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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. A fraud analyst is concerned that the company's reloadable prepaid card program could be abused by terrorist financiers and wants to ensure the data supplied to the detection system is sufficient for assisting with investigations.
Which data element would be Ihe MOST difficult for the analyst to obtain?

A) Transaction details including ATM location or merchant
B) The name of the cardholder
C) The network of the loading system
D) The name of the person who loaded the card with funds

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

3. Jane is a dual citizen of the United Stales and Country B a known lax haven, she has permanently relocated to Country B The lax authorities in the U.S. and Country B have a well-established cooperation agreement to reduce tax evasion.
Upon relocating in Country B she legally changed her name and obtained government identification in Country B's official language. She used this new identification to establish bank accounts in Country B. She created new shell companies and opened new business ventures which generated millions of dollars of income for her.
Jane files proper tax returns in Country B and discontinues filing U.S. income tax returns. Which statement is true?

A) She broke U.S. tax laws by not notifying the institutions of her name change when opening new bank accounts in Country B
B) As a dual citizen she is responsible for filing tax returns in both the U.S. and Country B until she renounces her U.S. citizenship
C) Considering she permanently moved to Country B she is only responsible for filing tax returns in Country B
D) She broke Country B's tax laws by changing her name prior to opening new accounts since Country B now cannot match her records with the U.S. tax authorities

4. You work in a federal government agency processing benefits for millions of people who meet a specified sell of conditions (e. g, age, business size, medical necessity). The requests for benefits are filed electronically. Knowing that Fraudsters often falsely claim eligibility you have been asked to recommend analytical solutions to reduce the fraud across the agency's operations.
Which analytical or investigative method would MOST effectively identify potential fraudsters at the agency's enterprise level of operations?

A) Begin reviewing historical tax information to possibly conduct an audit of all suspicious applicants
B) Proactively screen transactions or claim requests against established business rules or criminal patterns prior to payment
C) Partner will a law enforcement agency to review each applicant prior to paying any benefits
D) Check for negative news information about applicants

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

Solutions: