ACFCS Financial Crime Specialist - CFCS certification

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. Your company acquires new mortgage loans through a network of independent brokers and you have experienced losses attributed to one of your brokers You suspect that the broker did not act alone You are revisiting your institution's policies and procedures to effectively mitigate the risks of collusion.
Which specific task would NOT be effective in mitigating the risk of collusion?

A) Have the mortgagor provide documentary evidence of employment and income
B) Provide mortgage underwriters and administrative staff with training on how to recognize suspicious transactions
C) Restrict the use ot property appraisers to those who have been approved by your institution
D) Ensure that your brokers are subjected to rigorous on-boarding standards

2. You are leading the learn at your organization that is tasked with updating the fraud risk assessment. The team determines that the current risk assessment effectively identified the universe of potential fraud risks faced by the organization. The risk assessment also captured how existing fraud riskmanagement and controls address the identified risks. However, the team found weaknesses in other areas.
Which two components should the team include in the development of a sound risk assessment? Choose 2 answers

A) An analysis of the financial resources required to address fraud risks
B) A risk matrix that defines management's risk tolerance
C) A robust and auditable investigation conducted in accordance with the antifraud policy
D) An analysis of the likelihood and materiality of fraud types

3. You have been asked to investigate an anonymous tip that an executiveofa company has paid bribes to secure business with a foreign government-controlled company. Which would MOST fully support the allegation without any additional evidence?

A) The sales agent's commission is being paid to a bank account in a country outside of the agent's sales territory
B) The executive approved an increase in the commissions paid to the sales agent dealing with the customer from 5% to 10%
C) Records of funds transfers lo a company lor advertising services that is not on the approved vendor list
D) The executive s files include duplicates of invoices for the customer that have sales prices 10% higher than the original

4. A company has a number of Special Purpose Vehicles (SPVs) registered in the Cayman Islands Which legitimate purpose would the company use SPVs for as part of its operating structure?

A) To evade tax liability on certain revenue streams
B) To limit regulatory supervision in their home country
C) To obscure Ihe relationships which the company has offshore
D) To eliminate some of the risk held at the parent company

5. In an attempt to ensure the selection of his bid for a government project in a foreign country Mr. Jones decided to pay off a foreign official who had the ability to influence the process Mr. Jones created a shell company to conduct the transaction.
In exchange for this influence Mr. Jones created a series of invoices that made it appear as if his shell company owed money to Ihe foreign official Mr. Jones wired money from his bank account in the US to the shell company in the foreign jurisdiction for credit to the government official Unfortunately for Mr. Jones, the official did not keep his promise and Jones did not gel the bid.
When did money laundering FIRST occurs?

A) When Mr. Jones transferred funds from the shell company to the public official
B) When Mr. Jones created the shell company
C) When Mr. Jones generated a series of false invoices
D) When Mr. Jones wired the funds to the shell company

Solutions: