Exam (elaborations)

ACFCS Practice Test UPDATED Actual Exam Questions and CORRECT Answers

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Course
ACFCS

Institution
ACFCS

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Uploaded on September 16, 2024
Number of pages 9
Written in 2024/2025
Type Exam (elaborations)
Contains Questions & answers

Institution ACFCS
Course ACFCS

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ACFCS Practice Test UPDATED Actual
Exam Questions and CORRECT Answers
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 - CORRECT ANSWER- ✔✔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. - CORRECT ANSWER- ✔✔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 that makes 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 - CORRECT ANSWER- ✔✔D) The payments are in varying
amounts and their purpose is always the same in the SWIFT messaging.

Uniform Solutions is a wholesale clothing maker and retailer that produces and sells uniforms
to government agencies and large institutions. Recently, the company has heard that Country
Z is looking for a new supplier for its military uniforms. The country has a long history of
governmental corruption. Uniform Solutions is eager to secure the contract but does not have
many connections in Country Z. A company manager proposes to hire a group of sales agents
in Country Z to help make contacts and negotiate with government officials. You have been
asked to review the business arrangement with the sales agents before a contract is signed to
ensure anti-corruption compliance. What would be the best steps for Uniform Solutions to
take before they execute the contract?

A) The company should ensure the fees and commissions paid to the sales agents are higher
than average to reduce the likelihood they will engage in bribery - CORRECT ANSWER-
✔✔B) The company should ensure the contract with the sales agents includes a provision
explicitly forbidding bribery and corrupt payments, and require agents to sign it.

C) The company should conduct a thorough search of public and paid databases for any
negative news on the sales agents and their company.

You are conducting a country-level corruption risk assessment for a corporation planning to
expand into several new jurisdictions. Which of these sources would most likely provide the
most useful starting point for your assessment?

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Exam (elaborations) ·

Exam (elaborations)

ACFCS Practice Test UPDATED Actual Exam Questions and CORRECT Answers

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