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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You are investigating a Hong Kong clothing manufacturer that is allegedly laundering money (or a human trafficking organization.
Deposits to the corporate bank account totaled $4.5 million (USD) for the year 2011 and originated from a single source in Panama that makes payment through a bank account in Riga Latvia.
Payments are received through wire transfers They are always in odd amounts of dollars and cents and the SWIFT messaging always slates that the payments are for a seasonal line of women s dresses.
Which is NOT a red flag for money laundering?

A) The distributor is located in Panama but payments originate (from a Latvian bank in Riga
B) The owner of the business who is the sole signatory of the bank account resides in another country
C) Payments to the fabricator are only received from a single customer in another industry
D) The payments are in odd amounts and their purpose is always the same in the SWIFT messaging

2. Bank A receives a wire transfer Irom Bank B located in another country. When run through Bank A's sanctions screening process, some of the identifying information of the entity initialing the transfer appears as a partial match with an entity on a sanctions list Bank A routinely processes wire transfers from Bank B and almost never runs into matches with sanctions lists.
Which further review should Bank A conduct on the wire transfer?

A) Bank A should not complete the wire transfer until it gathers more information It should consult the full identifying information in the sanctions entry and attempt to find that information in the transfer
B) No review is required Bank B would already have conducted due diligence for sanctions violations and further action would be duplicative and unnecessary
C) Bank A should reject the wire transfer and alert the regulatory or enforcement agency that administers the sanction immediately
D) Bank A should contact Bank B lor confirmation that the entity is not on the sanctions list Once it receives written confirmation from Bank B's compliance staff it can complete the transfer without further investigation

3. You are in the auditing department at a large publicly traded company in the healthcare sector. Your manager has asked you to assist in reviewing the financial records of a potential acquisition target a smaller company that sells medical supplies to hospitals.
The company's owners have approached your firm with an offer for sale but after an initial review of financial statements your manager is concerned about Ihe potential for inaccurate or fraudulent accounting.
You obtain the company's income statements for recent years shown below:

Which item should be the focus of your investigation into potential fraud or financial misrepresentation?

A) Cost of goods sold
B) Total operating expenses
C) Net income
D) Administrative and general expenses

4. You are a compliance officer for a bank that provides services to a third-party payment processor. The processor facilitates credit card payments for online and physical retail stores located within your own country.
You conducted enhanced due diligence on the client when the account was originally opened two years ago.
Since then, periodic reviews have noted no changes in the client s operations ownership structure or other information.
Recently regulators in your country have issued penalties against other banks that had insufficient AML controls and monitoring on accounts held by payment processors Concerned, your legal department has asked you to review the client's risk status.
Which is the primary reason for your conclusion that the customer relationship is higher risk?

A) The payment processor conducts credit card transactions
B) The retail stores served by the processor are not covered by AML regulations
C) The bank does not have visibility into the activities of the processor's customers
D) The account relationship manager is reluctant to provide additional supporting documentation

5. Jose who resides in Country Y wants to send funds to Alicia in Country Z. Jose delivers funds to a merchant in Country Y who, in return gives him a code forauthentication purposes The merchant then instructs a colleague in Country Z to deliver an equivalent amount in the local currency to Alicia upon presentation of the designated code After the remittance the first merchant has a liability to the second Their positions can also be transferred to other intermediaries who can assume and consolidate the initial positions and settle at wholesale or multilateral levels.
Which type of transaction is this?

A) Hawala
B) Multi-tiered transaction
C) Private transfer
D) Black Market Peso Exchange

Solutions: