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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. A new banking customer is flagged as a politically exposed person (PEP) from a developing country. This country is known for graft corruption, political oppression and very recently kleptocracy. You are an officer at a bank responsible lor determining if the bank will do business with this PEP.
Given your responsibilities as an officer which course of action is MOST ethical?

A) Contact your personal network of compliance peers to see if they have filed any reports against the PEP in the past
B) Contact the country's government regulator notifying them that the PEP is attempting to open an account and inquire as to the PEP's perceived status
C) While your employer does not forbid accounts from this country, recommend that enhanced due diligence be performed andthe customer be put on high-risk review
D) Download a law enforcement report about the PEP from WikiLeaks

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

3. You work in the general counsel's office al a mid-size online retail firm. Your firm specializes in women's clothing which it sources from an international supply chain.
A nonprofit group has recently released a report on the trafficking of persons for forced labor in the textiles industry. One of the countries that the report singles out for particularly widespread abuses is home to several of yourfirms'suppliers.
The generalcounsel'soffice is asked to develop a program for due diligence on suppliers tied to their human trafficking risks Which steps would be MOST appropriate to include? Choose 2 answers

A) Request suppliers provide employee wage statements and payment records and inspect for omissions or signs of alterations
B) Schedule interviews with suppliers to ask questions on recruitment compensation and their production processes
C) Request that all suppliers produce their most current profit and loss statement, and update it on a periodic basis
D) Review media outlets and social media sites for any information that could connect suppliers to government officials

4. Your bank has recently received an online application for a new business account from a company named ACE Operations, LLC By reviewing the operating agreement and other documents included in the application, you determine that ACE is incorporated in the U S state of Wyoming.
A review of the Wyoming corporate registry online shows that ACE was formed 15 years ago. An initial Internet search produces no company website or further information about the company. The registered agent's contact information and address on the company's most recent annual filing is for Capital Solutions a corporate services provider.
Concerned that ACE Operations appears to be a shelf corporation you are conducting further due diligence on the company's ownership structure Which is the MOST appropriate next step to take?

A) Request that the registered agent submit a self-certification of any parties with a 51% or greater ownership stake in ACE Operations
B) Request a company organizational chart that includes members, directors, and other stakeholders
C) Research annual filings in the corporate registry to determine if ACE Operations had any previous owners
D) Request a certificate of good standing from the Wyoming corporate registry for ACE Operations

5. 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) There was an increase in the number of cross-border transmissions with an increased average value
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 decreased sharply immediately prior to and increased sharply after the new reporting requirements were enacted
D) The aggregate amount of money transferred from one country to another reduced sharply immediately prior to and after the new reporting requirements were enacted

Solutions: