ACFCS Financial Crime Specialist Sample Questions:

1. You arethe ChiefAnti-Money Laundering Officer for a large multinational financial institution and you are building your risk-based Enhanced Due Diligence (EDO) program.
Which business would LEAST likely be targeted tor EDD?

A) A storage facility
B) A charitable organization
C) A travel agency
D) A law firm

2. A company is concerned that its prepaid cards could be used by identity thieves seeking to launder funds.
You have been asked to examine its card program and designate features to reduce the risks of the cards being abused.
Which policy would MOST reduce the risk ol money laundering?

A) The cards expire one year after their issue date and the funds revert to the customer
B) The cards hold a low maximum value and can be reloaded by the customer several times a day
C) The cards can be used al merchants' points of sale to get cash back on purchases
D) The cards must be reloaded at the original point of sale using a debit or credit card

3. A large financial institution provides both analysis and research services and investment management services. An analyst is preparing to publicly release a major report that may impact the stock prices of several large corporations. The analyst has contacted a senior compliance officer saying that one of the institution's traders has requested an advance copy of Ihe report. The analyst believes the report may allow the trader to make trades that will benefit several of his clients. The analyst is asking for advice on how to proceed.
Which course of action should be taken in this scenario?

A) The analyst should share the full report as long as the trader signs a disclosure that he will not trade on his clients' accounts based on this information
B) The analyst should not provide the full report until it is publicly released through widely accessible channelsatthat point the report can also be shared with traders inside the institution
C) The analyst should not share the full report However she can request more details on the trader's clients and trading positions and provide limited information tailored to those circumstances
D) The trader's request is a breach of ethics requiring disciplinary action The trader could receive penalties including not being allowed to conduct trades on behalf of his clients for several business days

4. James Thieferlon has stolen Linda Victim's ATM card and PIN James withdrew a total of $10,000 from Linda's checking account over several transactions using several ATM machines James then created lake invoices on hisbrother'scompany stationary to make it appear as though he provided S15,000 of IT goods for his brother's import/export company. From there, he presented the invoices to his bank and deposited the stolen S10,000 with the legitimate S5,000 he made from selling personal goods on the Internet.
Which step could be considered money laundering?

A) Creating false invoices for his brother's import/export company
B) Smurfing committed by withdrawing the stolen $10,000 from several ATMs in small values
C) Depositing the money into his own bank account with the legitimate $5,000
D) Not openly declaring the $5,000 as Interne! sales revenue to be able to claim different taxes on them

5. You work in cybersecurity lor a chain of retail stores. An employee in your security team has recently notified you of a potentially serious issue with the point of sale (POS) systems which run on the company s network Upon reviewing data being transmitted Irom the POS systems the employee has detected indicators that malware designed to scrape credit and debit card information is being run on the systems.
You immediately mobilize your cyber incident response team and begin investigating You discover thai the malware infection is widespread and that numerous stores are affected.
In the course of the investigation you discover the following information Which is the MOST likely vulnerability that led to this cybersecurity incident?

A) Employees at several stores were accessing unsecured Wi-Fi networks during work hours on their personal devices
B) Your company had not recently run password cracking tests against the portals used to log in to the POS systems
C) The network running the POS system was also used for Ihe online portal that employees used to log their hours
D) The software applications supporting the POS system were configured to automatically install updates when available

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