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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. Ms. Thompson, a compliance manager at a financial institution, is tasked with developing a sanctions compliance program. Which of the following components should be included in the program to ensure comprehensive coverage of sanctions risks?

A) Conducting market research to identify emerging trends in sanctions enforcement by regulatory authorities.
B) Regular audits of the institution's financial statements to identify potential sanctions violations.
C) Offering financial incentives to employees who achieve high levels of compliance with sanctions regulations.
D) Ongoing monitoring of transactions to detect and report suspicious activities related to sanctions.

2. You are investigating a Hong Kong clothing manufacturer that is allegedly laundering money (or a human trafficking organization.
Deposits to the corporate bank account totaled $4.5 million (USD) for the year 2011 and originated from a single source in Panama that makes payment through a bank account in Riga Latvia.
Payments are received through wire transfers They are always in odd amounts of dollars and cents and the SWIFT messaging always slates that the payments are for a seasonal line of women s dresses.
Which is NOT a red flag for money laundering?

A) The payments are in odd amounts and their purpose is always the same in the SWIFT messaging
B) The owner of the business who is the sole signatory of the bank account resides in another country
C) The distributor is located in Panama but payments originate (from a Latvian bank in Riga
D) Payments to the fabricator are only received from a single customer in another industry

3. Your Chent has been the victim of an investment fraud and he is in the process of obtaining a judgment against the perpetrator You have provided him with solid evidence that funds he invested in the scheme are on deposit in a domestic bank in the name of a shell corporation incorporated in another jurisdiction Through previous conduct by the perpetrator it can be demonstrated that not freezing the account could mean that the funds will be dispersed thereby frustrating a potential claim.
To protect the funds which should you suggest to your client?

A) Request a civil forfeiture action against the perpetrator
B) Request a Norwich Pharmacal without gag order be issued to the bank
C) Provide a Mareva injunction to the bank
D) File a Lis Pendens against the account

4. You work in Ihe investigations unit at a financial crime compliance department of a bank You have been assigned an alert to review a transaction in a customer account held by a small plumbing company.
The alert was produced on a funds transfer out ol the plumbing company's account to what appears to be a business account in another stale The customer appears to have initialed the funds transfer request yesterday evening a weekend day that is outside of the company s usual business hours. The company does not commonly conduct transactions with business accounts that are out of state and the amount was slightly larger than other outgoing funds transfers.
While reviewing this alert you realize that several other alerts on the account have just recently been generated all relating to outgoing transfers destined lor Ihe same out-of-stale business account.
Which is the MOST appropriate next step for you to take?

A) File a Suspicious Activity or Transaction Report (SAR/STR) on the transactions
B) Contact the business account receiving the funds transfers to inquire about their purpose
C) Contact the customer to inquire about Ihe suspicious nature of the transactions
D) Flag the account as potentially compromised and open an investigation

5. During an organizational overview of financial crime controls, Ms. Lee, the compliance analyst, discovers that certain high-risk customers have not undergone enhanced due diligence (EDD) as required by regulatory guidelines. What is the most appropriate action for Ms. Lee to take?

A) Document the findings and recommend the implementation of robust procedures for EDD.
B) Conduct a retrospective review of the high-risk customers' transactions to assess potential risks.
C) Ignore the issue as long as there have been no suspicious transactions involving the high-risk customers.
D) Notify senior management and request immediate termination of the high-risk customer relationships.

Solutions: