Exam (elaborations)
ACFCS Practice Test QUESTIONS AND ANSWERS VERIFIED BY EXPERT 100% CORRECT
- Course
- Institution
ACFCS Practice Test QUESTIONS AND ANSWERS VERIFIED BY EXPERT 100% CORRECT
[Show more]
Content preview
ACFCS Practice Test QUESTIONS AND ANSWERSVERIFIED BY EXPERT 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 - 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. - 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 - 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
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller StudySet. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $12.49. You're not tied to anything after your purchase.
Can Stuvia be trusted?
4.6 stars on Google & Trustpilot (+1000 reviews)
67096 documents were sold in the last 30 days
Founded in 2010, the go-to place to buy study notes for 14 years now