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Certified Forensic Accountant (CRFA)
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Which of the following might constitute a breach of trust by the trustee of a PN or PC trust fund, resulting in potential fraud?
Disclosing false information or not disclosing material information
Disbursing funds in accordance with trust document
Providing quarterly, rather than monthly trustee statements
a and b
Insurance Funded Preneed Sales – the risk of fraud is low because:
A third party is involved
Operators can easily forge documents to deceive the third party service organization
Sarbanes-Oxley does nothing to help tighten controls at publicly traded insurance companies
Funeral providers collect premiums from customers
Forensic accountants may be involved in recovering proceeds of crime and in relation to confiscation proceedings concerning actual or assumed proceeds of crime or .
Bank secrecy
Money laundering
Clearstream
Offshore bank
Forensic accountants often assist in professional claims where they are assessing and commenting on the work of other professionals.
Reasonable person
Negligence
Tort
Product liability
In the , relevant legislation is contained in the Proceeds of Crime Act 2002.
England
Canada
Wales
United Kingdom
Forensic accounting is the specialty practice area of that describes engagements that result from actual or anticipated disputes or litigation.
Accountancy
Proto-Elamite
Sarbanes–Oxley Act
Balance sheet
Some forensic accountants are also Certified Forensic Accounting Professionals, Certified Fraud Examiners, , or Chartered Accountants.
Management accounting
Financial audit
Certified Public Accountant
During the customer acceptance and identification activities, which of the following customers should be part of the enhanced due diligence ?
Personal depositors with small deposits
Traders dealing in cash
Salaried employees maintaining zero minimum balance with bank
Trustees, nominees and fiduciaries
Insurance company observed that in one instance there were Cash transactions for payment of premium and top ups over and above Rs. 5 lakhs per person per month by a group of professionals. What is the reporting obligation of the Insurance company in such case ?
Insurance company should report this transaction under Cash Transaction Reports to IRDA
Insurance company should report this transaction as suspicious to IRDA
Insurance company should report this transaction under Cash Transaction Reports to FUI
Insurance company should report this transaction as suspicious to FIU
Money Laundering is considered to be victimless crime unless supported by other offenses.
True
False
According to various estimates on money laundering, size of money laundering is $ 500 billion to $ 1.5 trillion and the same is expected to grow at :
is less than or equal to 2.5 and is less than or equal to 2.8
is greater than or equal to 2.5 and is less than or equal to 2.8
is greater than or equal to 2.5 and is greater than or equal to 2.8
None of these
Money Laundering has three stages. Which of the following is Not out of those?
Placement
Layering
Integration
All of these
None of these
Under which stage of money laundering the funds are constantly moved or re- characterized to conceal the origin of the funds
Layering
Integration
Placement
Insulation
The Prevention of Money-laundering Act, 2002, and rule thereunder require every banking company, financial institution and intermediary, to furnish to FIU-IND information relating to:
All cash transactions of the value of more than rupees ten lakhs in foreign currency
All cash transactions of the value of more than rupees ten lakhs or its equivalent in foreign currency
All cash transactions of the value of more than rupees five lakhs
All transactions of the value of more than rupees ten lakhs or its equivalent in foreign currency
Banker identified a set of transactions where large number of current accounts were having a common introducer. What do the banker need to do with such transactions?
None of the above
Identify the reason, if there is no prima facie reason then report it to FIU
Nothing, it is a regular banking transaction
Identify th reason behind the introduction and stop the investigation
Single money laundering transaction can combine the elements of Placement, Layering and Integration.
True
False
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