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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

A large banking institution retains a collections law firm to determine if a $25 million default on a commercial loan is fraud. The attorneys need to determine if the defaulting parly is worth pursuing in civil litigation by first determining if the defaulting entity and/or individual committed fraud by intentionally defaulting.
Which is an indicator or a red flag that the defaulting party could be committing fraud?

A. The loan IS collateralized by accounts receivable
B. The payments toward the loan have been delinquent many times over several years of maintaining Ihe loan
C. The individual or entity involved in the default loan maintains numerous holding companies
D. A history of bankruptcies is found relating to the defaulting entity or individual

Question 2

You are conducting customer due diligence and enhanced due diligence for a correspondent bank with offices in several countries that are suspected of significant money laundering activity. You want to obtain information about the compliance and anti-money laundering programs of the bank as well as general information about its organization and risk management policies.
Which resource is MOST likely to provide this type of information?

A. The bank's home jurisdiction corporate registry
B. Bankers Almanac
C. World Bank Doing Business Database
D. Wolfsberg International Due Diligence Repository

Question 3

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

Question 4

Your Chent has been the victim of an investment fraud and he is in the process of obtaining a judgment against the perpetrator You have provided him with solid evidence that funds he invested in the scheme are on deposit in a domestic bank in the name of a shell corporation incorporated in another jurisdiction Through previous conduct by the perpetrator it can be demonstrated that not freezing the account could mean that the funds will be dispersed thereby frustrating a potential claim.
To protect the funds which should you suggest to your client?

A. Provide a Mareva injunction to the bank
B. Request a Norwich Pharmacal without gag order be issued to the bank
C. File a Lis Pendens against the account
D. Request a civil forfeiture action against the perpetrator

Question 5

Your country has received a spontaneous transmittal of information from Switzerland indicating lhal Person A the Director of Procurement from your country's Ministry of Internal Development maintains a bank account in Zurich with an average balance of $7,000 000. Previously there have been numerous allegations that Person A has received bribes in return tor favorable contract awards.
Which activity should be done FIRST to maximize the probability that these lunds are repatriated to your country?

A. Submit a formal mutual legal assistance request to Switzerland requesting return of all funds in the account
B. lndict Person A for money laundering in violation of Article 23 of the UNCAC
C. Directly contact the bank in Zurich to determine the source of the funds
D. Initiate a criminal investigation of Person A in your country

Solutions: