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 part of a law enforcement learn reviewing remittances from global money service businesses (MSBs) over a several year period including a time of severe economic recession During this time period there was a regulatory change that drastically lowered the transaction amount al which ihe MSBs were required lo record identity documentation (e.g., driver's license passport) (or any wire transfers crossing international boundaries.
Which result suggests criminal actors have previously been using the system to transfer funds and avoid the reporting requirement?

A) The aggregate amount of money transferred from one country to another reduced sharply immediately prior to and after the new reporting requirements were enacted
B) There was an increase in Suspicious Transaction Reports (SARs/STRs) filed to the Financial Intelligence Unit (FIU)
C) There was an increase in the number of cross-border transmissions with an increased average value
D) The aggregate amount of money transferred from one country to another decreased sharply immediately prior to and increased sharply after the new reporting requirements were enacted

2. A large financial institution provides both analysis and research services and investment management services. An analyst is preparing to publicly release a major report that may impact the stock prices of several large corporations. The analyst has contacted a senior compliance officer saying that one of the institution's traders has requested an advance copy of Ihe report. The analyst believes the report may allow the trader to make trades that will benefit several of his clients. The analyst is asking for advice on how to proceed.
Which course of action should be taken in this scenario?

A) The analyst should not share the full report However she can request more details on the trader's clients and trading positions and provide limited information tailored to those circumstances
B) The trader's request is a breach of ethics requiring disciplinary action The trader could receive penalties including not being allowed to conduct trades on behalf of his clients for several business days
C) The analyst should share the full report as long as the trader signs a disclosure that he will not trade on his clients' accounts based on this information
D) The analyst should not provide the full report until it is publicly released through widely accessible channelsatthat point the report can also be shared with traders inside the institution

3. Your Chent has been the victim of an investment fraud and he is in the process of obtaining a judgment against the perpetrator You have provided him with solid evidence that funds he invested in the scheme are on deposit in a domestic bank in the name of a shell corporation incorporated in another jurisdiction Through previous conduct by the perpetrator it can be demonstrated that not freezing the account could mean that the funds will be dispersed thereby frustrating a potential claim.
To protect the funds which should you suggest to your client?

A) Provide a Mareva injunction to the bank
B) Request a civil forfeiture action against the perpetrator
C) Request a Norwich Pharmacal without gag order be issued to the bank
D) File a Lis Pendens against the account

4. Company A a multinational manufacturing corporation, recently acquired a local company in Country Z that has a high level of state involvement in ihe economy and history of corruption Before purchasing the company. Company A hired a major international law firm to conduct a due diligence review and uncover any potential violations of global anti-corruption laws When the review came back free of issues Company A completed its acquisition.
Two years later executives from Company A were conducting their first anti-corruption compliance training with employees from the Country Z office During the training session Company A executives were alerted by Country Z-based employees that the distributors the company uses may be bribing government officials Company A had not conducted a review of distributors in Country Z, and when it began to look into the allegations it found widespread potential Foreign Corrupt Practices Act (FCPA) violations.
Which are two weaknesses in Company A's anti-corruption compliance program? Choose 2 answers

A) The due diligence review should have been exclusively conducted by local counsel from within Country Z becausetheywould be better versed in the country's culture and laws
B) Company A did not include its distributors within Country Z when conducting its anti-corruption due diligence and training
C) Company A failed to reach out directly togovernmentagencies within Country Z to request information on any history of corrupt payments at the company it was acquiring
D) Company A should have conducted anti-corruption compliance training as soon as possible after acquiring the company in Country Z

5. You are investigating a steel company that is under suspicion of being used by a mafia organization as a conduit for illicit funds transfers and commodities transactions You come across documents of a len-ton shipment of low-grade industrial steel bars for Thailand divided into one-ton containers.
Which is the BEST indicator that this shipment is suspicious and requires additional investigation?

A) Because it was most likely destined for trans-shipment to multiple nations or jurisdictions
B) Because documents show payment for high-grade steel
C) Because Thailand is well known as a high-risk country for trade-based money laundering
D) Because metals are a known avenue for money laundering

Solutions: