ACFCS CFCS Value Pack (Frequently Bought Together)

An individual has approached your securities firm with interest in opening an account After an interview, you establish that the individual is an attorney who states that she is representing a consulting company located in another country She saysthatshe is the company s agent and is authorized to open an account on its behalf.
You request the attorney to fill out a questionnaire to gather more information on the consulting company's ownership She takes the forms and agrees to return them within the next few days.
In themeantime,you research the consulting company using public records, social media and other online sources The company's website is vague and online searches return very few results.However,you do find an annual report Irom this year that lists company members and shareholders One minority shareholder appears to beanothercorporation.
The attorney later returns the completed questionnaire You note that several shareholders listed are not the same as those on the annual report When you ask follow-up questions regarding the nature of the business and expectedtransactions,she reiterates that the client is a consulting firm that works in a variety of fields and it expects to conduct transactions with clients located in several different countries.
Which is the BEST next step for your institution to take?

• A. Ask the attorney to certify the owners of the consulting firm and do not move forward with account opening until they have been verified
• B. Compare the listing of company members and shareholders to the information provided on the consulting firms website
• C. File a suspicious activity/suspicious transaction report on the grounds that the attorney may be involved in illicit activity
• D. Research corporate registries and other sources to identify the owner of the company that is the minority shareholder of the consulting firm

Through an annual review for an insured persons government-provided health insurance claims you determine that the applicant's eligibility has been consistently and significantly overstated. Further the medical justification reveals possible duplicate procedures within a short period of time All details and documents provided by the applicant are verified to be accurate and valid.
This type of fraud is usually initiated from which involved party?

• A. No involved party, these are merely accidental errors in billing at the system level
• B. Service or health care provider
• C. Health insurance company
• D. Beneficiary or claimant

You are investigating a multi-national company for financial fraud As part of your investigation, you would like to determine whether the company has complied with applicable tax laws in the jurisdictions in which it operates As a preliminary starting point you need to know the applicable laws relating to exchange of tax information.
Other than contacting the governments of each jurisdiction which organization's website would have the MOST effective resources for obtaining such information?

• A. United Nations Office of Drugs and Crime (UNODC)
• B. World Bank Doing Business Project
• C. Internal Revenue Service (IRS)
• D. Organization for Economic Cooperation and Development (OECD)

How are trade price manipulation schemes used to launder criminal proceeds?

• A. By transferring funds offshore through invoicing schemes for non-existent good and services
• B. By obscuring the money trail through offshore bond swaps and fraudulent letters of credit
• C. By transferring value between related criminal enterprises through the fraudulent misrepresentation of the value of exported commodities
• D. By serving as a balancing mechanismtosettle payments between unregistered hawalas and other informal value transfer systems

Which scenario is an example of the placement stage of money laundering?

• A. A Mexican money broker deploys couriers across the U S border where they deposit drug cash into the U S National Bank of San Diego
• B. A multiple lax refund scheme fraudster transfers the proceeds of his illicit tax refund from a prepaid debit card to a foreign bank account through an online funds transfer service
• C. A money laundering organization moves illicit drug proceeds into the U S financial system through a wire transfer into the correspondent account of a Guatemalan Bank domiciled at a U S financial institution
• D. A Ponzi scheme operator uses his debit card associated with his British Virgin Islands bank account to withdraw cash from an ATM machine in the U.S.