ACFCS Financial Crime Specialist : CFCS

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. An investigator was retained by Corporation A to locale and recover assets in a significant civil Fraud matter.
During this engagement the investigator uncovers significant assets and relers them to the legal team for seizure.
The investigator is later engaged by Corporation B to locate and recover assets in a separate civil fraud matter. During the asset identification process the investigator learns that Corporation B and Corporation A have competing interests and are both pursuing assets from the same subject.
Since only a few weeks have elapsed the investigator uses the information developed for Corporation A and merely updates the information. He submits an invoice to Corporation B for the number of hours it would have taken to properly complete the project if there were no pre-existing work that had already been completed.
Were the investigator's actions appropriate?

A) Yes, invoicing another client for the amount of work it would have taken is appropriate
B) No, it is appropriate lo invoice for Ihe amount of work required but sharing client information is inappropriate
C) No, the investigator should not double invoice and should disclose lo Corporation B his potential conflict of interest with Corporation A
D) Yes, Ihe investigator was prudent to capitalize on his prior work effort and share the information

2. ABC LLC is a company that is incorporated in an offshore jurisdiction Bank A opens an account for ABC LLC after completing a standard Customer Due Diligence questionnaire ABC LLC is a holding company for another firm that does business with arms companies in North Korea that are rumored to supply a number of militant groups.
Which two statements may be true about Bank A? Choose 2 answers ^

A) It may be absolved of liability by way of conducting initial due diligence
B) It may be aiding in money laundering and terrorist financing
C) It may be subject to sanctions for ultimately dealing with North Korea
D) It may be liable (or opening an account for an offshore holding company

3. You are part of a law enforcement learn reviewing remittances from global money service businesses (MSBs) over a several year period including a time of severe economic recession During this time period there was a regulatory change that drastically lowered the transaction amount al which ihe MSBs were required lo record identity documentation (e.g., driver's license passport) (or any wire transfers crossing international boundaries.
Which result suggests criminal actors have previously been using the system to transfer funds and avoid the reporting requirement?

A) The aggregate amount of money transferred from one country to another decreased sharply immediately prior to and increased sharply after the new reporting requirements were enacted
B) There was an increase in Suspicious Transaction Reports (SARs/STRs) filed to the Financial Intelligence Unit (FIU)
C) The aggregate amount of money transferred from one country to another reduced sharply immediately prior to and after the new reporting requirements were enacted
D) There was an increase in the number of cross-border transmissions with an increased average value

4. Company A required capital to purchase wholesale consumer products to resell to retail outlets Company A solicited working capital by offering investors promissory notes in exchange for borrowed funds. The promissory notes promised a high annual interest rate of 14% Company A paid the promised 14% returns and a commission from the new funds received from later investors No wholesale products were purchased with the investors funds and there was no underlying business.
Which type of fraud is being described?

A) Ponzi scheme
B) Pyramid scheme
C) Pump and dump scheme
D) Advanced Fee scheme

5. Joe Brown a new small business owner wants lo open a new business account at Mega Bank. He Sils down with a bank officer who is very friendly and asks about his new business and his family Joe becomes uncomfortable about sharing so much information about himself with a stranger. He expresses his concern and the bank officer tells him that this information is required for anyone opening a newaccount with Mega Bank and that every other bank is going to ask him the same questions.
Assuming it is a low-risk customer which information does a bank need to collect and then verify from a new account holder?

A) Financial documents on Joe's income and source of funds
B) Business name industry address tax identification number and corporate documents
C) Joe's previous employment information and income
D) Number of employees expected transactions and types of expenses

Solutions: