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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

You operate a convenience store that also sells and cashes money orders and offers wire transfer services.
Which three activities on their own are sufficient red flags to warrant further due diligence into whether a transaction may be related to terrorist financing? Choose 3 answers

A. Several customers receive a monthly wire transfer of funds from the same business which has an address in a high-risk jurisdiction
B. On a weekly basis a customer wires S2 500 to the charity Middle Eastern Orphans and Refugees Relief Association with a post office box address in New York City
C. Every week immediately upon receiving a money transfer the customer purchases a series of money orders, prepaid debit and phone cards to be sent to other individuals
D. A customer who has recently immigrated to the country sends funds to a high-nsk jurisdiction, where they used to live

Question 2

Mr. Smith, the compliance manager of ABC Bank, is tasked with conducting a risk assessment of the institution's correspondent banking relationships. Which of the following factors should Mr. Smith consider when assessing the risks associated with correspondent banking?

A. The geographical location of correspondent banks' headquarters.
B. The size of transactions conducted by correspondent banks.
C. The number of transactions processed through correspondent accounts.
D. The total assets of ABC Bank.

Question 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. Considering she permanently moved to Country B she is only responsible for filing tax returns 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. She broke U.S. tax laws by not notifying the institutions of her name change when opening new bank accounts 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

Question 4

The automated transaction monitoring system at a bank that is headquartered in Japan has generated a case for a customer located in the U S whose activity was more than 50% above its expected activity Hall of the transactional activities are with countries in Asia.
An investigation into this case by the compliance department should include which three steps? Choose 3 answers

A. A review of the customer's Know Your Customer (KYC) file
B. A request lor information from the bank's relationship manager
C. A calltothe customer to determine the nature of the business with Asian countries
D. An Internet search of the parties in the transactions

Question 5

During a sanctions compliance training session, an employee asks about the implications of conducting transactions with individuals or entities on the OFAC Sectoral Sanctions Identifications (SSI) list. What is the most accurate response to the employee's inquiry?

A. Conducting transactions with individuals or entities on the OFAC SSI list is permissible if authorized by senior management.
B. Conducting transactions with individuals or entities on the OFAC SSI list may result in both regulatory penalties and reputational damage.
C. Conducting transactions with individuals or entities on the OFAC SSI list is permissible if the transactions are below a certain monetary threshold.
D. Conducting transactions with individuals or entities on the OFAC SSI list may result in reputational damage but not regulatory penalties.

Solutions: