ACFCS CFCS : Financial Crime Specialist

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ACFCS Financial Crime Specialist Sample Questions:

1. You are Ihe chief anti-money laundering officer of a lull-service bank and you are designing a risk-based customer acceptance program to determine the Terrorist Financing risks specific to not-for-profit (NFP) organizations.
Which enhanced due diligence activity is MOST essential for these types of client relationships due to the elevated risk that NFPs pose?

A) Obtain a copy of the organization's charier
B) Establish who controls the organization and its financial activities
C) Monitor the financial activity in relation to the stated purpose and objectives of the entity
D) For NFPs customer acceptance requirements are the same as for any other customer

2. During a routine organizational overview of financial crime controls, Mr. Garcia, the compliance officer, notices a significant increase in the number of false positives generated by the transaction monitoring system.
What is the most appropriate action for Mr. Garcia to take?

A) Review and adjust the parameters of the transaction monitoring system.
B) Request additional resources for the compliance department.
C) Ignore the increase in false positives as they are common in such systems.
D) Immediately suspend all transactions until the issue is resolved.

3. Ms. Garcia, the Chief Compliance Officer of a multinational bank, is reviewing the institution's sanctions compliance program. She wants to ensure that appropriate measures are in place to monitor and control transactions involving high-risk jurisdictions. Which of the following strategies would be most effective for Ms. Garcia to achieve this objective?

A) Conducting enhanced due diligence on all clients regardless of their jurisdiction.
B) Implementing transaction monitoring systems that flag transactions involving high-risk jurisdictions for manual review.
C) Restricting all transactions with counterparties from high-risk jurisdictions to minimize exposure.
D) Increasing transaction processing speed to minimize delays for clients from low-risk jurisdictions.

4. You are asked to investigate a potential fraud at an automobile dealership. The president of Bank A provides inventory financing to the dealership and suspects that it may be providing fraudulent documentation to the bank to increase its funding.
Which documents would provide the MOST effective evidence of potential fraudulent activity?

A) A list of vehicle identification numbers (VINs) at the dealership and Ihe accompanying internal bank list of VINs
B) Shipping invoices for cars sold at the dealership and then transported out of state
C) Registrations of all cars sold by the dealership
D) Internal dealership records displaying names and contact information of all buyers of cars in the last two years

5. Your construction company wishes to hire Mr. X to provide consultancy services within his country. He has his own consulting firm and is also a board member of a state-owned bank Mr. X is known for having high-level business connections and for charging exorbitant rales for his services Mr. X does not like to complete paperwork and prefers to work based on a verbal agreement.
Which three facts are red flags requiring enhanced due diligence? Choose 3 answers

A) The price Mr. X charges is suspect since he is in the business of helping companies obtain and retain business
B) The price Mr. X charges is suspect if fees are not itemized and documented
C) Mr. X may be considered to be a politically exposed person (PEP)
D) As a board member of a stale-owned bank Mr. X may be considered a public official under the U.S.
Foreign Corrupt Practices Act

Solutions: