ACFCS CFCS real exam prep : Financial Crime Specialist

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

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

2. An offshore energy company is attempling to make payment to Iran for a bulk oil purchase The payment is routed through the offshore bank's New Y affiliate bank where the funds are converted to USD to be forwarded to Iranian Oil LTD, Tehran, Iran.
Which forward payment scheme is MOST likely to be used by banks to defeat the U.S. Office of Foreign Assets Control (OFAC) Sanctions?

A) Intermediated Delivery Service (IDS) - forwarding funds to a non-sanctioned affiliate bank not in the US lo be forwarded to a correspondent bank account inside Iran
B) Alternate Delivery Service (ADS) - referring to an automated clearing house service to forward payment to a service provider in a non-sanctioned country for final payment to Iranian Oil LTD
C) Stripping - removing the name and destination from the SWIFT messaging to mask the client's identity and location
D) Redirection - sending funds to an Iranian oil shell company in a non-sanctioned country and then wiring them to Iranian Oil LTD Tehran

3. An internal auditor is conducting a quality assurance review of sales results and records for a large U.S.
based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures.
In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards.
Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers.
Given this information which is the MOST likely conclusion the internal auditor will make?

A) The sales department may be involved in a tax evasion scheme involving falsified returns to disguise undisclosed assets
B) The sales department manager may be involved in an embezzlement scheme tied to the returned airplane parts
C) The sales department may beinvolved in a fraudulent revenue recognition scheme related to hidden payment andrefundterms
D) The sales department may be violating sanctions through the undocumented saleofdual-use goods to countriessubjectto U S sanctions

4. The CEO of a major publicly traded shipping company becomes awarethatsome of the contracts she negotiated are becomingunfavorableto the company In additionTradehas declined in her country due to the strong U.S. dollar.
Because the CEO believedthatthese contracts were strong and would increaseprofits,she shared this insider knowledge with her family and encouraged them to buy stock in the company Once it was clear the contracts wereunfavorable. she informed her family to sell all of their stock in small amounts to remain "under the radar" and avoid losing their investments. The CEO resigned andthe shipping company declared bankrupt within a few months.
Which are possible legal consequencesofthe CEO's ethical lapses? Choose 2 answers

A) The shipping company will be barred from doing business in the other country
B) Investigations will be made by the bank that processed the sale of the stock
C) Criminal charges will be brought against the CEO and her family
D) Lawsuits will be filed by shareholders

5. As an internal auditor for a commercial financial institution you are reviewing fixed term loans to a commercial customer that you are convinced were used to launder proceeds of crime.
Which three situations support your suspicion of money laundering? Choose 3 answers

A) The company's CFO is Ihe son-in-law of the Minister of Defense for a neighboring country
B) Repayment firms were not followed and the loan was fully repaid early
C) The customer is now classified as higher credit risk and would no longer qualify for a loan
D) Loan proceeds were partly disbursed by wire to a higher risk country with strict customer privacy laws

Solutions: