Free CFCS Anti-Money Laundering & Compliance Questions and Answers

Question 1

What is a primary objective of fraud investigations?

Accepted Answer

Identify & gather evidence

Answer

Promote sales.

Answer

Ignore complaints.

Answer

Reduce paperwork.

Question 2

Which technique is commonly used in fraud detection?

Accepted Answer

Data analysis

Answer

Marketing.

Answer

Ignoring data.

Answer

Random guessing.

Question 3

What is a key step in managing fraud risk?

Accepted Answer

Internal controls

Answer

Encouraging risky behavior.

Answer

Ignoring risks.

Answer

Promoting fraud.

Question 4

Why is documentation important in fraud investigations?

Accepted Answer

Provides evidence

Answer

It increases paperwork.

Answer

Reduces transparency.

Answer

Discourages reporting.

Question 5

How can whistleblowers aid fraud detection?

Accepted Answer

Provide insider info

Answer

Hide fraud.

Answer

Ignore fraud.

Answer

Encourage fraud.

Question 6

What role do risk assessments play in fraud management?

Accepted Answer

Identify vulnerabilities

Answer

Ignore risks.

Answer

Increase fraud.

Answer

Decrease controls.

Question 7

Why is segregation of duties important in fraud prevention?

Accepted Answer

Prevent control concentration

Answer

Consolidate duties.

Answer

Reduce transparency.

Answer

Ignore controls.

Question 8

How does technology aid fraud detection?

Accepted Answer

Automate detection

Answer

Slow processes.

Answer

Increase errors.

Answer

Ignore data.

Question 9

What is the benefit of ongoing fraud risk training?

Accepted Answer

Keeps staff informed

Answer

It’s unnecessary.

Answer

Increases risk.

Answer

Reduces transparency.