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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You are a federal investigator who is trying to determine if a privately held company is evading taxes through an offshore shell corporation.
Which document would be MOST helpful to determine the beneficial owner of the shell corporation?

A) Previous lax filings of Ihe shell corporation in its home jurisdiction
B) Invoices from the privately held company for exported products
C) A business license lor Ihe operation of the shell corporation
D) A power of attorney that grants the privately held corporation control over the shell corporation

2. Which two features of hawala make it particularly attractive to terrorist financing? Choose 2 answers

A) The nature of the hawala system is based on trust making formal records unnecessary
B) The hawala system generates a great deal of profits often used for terrorist financing
C) The value of the transaction can be transferred across jurisdictions without the need for a hard currency transfer
D) Hawala utilizes wire transfers thereby making it harder for authorities to track

3. You are an examiner with Ihe regulatory agency in your jurisdiction that oversees money services businesses (MSBs).
You are conducting an examination of a midsize MSB with agents located domestically and in several countries. A previous examination last year found numerous weaknesses in Ihe MSB s anti-money laundering and fraud prevention programs, and you are reviewing these programs to determine if improvements have been made.
Which activity would MOST likely lead your agency to lake further regulatory action against the MSB?

A) The MSB's suspicious activity/transaction report (SAR/STR) filings related to cybercrime have increased in the past year
B) The MSB has suspended agents found to be facilitating fraud schemes and allowed them to rejoin as a new company
C) The MSB is not applying FATCA's withholding tax to its domestic money transactions
D) The MSB has not updated the AML training it provides to its agents in almost four months

4. During an organizational overview of financial crime controls, Mr. Thompson, the compliance manager, identifies a lack of adequate training for frontline staff on recognizing and reporting suspicious activities.
What is the most effective way for Mr. Thompson to address this issue?

A) Assign responsibility for training to individual branch managers.
B) Conduct a one-time training session for all frontline staff members.
C) Hire additional compliance staff to oversee frontline operations.
D) Develop and implement an ongoing training program tailored to the specific needs of frontline staff.

5. Your company acquires new mortgage loans through a network of independent brokers and you have experienced losses attributed to one of your brokers You suspect that the broker did not act alone You are revisiting your institution's policies and procedures to effectively mitigate the risks of collusion.
Which specific task would NOT be effective in mitigating the risk of collusion?

A) Ensure that your brokers are subjected to rigorous on-boarding standards
B) Restrict the use ot property appraisers to those who have been approved by your institution
C) Provide mortgage underwriters and administrative staff with training on how to recognize suspicious transactions
D) Have the mortgagor provide documentary evidence of employment and income

Solutions: