ACFCS CFCS : Financial Crime Specialist

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

Ms. Thompson, a compliance manager at a financial institution, is tasked with developing a sanctions compliance program. Which of the following components should be included in the program to ensure comprehensive coverage of sanctions risks?

A. Offering financial incentives to employees who achieve high levels of compliance with sanctions regulations.
B. Regular audits of the institution's financial statements to identify potential sanctions violations.
C. Conducting market research to identify emerging trends in sanctions enforcement by regulatory authorities.
D. Ongoing monitoring of transactions to detect and report suspicious activities related to sanctions.

Question 2

Your bank has recently received an online application for a new business account from a company named ACE Operations, LLC By reviewing the operating agreement and other documents included in the application, you determine that ACE is incorporated in the U S state of Wyoming.
A review of the Wyoming corporate registry online shows that ACE was formed 15 years ago. An initial Internet search produces no company website or further information about the company. The registered agent's contact information and address on the company's most recent annual filing is for Capital Solutions a corporate services provider.
Concerned that ACE Operations appears to be a shelf corporation you are conducting further due diligence on the company's ownership structure Which is the MOST appropriate next step to take?

A. Request a certificate of good standing from the Wyoming corporate registry for ACE Operations
B. Request a company organizational chart that includes members, directors, and other stakeholders
C. Research annual filings in the corporate registry to determine if ACE Operations had any previous owners
D. Request that the registered agent submit a self-certification of any parties with a 51% or greater ownership stake in ACE Operations

Question 3

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 payments toward the loan have been delinquent many times over several years of maintaining Ihe loan
B. The loan IS collateralized by accounts receivable
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 4

Your company acquires new mortgage loans through a network of independent brokers and you have experienced losses attributed to one of your brokers You suspect that the broker did not act alone You are revisiting your institution's policies and procedures to effectively mitigate the risks of collusion.
Which specific task would NOT be effective in mitigating the risk of collusion?

A. Provide mortgage underwriters and administrative staff with training on how to recognize suspicious transactions
B. Ensure that your brokers are subjected to rigorous on-boarding standards
C. Restrict the use ot property appraisers to those who have been approved by your institution
D. Have the mortgagor provide documentary evidence of employment and income

Question 5

You have been asked to investigate an anonymous tip that an executiveofa company has paid bribes to secure business with a foreign government-controlled company. Which would MOST fully support the allegation without any additional evidence?

A. The sales agent's commission is being paid to a bank account in a country outside of the agent's sales territory
B. The executive s files include duplicates of invoices for the customer that have sales prices 10% higher than the original
C. The executive approved an increase in the commissions paid to the sales agent dealing with the customer from 5% to 10%
D. Records of funds transfers lo a company lor advertising services that is not on the approved vendor list

Solutions: