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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You are an investigator for a U S -based financial institution and have identified suspicious wire activity in an account at your institution Over the last 16 months $18 million was sent from the main account into three linked accounts a bank account located in Germany an International Business Company (IBC) located in the Bahamas and a trust account in Panama During your investigation you noticed two major residential property purchases were made over the last 16 months by the IBC in the Bahamas.
Where should you start your investigation to identify the beneficial owners of the IBC?

A) Identity of persons residing in properties in Bahamas
B) Signature card from the bank in Germany
C) Identity of the trustee lor the trust account in Panama
D) Letters of Incorporation for the IBC

2. You are an investigator pursuing a suspected fraudster whom you believe is leading a multi-million dollar Ponzi scheme targeting the elderly in your country You believe you are close to gathering the evidence needed to recover some of the victims losses However you are missing some transaction records from a financial institution that would connect the suspect to accounts holding the proceeds of the fraud.
These records can only be released to law enforcement or government regulators. You have a friend in the local police department who is willing to contact the institution and request the records under the pretenses they are needed for an unrelated police investigation.
Given these circumstances would it be ethical for you to ask your friend to obtain the records?

A) This action is ethical because you are acting in the best interests of your clients, the fraud victims who need this information to recover some of Their losses
B) This action is unethical because you do not have proof that Ihe suspect has committed the fraud and are only acting on your belief
C) This action is unethical because your avenue for obtaining Ihe records was inappropriate, even if you did not directly misrepresent yourself
D) This action is epical because the records are being turned over to a law enforcement official and you the investigator, are not directly misrepresenting yourself

3. Which suggests that countries review the adequacy of laws and regulations that relate to non-profit organizations because they are vulnerable to misuse that may further financing ol terrorism?

A) OECD Guidelines
B) UN Security Council Resolution 1373
C) FATF Recommendations
D) Wolfsberg Principles

4. A financial institution operates in multiple jurisdictions and encounters challenges in ensuring consistent compliance with OFAC sanctions across its global operations. What would be the most effective approach for the institution to enhance cross-border sanctions compliance?

A) Conducting regular risk assessments to identify jurisdiction-specific sanctions risks and adjust compliance measures accordingly.
B) Implementing jurisdiction-specific sanctions compliance policies tailored to the regulatory requirements of each country.
C) Establishing a centralized sanctions compliance team responsible for overseeing compliance efforts in all jurisdictions.
D) Outsourcing sanctions compliance responsibilities to third-party service providers specialized in global compliance solutions.

5. During a sanctions compliance review, a financial institution discovers that one of its clients has conducted transactions with individuals and entities on a sanctions list. What is the most appropriate action for the institution to take?

A) Immediately terminate all business relationships with the client.
B) Ignore the issue if the transactions were unintentional and the client is cooperative.
C) Report the findings to the relevant authorities and seek guidance on next steps.
D) Conduct enhanced due diligence on the client and continue monitoring their activities.

Solutions: