Try ACFCS : CFCS valid & accurate questions and answers

ACFCS CFCS Exam Overview:

ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

Your client is the family of a man who is deceased. The family remembers stones that their father (the deceased) had a Cayman Islands company where he held his investments. They have located a file containing an old Cayman Islands bank statement in the name of Company A Limited and in care of a post office address. They want to know what information they can find out about the company and the account.
How can they determine if the company still exists?

A. Contact the bank and ask the status of the company
B. Conduct an internet search for the company's name as company information is public
C. Visit the post office and ask for access to the PO Box
D. Check with the Corporate Registry as this information is public

Question 2

Ms. Yu is a scammer based in Singapore who has spent the last several months promoting a fraudulent investment fund that purports to offer substantial returns on high-yield bonds. While she has been successful some investors have recently raised questions over a lack of details on the fund's portfolio and nature of the bonds.
Concerned that her securities fraud might be exposed. Ms. Yu is seeking to conceal assets and cover her tracks in the event of an investigation. She plans on creating one or more legal entities and utilizing them to move proceeds of the scheme out of the country.
Which country would be MOST attractive to Ms. Yu as part of this effort?

A. A country with a history of banking secrecy
B. A country with anonymous company formation and no public accessible corporate register
C. A country that has not agreed to implement the Common Reporting System established by the Organization for Economic Cooperation Development (OECD)
D. A country with a reputation for corruption among its government officials

Question 3

A small but very successful construction company is expanding rapidly Having quickly gone from just a few employees to a larger staff the company's managers have become concerned about the possibility for internalTheftand fraud, and are implementing compliance measures.
The company promotes one of its current HR employees to be the new head of compliance It institutes a new whistleblower policy in which all employees are required to report suspicious behavior or transactions directly to their immediate supervisor who will escalate as necessary.
The company also institutes a gifts and entertainment policy that restricts promotional expenses for the company's sales staff and any managersthatinteract with clients and vendors Finally the company starts a selective review process for all invoices above a certain threshold subjecting them to senior management review.
Based on this scenario which is the MOST significant weakness in the company's efforts to detect and prevent internal financial crime?

A. Thewhistleblowerpolicy - Reporting should never go through the company's business lines it should lake place anonymously
B. The Policy ofinvoice review - All invoices should be subject to senior management approval not only those above a certain level
C. The gifts and entertainment policy - The policy is not comprehensive enough and should include all company employees not only sales staff and management
D. The promotion of a current employee as head of compliance - Compliance officers should always be hired externally to minimize the chances of internal fraud

Question 4

Ms. Lee, a compliance analyst at a multinational bank, discovers that a new client has close business ties with entities in a country subject to comprehensive OFAC sanctions. What is the most appropriate action for Ms.
Lee to take regarding the onboarding of the new client?

A. Conduct enhanced due diligence on the new client and obtain approval from senior management before proceeding with onboarding.
B. Reject the onboarding of the new client due to the client's business ties with entities in a sanctioned country.
C. Seek guidance from OFAC on the permissibility of onboarding the new client given the circumstances.
D. Proceed with onboarding the new client but restrict transactions involving entities in the sanctioned country.

Question 5

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 an address outside the country where your firm is domiciled
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 multiple wires just below the reporting threshold

Solutions: