ACFE CFE-Investigation Exam - Topic 1 Question 56 Discussion

Actual exam question for ACFE's CFE-Investigation exam

Question #: 56
Topic #: 1

Due to risks of illicit transactions, most jurisdictions require financial institutions to obtain information about which of the following from an institution with which they have a foreign correspondent relationship?

AThe institution's branch addresses

BThe institution's licenses or certifications

CThe institution's tax statements

DThe institution's client loan profiles

Show Suggested Answer

Suggested Answer: A

by Tawna at Aug 22, 2022, 11:20 AM

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Yaeko

5 months ago

I thought client loan profiles would be more relevant.

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Mozell

6 months ago

Branch addresses are important too, but B is crucial.

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Rosalind

6 months ago

Wait, are we really asking for tax statements? Seems odd.

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Janae

6 months ago

I agree, B is the right choice here.

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Tiffiny

6 months ago

Definitely need the institution's licenses or certifications!

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Cherilyn

6 months ago

I’m a bit confused. I thought it was about tax statements, but now I’m second-guessing myself after reviewing the material.

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Serita

6 months ago

This question feels familiar! I think we practiced one about foreign correspondent relationships, and I believe it was about licenses or certifications.

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Lanie

6 months ago

I remember discussing the importance of knowing the institution's branch addresses for compliance, but I can't recall if that's the right answer here.

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Truman

7 months ago

I think it might be the institution's licenses or certifications, but I'm not entirely sure. We covered something similar in class.

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Loren

7 months ago

The key here is properly representing the volunteer's relationship to Universal Containers in Salesforce. Based on the details provided, I think option B, creating an Affiliation record, is the cleanest solution.

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Cathrine

7 months ago

Okay, I think I've got a good handle on this. The key is to focus on what happens when the user cancels the Pageflow after the Service task runs.

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Magda

7 months ago

I remember we discussed how to calculate the total share options expensed based on the expected number of employees remaining. I think I need to double-check that calculation.

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