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ACFCS Financial Crime Specialist Sample Questions:

1. Company A a multinational manufacturing corporation, recently acquired a local company in Country Z that has a high level of state involvement in ihe economy and history of corruption Before purchasing the company. Company A hired a major international law firm to conduct a due diligence review and uncover any potential violations of global anti-corruption laws When the review came back free of issues Company A completed its acquisition.
Two years later executives from Company A were conducting their first anti-corruption compliance training with employees from the Country Z office During the training session Company A executives were alerted by Country Z-based employees that the distributors the company uses may be bribing government officials Company A had not conducted a review of distributors in Country Z, and when it began to look into the allegations it found widespread potential Foreign Corrupt Practices Act (FCPA) violations.
Which are two weaknesses in Company A's anti-corruption compliance program? Choose 2 answers

A) Company A did not include its distributors within Country Z when conducting its anti-corruption due diligence and training
B) Company A should have conducted anti-corruption compliance training as soon as possible after acquiring the company in Country Z
C) Company A failed to reach out directly togovernmentagencies within Country Z to request information on any history of corrupt payments at the company it was acquiring
D) The due diligence review should have been exclusively conducted by local counsel from within Country Z becausetheywould be better versed in the country's culture and laws

2. You are the head of fraud risk management for a company that provides telecommunications services to business customers Recently an employee in the customer service department has approached you with concerns about a rise in customer complaints concerning overbilling.
In the past three months an increasing number of clients have complained they have been charged for unspecified "administrative fees beyond their contracted rates. You inquire with your company s operations department about these administrative fees but they are not aware of any changes to services or policies that would have led to new fees for customers After conducting an audit of customer billings you discover that the issue is widespread and you suspect it may be part of an internal fraud scheme on the part of one or more employees.
You initiate an internal investigation of company employees. Which employee should you investigate FIRST?

A) An employee who has recently been disciplined lor chronic absenteeism and was placed on a performance improvement plan
B) An employee who is one of the leading sales learn members and is known for upselling existing customers on larger more profitable contracts
C) An employee who led the periodic audit of customer billing last year but has since been promoted to a different role within your company's internal audit unit
D) An employee who has oversight over accounts payable and is responsible for reviewing customer inquiries related to billing

3. A real estate developer secured a $9.5 million construction loan from the Bank of China for a high-rise office building When the developer declared bankruptcy. The bank realized that this had become a problem loan and they began to investigate the borrower.
The developer had submitted False invoices for work that was never performed In addition, a portion of the loan money was deposited into the construction business account to pay subcontractor invoices. These invoices were never paid instead the money was diverted into private bank accounts owned by the developer and his family members.
Which type of financial crime did the forensic audit uncover?

A) Pump and dump
B) Unlicensed money transmission
C) Money laundering
D) Sanctions violations

4. As the head of compliance (or a multinational bank you are reviewing new data security policies to keep customer data secure Your customer base includes many important political figures in your home country and any breach of security would lead to a significant loss of business.
To be safe you want a secure and stringent data security program.
Which is the BEST option to include in your data security program?

A) Require customers to answer security questions for all transactions
B) Require customerstoconfirm via email or phone any transaction that exceeds $10,000
C) Require customers and employees to use two-factor authentication to log in
D) Require all customers and employees to use the same standardized revised security protocols

5. An internal auditor is conducting a quality assurance review of sales results and records for a large U.S.
based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures.
In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards.
Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers.
Given this information which is the MOST likely conclusion the internal auditor will make?

A) The sales department may beinvolved in a fraudulent revenue recognition scheme related to hidden payment andrefundterms
B) The sales department may be involved in a tax evasion scheme involving falsified returns to disguise undisclosed assets
C) The sales department manager may be involved in an embezzlement scheme tied to the returned airplane parts
D) The sales department may be violating sanctions through the undocumented saleofdual-use goods to countriessubjectto U S sanctions

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