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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. During a sanctions compliance audit, it is discovered that ABC Company, a corporate client of a financial institution, has subsidiaries operating in countries subject to comprehensive sanctions. What is the financial institution's obligation regarding its business relationship with ABC Company?

A) Immediately terminate all business relationships with ABC Company and its subsidiaries.
B) Continue business relationships with ABC Company while monitoring transactions involving its subsidiaries.
C) Conduct enhanced due diligence on ABC Company and its subsidiaries to assess sanctions risk.
D) Seek approval from senior management before taking any action regarding the business relationship.

2. A law enforcement agent is investigating a properly within her jurisdiction that she believes may have been purchased with the proceeds of an online Fraud scheme. The property in question is a luxury condominium in a high-end residentialcommunity in a large urban area. It does not appear to be currently occupied and the agent suspects the properly might be used to integrate the fraudster s illicit profits.
After reviewing the case notes collected to date in the investigation the agent determines that the properly was purchased in the name of a shell company formed in another jurisdiction known for a high degree of corporate secrecy The agent is seeking to identity the beneficial owner of the properly to tie its purchase back to the proceeds of the fraud scheme.
Which is Ihe BEST next step in her investigation to find sources ol information that could identify the property's beneficial owner?

A) Submit a mutual legal assistance treaty (MLAT) request to the authorities ol the jurisdiction where the shell company is located to ask for their help in the case
B) Subpoena the title insurance agency that assisted with reviewing and underwriting the transfer ol the property's title
C) Subpoena all financial institutions in the property s surrounding area to determine it any helped facilitate the sale of the property
D) Conduct physical surveillance on the property and surrounding area to determine who is living in the location

3. You are the head of fraud risk management for a company that provides telecommunications services to business customers Recently an employee in the customer service department has approached you with concerns about a rise in customer complaints concerning overbilling.
In the past three months an increasing number of clients have complained they have been charged for unspecified "administrative fees beyond their contracted rates. You inquire with your company s operations department about these administrative fees but they are not aware of any changes to services or policies that would have led to new fees for customers After conducting an audit of customer billings you discover that the issue is widespread and you suspect it may be part of an internal fraud scheme on the part of one or more employees.
You initiate an internal investigation of company employees. Which employee should you investigate FIRST?

A) An employee who led the periodic audit of customer billing last year but has since been promoted to a different role within your company's internal audit unit
B) An employee who has recently been disciplined lor chronic absenteeism and was placed on a performance improvement plan
C) An employee who is one of the leading sales learn members and is known for upselling existing customers on larger more profitable contracts
D) An employee who has oversight over accounts payable and is responsible for reviewing customer inquiries related to billing

4. The money laundering control officer at a bank has determined that there are three business accounts at the bank that are conducting related high velocity transactions that do not match the profile for the stated business activities of the account. Further investigation determines that the signatories of the three accounts were joint defendants in a civil fraud lawsuit ten years earlier.
Which action must the money laundering control officer at the bank lake?

A) Freeze the accounts until further investigation can be made
B) Contact the government investigators and report his suspicion that the accounts may be part of a fraud scheme
C) Prepare a Suspicious Activity or Transaction Report (i.e. SAR or STR) and file it with the Financial intelligence Unit (FIU) in the jurisdiction where the bank conducts operations
D) Arrange individual meetings with the account holders and inquire about the transactions

5. You are conducting customer due diligence and enhanced due diligence for a correspondent bank with offices in several countries that are suspected of significant money laundering activity. You want to obtain information about the compliance and anti-money laundering programs of the bank as well as general information about its organization and risk management policies.
Which resource is MOST likely to provide this type of information?

A) Wolfsberg International Due Diligence Repository
B) The bank's home jurisdiction corporate registry
C) Bankers Almanac
D) World Bank Doing Business Database

Solutions: