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| Section | Objectives |
|---|---|
| Financial Crimes | - Money Laundering
|
| Fraud Schemes | - Financial Statement Fraud
|
| Fraud Investigation and Analysis | - Evidence collection and documentation
|
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NEW QUESTION # 155
John is a salesperson whose job requires him to entertain potential clients frequently. When John and another salesperson from a different company take a potential client to dinner, the other salesperson pays for the meal.
John creates his own receipt for the meal and submits the expense for reimbursement from his company.
John's scheme can BEST be characterized as:
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: John created a completely false expense claim for a meal that he did not personally pay for. This is a fictitious expense reimbursement scheme , where employees invent expenses and submit them for reimbursement.
* Analysis of Incorrect Options:
* A. Mischaracterized expense - Legitimate expenses claimed as business when they are personal. Not applicable here.
* C. Multiple reimbursement - Involves submitting the same receipt more than once. Not the case here.
* D. Overstated expense - Inflating a legitimate expense, which is not what John did.
* Key Concept: Expense reimbursement fraud - fictitious expenses .
Reference: ACFE Fraud Examiners Manual (2020) , Asset Misappropriation: Expense Reimbursement Schemes .
NEW QUESTION # 156
Which of the following is a red flag that might indicate that someone is attempting to commit insurance fraud?
Answer: A
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Filing a claim shortly after a policy begins is a classic red flag of potential insurance fraud, as it may indicate the loss occurred before coverage or is fabricated.
* Analysis of Incorrect Options:
* B. One prior claim in five years - Not unusual by itself.
* C. Small electronics/jewelry - Common theft items, not automatically suspicious.
* D. Recently purchased items with receipts - Strong documentation actually supports legitimacy.
* Key Concept: Insurance fraud red flags .
Reference: ACFE Fraud Examiners Manual (2020) , Insurance Fraud Indicators .
NEW QUESTION # 157
Antonia, a Certified Fraud Examiner (CFE), discovers that a loan applicant misrepresented their creditworthiness and income to qualify for a mortgage on a new house. Which type of loan fraud BEST describes the scheme that Antonia uncovered?
Answer: D
Explanation:
Detailed Explanation:
* Rationale for Correct Answer: Misrepresenting income, employment, or creditworthiness on a mortgage application is a classic example of residential loan fraud . This type of fraud occurs when borrowers provide false information to qualify for loans they would not otherwise receive.
* Analysis of Incorrect Options:
* B. Credit data blocking - Refers to suppressing negative credit information with fraudulent disputes.
* C. Double-pledging collateral - Involves using the same collateral for multiple loans.
* D. Linked financing - Occurs when loans are structured with related transactions to disguise financial exposure.
* Key Concept: Loan and mortgage fraud - misrepresentation of borrower information.
Reference: ACFE Manual, Financial Transactions - Loan Fraud .
NEW QUESTION # 158
Which of the following measures would be MOST EFFECTIVE for insurance companies to take to prevent fraud?
Answer: C
Explanation:
The correct answer is C. Reviewing insurance policy applications for irregularities, inconsistencies, and missing information before coverage is granted is an effective preventive control. Many insurance fraud schemes begin at the application or underwriting stage through false statements, omitted risk factors, fictitious policies, or misrepresentations about the insured. Careful pre-issuance review helps identify suspicious information before the insurer assumes risk. Option A is generally impractical and may raise privacy and legal concerns after claim payment. Option B is inappropriate because combining underwriting and claims processing in one person weakens segregation of duties. Option D is also poor practice because information sharing, where lawful and appropriate, can help insurers identify patterns, duplicate claims, and suspicious applicants. Strong underwriting controls are essential to fraud prevention.
NEW QUESTION # 159
Over two weeks, Samuel visits his financial institution multiple times and purchases bearer instruments with cash for amounts that are just under the mandatory reporting requirements for his jurisdiction. The financial institution's employees suspect that Samuel might be engaging in money laundering activity. Which of the following statements is TRUE if the jurisdiction's anti-money laundering regulations follow the Financial Action Task Force (FATF) Recommendations?
Answer: B
Explanation:
The correct answer is B because the FATF Recommendations require suspicious transaction reporting when a financial institution suspects that funds are connected to criminal activity or money laundering. Samuel's repeated purchases of bearer instruments in amounts just below the reporting threshold are classic structuring or smurfing indicators. The fact that each transaction falls below the mandatory cash reporting threshold does not eliminate the suspicious transaction reporting duty. Option A is incorrect because a cash transaction report is generally threshold-based, not merely based on suspicion. Options C and D are incorrect because bearer instruments and sub-threshold amounts are often used to avoid detection, making the activity more suspicious, not less. The ACFE material identifies this conduct as a key money laundering red flag.
NEW QUESTION # 160
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