ACFCS Practice Test Questions And Answers Solved 100% Correct!!

Your bank has recently received an online application for a new business account from a company named Integral Operations, LLC. By reviewing the operating agreement and other documents included in the application, you determine that Integral is incorporated in the U.S. State of Wyoming. A review of the Wyoming corporate registry online shows that Integral was formed 10 years ago. An initial internet search finds no company website, and no further information on the company. The registered agent contact information and address on the company's most recent annual filing is for Biz Management 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? Your bank has recently received an online application for a new business account from a company n - B) Request a company organizational chart that includes members, directors, and other stakeholders. You are the compliance/risk officer at ABC Bank. Senior management recently released plans to issue the bank's first prepaid cards in the coming year. You are aware that drug trafficking cartels are active in regions in which your institution operates, and recent law enforcement cases have indicated that cartels may be using prepaid cards to move value across borders between your country and a neighboring country. As you evaluate the product team's proposed card features, which control may best mitigate the risk inherent in prepaid cards? A) Limit cash withdrawals to certain merchant category codes (MCCs). B) Impose low dollar limits on cash loads and withdrawals. C) Limit the number of loads within a specific time frame. D) Control the number of accounts allowed per person. - B) Impose low dollar limits on cash loads and withdrawals. You are investigating a Vietnamese clothing manufacturer that is allegedly laundering money for a human trafficking organization. Deposits to the manufacturer's bank account totaled $4.5 million (USD) for the year 2012. All deposits originated from a single source, a shipping corporation in Panama thatmakes payments through a bank account in Riga, Latvia. Payments are received through wire transfers. They are always in varying amounts of dollars and cents and the SWIFT messaging always states that the payments are for a line of men's suits. Which is LEAST likely to be a red flag for money laundering? A) The owner of the business who is the sole signatory of the bank account resides in another country. B) The shipping company is located in Panama, but payments originate from a Latvian bank in Riga. C) Payments to the manufacturer are only received from a single customer in another industry. D) The payments are in - D) The payments are in varying amounts and their purpose is always the same in the SWIFT messaging.