ACFE Law 3

Question 1

Under the False Claims Act, the qui tam provision allows:

Accepted Answer

Private citizens to file lawsuits on behalf of the government and share in any recovery

Answer

The qui tam provision of the False Claims Act permits private individuals (relators) to file suit on behalf of the government and receive 15–30% of any monetary recovery.

Question 2

Which element is NOT required to establish wire fraud under 18 U.S.C. § 1343?

Accepted Answer

Proof that a victim actually suffered financial loss

Answer

Wire fraud does not require proof of actual loss; the statute is violated when the defendant uses wire communications in furtherance of a scheme to defraud, regardless of whether the scheme succeeds.

Question 3

An attorney-client privilege can be overcome under the crime-fraud exception when:

Accepted Answer

The client sought the attorney's assistance to commit or plan a future crime or fraud

Answer

The crime-fraud exception strips attorney-client privilege when the client consulted the attorney to facilitate an ongoing or future crime or fraud.

Question 4

Under the USA PATRIOT Act, financial institutions are required to implement Customer Identification Programs (CIP) to verify:

Accepted Answer

The identity of customers opening new accounts

Answer

CIP requirements under the USA PATRIOT Act mandate that financial institutions collect and verify identifying information from customers opening new accounts.

Question 5

The Racketeer Influenced and Corrupt Organizations (RICO) Act requires proof of a 'pattern of racketeering activity,' which generally means:

Accepted Answer

At least two predicate acts within ten years

Answer

RICO requires a pattern of racketeering activity, which courts have interpreted as at least two related predicate acts occurring within ten years of each other.

(ACFE) Association of Certified Fraud Examiners Practice Test

(ACFE) Association of Certified Fraud Examiners Practice Test

ACFE Law 3