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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You work in Ihe investigations unit at a financial crime compliance department of a bank You have been assigned an alert to review a transaction in a customer account held by a small plumbing company.
The alert was produced on a funds transfer out ol the plumbing company's account to what appears to be a business account in another stale The customer appears to have initialed the funds transfer request yesterday evening a weekend day that is outside of the company s usual business hours. The company does not commonly conduct transactions with business accounts that are out of state and the amount was slightly larger than other outgoing funds transfers.
While reviewing this alert you realize that several other alerts on the account have just recently been generated all relating to outgoing transfers destined lor Ihe same out-of-stale business account.
Which is the MOST appropriate next step for you to take?

A) File a Suspicious Activity or Transaction Report (SAR/STR) on the transactions
B) Contact the customer to inquire about Ihe suspicious nature of the transactions
C) Flag the account as potentially compromised and open an investigation
D) Contact the business account receiving the funds transfers to inquire about their purpose

2. A customer wishes to open a personal account at Bank A with a cashier's check A representative at Bank A has the customer fill out a questionnaire including questions about the source of wealth as well as the primary purpose of the account.
To perform appropriate due diligence which three activities should Bank A perform? Choose2answers

A) Verity the customer's personal details such as the customer's address both via his provided identification and independently through public record searches
B) Take into account factors such as whether the customer lives in a high-risk jurisdiction
C) Conduct enhanced due diligence due to the account being opened with a cashier's check
D) Confirm the customers source of wealth including verification of employment

3. During a risk assessment of its correspondent banking relationships, a financial institution discovers that one of its correspondent banks operates in a high-risk jurisdiction known for weak anti-money laundering (AML) controls. What is the most effective approach for the institution to manage the risks associated with this correspondent banking relationship?

A) Limit the types of transactions conducted with the correspondent bank to reduce exposure to risks.
B) Immediately terminate the correspondent banking relationship with the bank operating in the high-risk jurisdiction.
C) Conduct enhanced due diligence on transactions involving the correspondent bank.
D) Increase the frequency of audits conducted at the correspondent bank's premises.

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

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

Solutions: