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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You are the chief compliance officer for a non-U S Bank that maintains some accounts in the name of U S residents Your country has signed a FATCA Model 1 inter-governmental agreement.
In developing your FATCA compliance program which should be incorporated into your program?

A) Customer due diligence for FATCA should leverage your existing AML program
B) Customer due diligence for FATCA should be based on existing IRS requirements (or Qualified Intermediaries
C) Once evidence indicates a relationship with a U S resident, an exemption to file form must be obtained
D) IRS reporting must include all account balances and securities held in the name of a US resident

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

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

4. A hacker gains access to aclient'semail. The hacker, posing as the client contacts the real client's financial advisor and requests a wire transfer of S50,000 The advisor sells stock to generate cash and wires the funds to the account at ABC Bank provided by the hacker Has money laundering occurred?

A) Yes; the hacker committed fraud and then wired money out to hide its origin
B) No; the hacker has committed fraud but not money laundering
C) No; there was no placement of funds in the account
D) Yes; the advisor sold stock and generated cash

5. Joe Brown a new small business owner wants lo open a new business account at Mega Bank. He Sils down with a bank officer who is very friendly and asks about his new business and his family Joe becomes uncomfortable about sharing so much information about himself with a stranger. He expresses his concern and the bank officer tells him that this information is required for anyone opening a newaccount with Mega Bank and that every other bank is going to ask him the same questions.
Assuming it is a low-risk customer which information does a bank need to collect and then verify from a new account holder?

A) Business name industry address tax identification number and corporate documents
B) Joe's previous employment information and income
C) Number of employees expected transactions and types of expenses
D) Financial documents on Joe's income and source of funds

Solutions: