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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

One of the tasks for an employee of a U S bank is to administer overseas large value drafts. The employee receives a draft from Country X that is identified as a high-risk and non-cooperative jurisdiction by the FATF According lo the FATF 40 Recommendations, which action should the employee take?

A. Conduct an investigation according to the money laundering and the financing of terrorism norms/rules enforced and adopted by Country X
B. Since the draft was issued in a non-cooperative country block the transaction
C. Request additional documentation to get a deeper understanding about the payer and the origin of the funds
D. Verify the transaction's basic data according to the bank's international operations manual

Question 2

Many IT users require privileged user rights to perform their job tasks.
Which is the BEST action to help ensure data security with respect to privileged users?

A. Implement database activity monitoring to identify high risk or unusual database activity
B. Rotate both the public and private encryption keys
C. Eliminate privileged access for anyone below manager level
D. Review IP addresses of users access to identify offsite systems access

Question 3

As part of a risk assessment of its investment advisory services, a financial institution discovers that some of its clients engage in high-frequency trading strategies that may pose market manipulation risks. What is the most appropriate action for the institution to take?

A. Implement enhanced monitoring and surveillance measures for clients engaged in high-frequency trading.
B. Immediately terminate all client relationships involved in high-frequency trading.
C. Ignore the issue as long as the clients' trading activities comply with regulatory requirements.
D. Seek legal advice before taking any action regarding clients engaged in high-frequency trading.

Question 4

You are a federal investigator and have identified assets in an offshore jurisdiction that you have strong evidence are the proceeds of illicit activities that look place in your jurisdiction.
While you have convincing evidence that would tie the assets to the financial crime you are investigating you have been unable to obtain documents that show true beneficial ownership because of secrecy laws.
Which action is MOST likely to gain control of the properly or identify the true beneficial owner?

A. File a lawsuit against the caretaker to obtain the assets
B. File a tax lien against the property
C. File an rem proceeding against the assets
D. File a quitclaim deed on the properly

Question 5

You are a financial crime specialist who has been asked to investigate allegations of internal fraud at a construction supplies manufacturer Managers believe one or more employees are working with outsiders to siphon off company funds, but have little information on how it is happening.
The company s sales have grown significantly in recent months and it is expanding the geographic area in which it operates It relies on a large numberofthirdpartiesto conduct its operations, including distributors and sales agents You have started your investigation by examining invoices and other payment records made by the manufacturing company to thirdparties.
Which record would you prioritize as MOST suspicious?

A. invoices paid to a distributor that include sizable reimbursements lorunspecifiedtravel expenses
B. Transaction records that show commission checks larger than any other commission payments were issued to the mostexperiencedsales agent
C. Sales contracts that indicate a number ol new distributors in a city in wh.ch the manufacturer did not previously operate
D. Payment records to a new sales agent that demonstrate steadily increasing commissions requests over the past six months

Solutions: