ACFCS PRACTICE TEST WITH ALL CORRECT & 100%
VERIFIED ANSWERS|UPDATED TO PASS
1. Your bank has recently received an online B) Request a
application for a new business account from company or-
a company named Integral Operations, LLC. ganizational chart that
By reviewing the operating agreement and in- cludes members,
other documents included in the ap- direc- tors, and other
plication, you determine that Integral is stakehold- ers.
incorporat- ed 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
infor- mation and address on the company's
most recent annual filing is for Biz Management
Solutions, a corpo- rate services provider.
Concerned that ACE Operations appears to be
a shelf corporation, you are conduct- ing
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 B) Impose low dollar
company n lim-
2. You are the compliance/risk officer at ABC
Bank. Se-
nior management recently released plans to issue the its on cash
loads and with-
bank's first prepaid cards in the coming year. have
You are aware that drug trafficking cartels are indicated
active in regions in which your institution that cartels
operates, and recent law en- forcement cases may be
1/
25
,ACFCS PRACTICE TEST WITH ALL CORRECT & 100%
VERIFIED ANSWERS|UPDATED TO PASS
using prepaid cards to move value across drawals.
borders be- tween 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?
2/
25
, ACFCS PRACTICE TEST WITH ALL CORRECT & 100%
VERIFIED ANSWERS|UPDATED TO PASS
A)Limit cash withdrawals to certain merchant
category codes (MCCs).
B) Impose low dollar limits on cash loads and
with- drawals.
C) Limit the number of loads within a specific
time frame.
D)Control the number of accounts allowed per person.
3. You are investigating a Vietnamese clothing manufac- D) The
payments are in
turer that is allegedly laundering money for varying amounts and
a human trafficking organization. Deposits to their purpose is
the manufactur- er's bank account totaled always the same in
$4.5 million (USD) for the the SWIFT mes-
year 2012. All deposits originated from a single source, saging.
a shipping corporation in Panama that makes
pay- ments through a bank account in Riga,
Latvia. Pay- ments 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
3/
25
VERIFIED ANSWERS|UPDATED TO PASS
1. Your bank has recently received an online B) Request a
application for a new business account from company or-
a company named Integral Operations, LLC. ganizational chart that
By reviewing the operating agreement and in- cludes members,
other documents included in the ap- direc- tors, and other
plication, you determine that Integral is stakehold- ers.
incorporat- ed 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
infor- mation and address on the company's
most recent annual filing is for Biz Management
Solutions, a corpo- rate services provider.
Concerned that ACE Operations appears to be
a shelf corporation, you are conduct- ing
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 B) Impose low dollar
company n lim-
2. You are the compliance/risk officer at ABC
Bank. Se-
nior management recently released plans to issue the its on cash
loads and with-
bank's first prepaid cards in the coming year. have
You are aware that drug trafficking cartels are indicated
active in regions in which your institution that cartels
operates, and recent law en- forcement cases may be
1/
25
,ACFCS PRACTICE TEST WITH ALL CORRECT & 100%
VERIFIED ANSWERS|UPDATED TO PASS
using prepaid cards to move value across drawals.
borders be- tween 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?
2/
25
, ACFCS PRACTICE TEST WITH ALL CORRECT & 100%
VERIFIED ANSWERS|UPDATED TO PASS
A)Limit cash withdrawals to certain merchant
category codes (MCCs).
B) Impose low dollar limits on cash loads and
with- drawals.
C) Limit the number of loads within a specific
time frame.
D)Control the number of accounts allowed per person.
3. You are investigating a Vietnamese clothing manufac- D) The
payments are in
turer that is allegedly laundering money for varying amounts and
a human trafficking organization. Deposits to their purpose is
the manufactur- er's bank account totaled always the same in
$4.5 million (USD) for the the SWIFT mes-
year 2012. All deposits originated from a single source, saging.
a shipping corporation in Panama that makes
pay- ments through a bank account in Riga,
Latvia. Pay- ments 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
3/
25
