ACFCS Financial Crime Specialist - CFCS

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You were recently hired as a new sanction's analyst for a large international bank in your introductory training you were told the bank generally prefers to avoid doing business with jurisdictions on U.S. sanctions lists, but has supported transactions under "specific' and "general licenses".
In your day-to-day job you find a certain business line seems to be conducting transactions with companies in sanctioned countries and these transactions are flagged by your sanction's filters more than others When you researched the companies you found the transactions were not covered under a general or specific license When you raised this issue with the division's business line manager, he said it "was a mistake".
A week later, you saw a transaction to a company with nearly the same name except shortened and slightly altered. The transaction amount is the same but there was no mention of the sanctioned jurisdiction. The business line manager assured you it was a different company m non-sanctioned country Which is the MOST appropriate next step for you to take?

A) inform your superiors that due to conflicting information both companies should be the subject of a Suspicious Activity Report (SAR)
B) Close the case because the original alerts were false positives The country is not on a U.S. sanctions list
C) Update your sanctions filter parameters lo note that the new company with the similar name has been internally white-listed
D) inform your superiors that some business lines may be stripping transaction details and dealing with entities or regions on U.S. sanctions

2. A real estate developer secured a $9.5 million construction loan from the Bank of China for a high-rise office building When the developer declared bankruptcy. The bank realized that this had become a problem loan and they began to investigate the borrower.
The developer had submitted False invoices for work that was never performed In addition, a portion of the loan money was deposited into the construction business account to pay subcontractor invoices. These invoices were never paid instead the money was diverted into private bank accounts owned by the developer and his family members.
Which type of financial crime did the forensic audit uncover?

A) Money laundering
B) Sanctions violations
C) Pump and dump
D) Unlicensed money transmission

3. The U.S. Federal Bureau of Investigations (FBI) has recently contacted your financial institution to provide advanced warning of a potential attack by a known cybercrime ring Based on information obtained from an ongoing investigation, the FBI believes that an attack is likely within the next 48 hours although it does not have any further details on the likely targets or attack techniques.
Your institution has a large online presence and holds a variety of sensitive data-from payment card numbers to personal information on customers that could be used in identity theft schemes Based on the available information which steps should you prioritize? Choose 2 answers

A) Notify customers that online operations may be interrupted in response to a threatened cyber incident
B) Analyze the results from your most recent cybersecurity assessment to determine the data that would be at greatest risk
C) Contact the institution's public relations department and instruct them to begin drafting a strategy on how to respond to the potential cyber incident
D) Implement enhanced monitoringofuser access logs that record when and how individuals are connecting to the institution's networks

4. A U.S. citizen applies lo open a bank account in a local bank in a non-US jurisdiction with a Model II Agreement with an initial deposit of S75.000 USD The bank has a substantial correspondent banking relationship with U.S banks and wants to remain in good standing with its U S counterparts.
Which statement is true about this bank?

A) The bank must institute a 30% withholding on the account
B) The bank is required to report certain details about the account to the U S Internal Revenue Service (IRS)
C) The bank must refuseto open the account unless the US citizen has filed a Form 8938 with his US tax return
D) The bank must filewithFINCENnotifyingthem of the opening of theaccount

5. A company has a number of Special Purpose Vehicles (SPVs) registered in the Cayman Islands Which legitimate purpose would the company use SPVs for as part of its operating structure?

A) To limit regulatory supervision in their home country
B) To obscure Ihe relationships which the company has offshore
C) To eliminate some of the risk held at the parent company
D) To evade tax liability on certain revenue streams

Solutions: