Sep-2025 FREE ACFE CFE-Law PRACTICE QUESTIONS AND ANSWERS UPDATES [Q49-Q69] – IT Certification Exam Questions & Answers

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Sep-2025 FREE ACFE CFE-Law PRACTICE QUESTIONS AND ANSWERS UPDATES

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The CFE-Law certification exam is an excellent way for legal professionals to enhance their skills and knowledge in the area of fraud investigation and prevention. It is a rigorous exam that requires a significant amount of preparation and dedication, but the benefits of achieving this certification are well worth the effort.

Q49. Which of the following statements about the International Organization of Securities Commissions (IOSCO) s TRUE?

IOSCO is a self-regulatory organization for companies that have securities traded on international securities markets

IOSCO provides a forum for regular cooperation on banking supervisory matters affecting developing nations

IOSCO is an oversight body responsible for issuing and enforcing regulations that govern all international securities markets

IOSCO is recognized as the international standard-setter for securities markets

Q50. The MOST COMMON bankruptcy fraud scheme is:

Forged filing

A planned bustcut

A credit card bustout

Concealment of assets

Q51. Antonio is investigating Sam on behalf of their employer, XYZ Company. During the investigation, Antonio tells a group of their coworkers who are not involved in the investigation that he discovered Sam has a serious gambling addiction, which is true. Assuming that their jurisdiction has civil laws for all of the following causes of action, which one would give Sam the BEST chance for success if he decides to bring a civil action against Antonio?

Public disclosure of private facts

Negligent misrepresentation

Slander

Defamation

Q52. Which of the following is one of the three basic options by which organizations can legitimize cross-border transfers of personal information?

Use a third-party transferring service

Obtain approval from a Certified Information Privacy Professional (C PP)

Establish a contract between the entities exchanging the information

Obtain a warrant granting permission to transfer the data

Q53. Each day, Rachel purchases $14 500 in bearer instruments with cash from a bank where all currency transactions above 515,000 must be reported to the government Rachets actions are a red flag of which of the following schemes’?

Channel stuffing

Alternative remittance system

Structuring

Real estate laundering

Q54. Which of the following is NOT a right of the accused under the United Nations’ (UN) International Covenant on Civil and Political Rights (ICCPR)?

Right of the accused to be informed of criminal charges

Right to be presumed innocent until proven guilty

Right to a trial by jury

Freedom from arbitrary arrests

Q55. In most countries employers must provide notice to their employees before they implement an employee monitoring program

True

False

Q56. In common law jurisdictions, which of the following scenarios would MOST LIKELY result in sanctions for an organization for failing to preserve evidence?

An employee intentionally destroys a relevant document prior to the company announcing the possibility of litigation.

An employee unintentionally alters a digital document that is not directly relevant to any potential litigation that the company has announced to its staff.

An employee accidentally deletes a digital document that is relevant to litigation after the company announces that such litigation is a possibility.

An employee abstains from destroying a document relevant to an ongoing proceeding even though this act violates the company’s document retention policy.

Q57. Which of the following is the MOST ACCURATE statement about serf-regulatory organizations (SROs) in the securities industry?

An SRO generally has sole regulatory authority over the securities industry in the jurisdiction in which it operates

In most jurisdictions. SROs are prohibited from participating in the resolution of disputes related to securities transactions

An SRO is a governmental entity that exercises regulatory authority over the securities industry in its jurisdiction

In some jurisdictions SROs establish the standards and rules under which members of the securities industry operate

Q58. Which of the following is NOT an element that must be proven to establish a penury offense?

The defendant made a false statement that was material

The defendant made a false statement white under oath.

The defendant made the statement with knowledge of its falsity

The defendant made a false statement in a court of law.

Q59. Which of the following is NOT a legal element that must be shown to prove a claim for fraudulent misrepresentation of material facts?

The victim relied on the misrepresentation

The defendant acted negligently

The defendant made a false statement (i, e., a misrepresentation of fact)

The victim suffered damages as a result of the misrepresentation

Q60. Which of the following is NOT required for a contract transaction or scheme to be classified as an investment contract?

The expectation of making a profit

Profits derived solely from the investor’s management activity

investment m a common enterprise

An investment of money or other asset

Q61. A business files for bankruptcy with the goal of obtaining relief from creditors so that it can rearrange its financial affairs and continue as a going concern. Which of the following describes this type of bankruptcy proceeding?

Reorganization bankruptcy

Debt adjustment bankruptcy

Debt dismissal bankruptcy

Liquidation bankruptcy

Q62. Which of the following is a red flag that might be indicative of an entity operating a security business without the proper license or registration?

There are justified gaps in the work history of promoters at the entity.

The entity is known to have a history of regulatory problems.

There is a lack of customer complaints against the entity.

The entity’s website contains detailed background information.

Q63. Under the best practices listed in the Financial Action Task Force (FATF) Recommendations concerning large cash transactions with customers which of the following transactions would require a report to be Wed with the government?

A domestic credit card purchase of a piece of jewelry above the jurisdiction’s designated threshold

A cash payment to a restaurant supplier for restaurant supplies above the jurisdiction’s designated threshold

An international purchase of a small boat with a lump-sum cash payment below the jurisdiction’s designated threshold

A lump-sum cash deposit to a bank above the jurisdiction’s designated threshold

Q64. Jackson believes he has a legal cause of action against Alice, who lives in a foreign country. The fact that Jackson is the plaintiff allows him to bring the lawsuit against Alice in any court in the country where he lives.

True

False

Q65. Slater has been appointed as a bankruptcy administrator. According to the recommendations of the World Bank Principles for Effective Insolvency and Creditor/Debtor Regimes (World Bank Principles), which of the following statements concerning Slater’s role as bankruptcy administrator is MOST ACCURATE?

Slater may investigate all contracts the debtor entered into, but he does not have the power to cancel them without the debtor’s permission.

Slater may request relevant information from the debtor’s agents or others with knowledge of the debtor’s affairs, but he cannot force them to provide it.

Slater may collect, preserve, and dispose of the debtor’s property.

Slater may not interfere with contracts signed by the debtor.

Q66. If Mary uses legal means to lower her tax bill through legitimate deductions and credits she is engaging m tax evasion

True

False

Q67. Which of the following statements is TRUE regarding criminal proceedings and discovery in adversarial jurisdictions?

Most criminal proceedings are divided into pretrial, investigative and trial phases

Parties typically cannot request evidence from each other until after the trial begins.

The majority of criminal discovery usually occurs before the trial begins.

The judge is the primary driver of the discovery process in criminal proceedings.

Q68. Which of the following statements concerning civil trials in civil law jurisdictions is MOST ACCURATE?

The standard of proof in civil trials is often described as the inner conviction of the judge.

The standard of proof in civil trials is lower than it is in criminal trials.

Civil trials are typically a single event rather than a continual series of meetings and correspondences.

Neither side may appeal an adverse judgment in a civil case.

Q69. Dodd is a Certified Fraud Examiner (CFE) who works for Weathervane, a private company Dodd suspects that Burton a Weathervane employee has embezzled money from the company Dodd plans to conduct an internal investigation into the missing funds Based on these facts which of the following is the MOST ACCURATE statement?

Burton has a duty to cooperate with the investigation even if what is requested from him is not reasonable

Burton can refuse to cooperate with the investigation because he has a fundamental right to privacy

Burton likely has a duty to cooperate with the investigation as part of the employer-employee relationship

Burton can refuse to cooperate with the investigation because he has a fundamental right to remain silent

To be eligible to take the CFE-Law certification exam, candidates must have a minimum of a bachelor’s degree from an accredited institution and two years of professional experience in a field related to fraud prevention or investigation. Additionally, candidates must be of high moral character and must pass a background check. Once the candidate has met these criteria, they can apply to take the CFE-Law certification exam.

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