of accounting says that no such transfer was authorized and connects the bank with the CFO to confirm this Now believing the transaction to be fraudulent the bank starts an attempt to reverse the wire transfer.
Based on this information which is a weakness in the bank's cybersecurity program?

A) The bank should have authenticated the request using contact information on file with the bank before processing the wire
B) The bank should have required a hard copy of the wire transfer agreement to be returned via fax before processing the wire
C) The bank should have scanned the completed wire transfer forms that the CFO attached to her email for malware used in account takeover schemes
D) The bank should have replied to the email and requested confirmation from the head of accounting in addition to the CFO

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

3. Recently your database of customer records was compromised and hundreds of thousands of customer's personal data was stolen Based on the feedback from your customers you have surmised that the following occurred.
* Using the stolen customer information a personalized email was sent to all of the customers Irom the criminals with a significant amount of personal information in them to appear legitimate directing them to a fake website mimicking yours
* That fake website captured logins and passwords from customers for later use
* The criminals then used the logins and passwords to wire funds from those accounts to offshore accounts that they controlled Which type of attack is this?

A) Key logging
B) Man-in-the-middle
C) Spear phishing
D) Login capture

4. A law enforcement agent is investigating the owner of a small grocery store thought to be involved in a financial crime scheme II is believed that the store owner is moving illicit proceeds, but it is not clear how it might be happening.
The agent is conducting surveillance on the grocery store and makes the following observations.
* Individuals occasionally enter the store and ask to speak with the owner, who meets with them and takes notes in a notebook he keeps on his person
* Individuals sometimes arrive at the store with small packages or bags and leave without groceries
* The owner periodically visits another store in the neighborhood that acts as an agent for a large international money services business The agent has subpoenaed the bank account and transaction records for the grocery store Transaction patterns do not seem out of the ordinary given the type of business and the area and no suspicious transaction reports have been filed on the account. The store is a sole proprietorship and the owner is not listed as owning or controlling any other business entities.
Based on this information what is the MOST LIKELY conclusion of Ihe law enforcement agent?

A) The store owner is involved in a tax fraud scheme
B) The store owner is operating as an unlicensed money remitter
C) The store owner is running an affinity fraud scheme
D) The store owner is conducting a terrorist financing operation

5. 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) 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
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) The partner company recently appointed a new CEO whose prior experience involved managing a state-owned airline in another country

Solutions: