ACFCS Financial Crime Specialist : CFCS Exam Questions

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You work for a bank that is subject to U.S. sanctions overseen by the Office of Foreign Assets Control (OFAC). In the past your institution has had difficulty keeping the Specially Designated Nationals (SDN) lists up-to-date.
Which is the recommended course of action when dealing with transactions from a sanctioned country through your bank?

A) Ignore the SDN lists because they appear to be out-of-date again
B) Call Ihe OFAC to submit the blocking and reject reports
C) Open the account and then contact the OFAC about blocking transactions
D) Submit blocking and reject reports to the OFAC in writing

2. A casino needs to hire an auditor (or sensitive financial operations where the employee will have access to large amounts of cash The interviewer needs to be sure that this employee is scrupulously honest lo protect the company.
Which is the MOST effective technique to vet this prospective employee?

A) Require Ihe prospective employee to provide personal references
B) Collect documentation to confirm the prospective employee s educational history
C) Review your internal records to determine if the prospective employee has any record of excessive gambling
D) Conduct a background check on the prospective employee

3. You are investigating a multi-national company for financial fraud As part of your investigation, you would like to determine whether the company has complied with applicable tax laws in the jurisdictions in which it operates As a preliminary starting point you need to know the applicable laws relating to exchange of tax information.
Other than contacting the governments of each jurisdiction which organization's website would have the MOST effective resources for obtaining such information?

A) World Bank Doing Business Project
B) Internal Revenue Service (IRS)
C) Organization for Economic Cooperation and Development (OECD)
D) United Nations Office of Drugs and Crime (UNODC)

4. 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) A history of bankruptcies is found relating to the defaulting entity or individual
B) The individual or entity involved in the default loan maintains numerous holding companies
C) The payments toward the loan have been delinquent many times over several years of maintaining Ihe loan
D) The loan IS collateralized by accounts receivable

5. Company A required capital to purchase wholesale consumer products to resell to retail outlets Company A solicited working capital by offering investors promissory notes in exchange for borrowed funds. The promissory notes promised a high annual interest rate of 14% Company A paid the promised 14% returns and a commission from the new funds received from later investors No wholesale products were purchased with the investors funds and there was no underlying business.
Which type of fraud is being described?

A) Pyramid scheme
B) Pump and dump scheme
C) Advanced Fee scheme
D) Ponzi scheme

Solutions: