ACFCS CFCS real exam prep : Financial Crime Specialist

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

Country A is conducting a criminal investigation of alleged corruption by a public official in its country and needs to obtain bank records in Country B It appears that the public official controls the bank account.
To assure that the evidence (i.e. bank records) can be obtained for a trial in Country A which should the investigators in Country A do?

A. Make an official request through Interpol
B. Request authentication of the records from the Central Bank of Country B
C. Make an initial contact with the bank to assure that the records are in the name of the public official
D. Transmit a mutual legal assistance request through the Central Authority

Question 2

You are an auditor reviewing the financial statements of a firm that manufactures construction equipment The firm's sales have slowed in recent months. Within the last quarter it has closed one of its lactones, however the firm's management are still reporting a positive outlook. Concerned shareholders have asked you to investigate (or possible signs of improper accounting or fraud.
You are reviewing two balance sheets from the start and end of the quarter below Given this information and your knowledge of the company s status which issue is MOST likely to be a red flag?

A. Other liabilities have remained roughly the same over the three-monlh period despite a decline in total liabilities
B. The firm's property plant and equipment have dropped substantially in the past three months
C. Wages payable has reduced by nearly $100,000 in the last three months
D. Receivables and inventory levels have increased over three months despite a reduction in sales

Question 3

You are a compliance officer for a bank that provides services to a third-party payment processor. The processor facilitates credit card payments for online and physical retail stores located within your own country.
You conducted enhanced due diligence on the client when the account was originally opened two years ago.
Since then, periodic reviews have noted no changes in the client s operations ownership structure or other information.
Recently regulators in your country have issued penalties against other banks that had insufficient AML controls and monitoring on accounts held by payment processors Concerned, your legal department has asked you to review the client's risk status.
Which is the primary reason for your conclusion that the customer relationship is higher risk?

A. The retail stores served by the processor are not covered by AML regulations
B. The account relationship manager is reluctant to provide additional supporting documentation
C. The payment processor conducts credit card transactions
D. The bank does not have visibility into the activities of the processor's customers

Question 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. 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
C. Contact the government investigators and report his suspicion that the accounts may be part of a fraud scheme
D. Arrange individual meetings with the account holders and inquire about the transactions

Question 5

A law enforcement agent is pursuing an asset recovery case against a defendant accused of running a multimillion-dollar securities fraud scam. The defendant is thought to have moved more than $25 million through a corporate brokerage account held by a corporation formed in Las Vegas. Nevada.
It is believed that funds were sent to accounts held by shell companies in the Netherlands and the Bahamas. It is also suspected that the defendant purchased luxury goods including several high-end sports cars with proceeds of the fraud. The vehicles are registered and tilled to a trust company with a mailing address that is a post office box in Delaware. The agent is attempting to connect the vehicles to the defendant to make the case that they should be seized.
Which item below would BEST support this effort?

A. Contact information for a registered agent acting as trustee of the trust company that holds the vehicle titles
B. Records of incoming funds transfers received by the corporate brokerage account held by the Nevada corporation
C. Records of outgoing funds transfers from the accounts of the shell companies in the Netherlands and Bahamas
D. An invoice from the shipping company for the cars that is addressed to the defendant

Solutions: