ACFCS Financial Crime Specialist : CFCS Exam

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You work in financial crime compliance for a money services business (MSB) with an international network of agents whose core business is handling remittance transactions. As part of your periodic update to your risk assessment you are reviewing payment corridors and customer types.
Which payment corridor is MOST likely to present the highest risk?

A) Payments by domestic workers from theUnitedArab Emirates to the Philippines
B) Payments by seasonal agricultural workers from Canada to the Caribbean
C) Payments by temporary visa holders in the tech industry from countries in the European Union to India
D) Payments by small business owners from the US to Yemen

2. Bank A is a mid-size financial institution in Polandthatprimarily holds accounts (or individual and small-business customers While the bank has no U S branches or affiliates the bank's compliance officers realize they must still implement a FATCA compliance program.
Which step should Bank A take FIRST to commence its FATCA compliance program?

A) Because of the FATCA requirement to sell certify notify all international account holders of the need to document their status as a U.S. citizen
B) Gather and sod all relevant data the bank currently has on its customers to determine what information needs to be collected from account holders
C) Implement a 30% withholding on all interest and dividend payments coming from the U.S. to comply with the law's withholding requirements
D) Begin closing accounts and exiting relationships with account holders believed to be U S persons

3. Your construction company wishes to hire Mr. X to provide consultancy services within his country. He has his own consulting firm and is also a board member of a state-owned bank Mr. X is known for having high-level business connections and for charging exorbitant rales for his services Mr. X does not like to complete paperwork and prefers to work based on a verbal agreement.
Which three facts are red flags requiring enhanced due diligence? Choose 3 answers

A) The price Mr. X charges is suspect if fees are not itemized and documented
B) The price Mr. X charges is suspect since he is in the business of helping companies obtain and retain business
C) As a board member of a stale-owned bank Mr. X may be considered a public official under the U.S.
Foreign Corrupt Practices Act
D) Mr. X may be considered to be a politically exposed person (PEP)

4. You are an examiner for a financial industry regulator One of your smaller firms has shown a dramatic increase in wire activity that you think may be indicative of them facilitating money laundering. You request their outgoing wire transactionsfor the past six months and they provide you a spreadsheet with nearly 10,000 wires.
Which two criteria would be the MOST effective way to narrow down your sample for investigation? Choose
2 answers

A) The client(s) with multiple wires just below the reporting threshold
B) The client(s) with multiple third-party wires to different foreign beneficiaries
C) The client(s) with the highest number of foreign wires
D) The client(s) with an address outside the country where your firm is domiciled

5. Your client has been targeted by a payments scam that has resulted in him remitting significant sums of money to the entity perpetrating the fraud Your client has traced the payments which revealed that the ultimate beneficiary of the fraud is Company A that appears to be operating from the British Virgin Islands (BVI) Before taking any further action your client would like to confirm if Company A Ltd is incorporated in the BVI.
How can they do this?

A) Conduct a search of the Registry of Corporate Affairs in the BVI
B) Request the details from the BVI Chamber of Commerce
C) Contact the Commercial Division of the High Court of the BVI
D) Contact Company A directly

Solutions: