ACFCS CFCS

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

Company A is a New Jersey-based company, that trades in the metals industry and has been in business for less than two years. To augment their financing, they approach several banks to obtain loans to be repaid in
180 days. The collateral for the loans is the receivables. When the banks ask Company A for documentation to support the receivables, they are presented with documentation that suggests the receivables are coming from customers in various industries none of which have anything to do with metals.
Which is a red flag of illegal incoming revenue to an entity?

A. A relatively young company approaching several banks for a loan is very unusual
B. The receivables transactions have no business or apparent lawful purpose related to the metals industry
C. it is very unusual for a company to secure a loan based on receivables from other companies
D. The loans are very short-term and should not be used to augment their financing

Question 2

Mr. Johnson, a compliance officer at ABC Corporation, is conducting due diligence on a potential business partner based in a foreign country. During the due diligence process, Mr. Johnson discovers that the potential partner's principal shareholder is a politically exposed person (PEP) from a country subject to OFAC sanctions. What is the most appropriate action for Mr. Johnson to take?

A. Seek guidance from OFAC on the permissibility of engaging with the potential partner.
B. Reject the business partnership due to the involvement of a PEP from a sanctioned country.
C. Proceed with the business partnership but disclose the involvement of the PEP to OFAC.
D. Proceed with the business partnership but conduct enhanced monitoring of transactions involving the PEP.

Question 3

An international construction company was bidding on a large contract to redevelop and modernize a hydroelectric power system in a central Asian country. Theprojectwas being administered by an agency in the country's federal government but federal officials directed the company to contact a number of local officials for additional details on the project and its scope The company later wins its bid for the redevelopment contract and completes the protect.
A year later an internal auditor is conducting a routine review of past projects and notices certain irregularities in the bidding process for Ihe power system redevelopment. All of the company's major competitors had been rejected in the first round of bidding despite offering competitive pricing of the other firms considered in later rounds of bidding most were small companies and several were incorporated recently in the country where the project was taking place All of them put in bids that were higher or much lower than the company's winning bid.
The auditor is concerned that these unusual findings may indicate the company won its bid through a corruption scheme involving government officials. Which further finding BEST supports this possibility?

A. At least one of the companies that submitted a competing bid appears to be a sole proprietorship incorporated in another country
B. The company won the bid and then subcontracted work to several of the smaller local firmsthathad also submitted bids
C. The company s total costs for the project came in at 3% higher than the estimated costssubmittedduringthe bidding process
D. Officials from the federal agency appeared to have limited contact with the local officials during the bidding process

Question 4

Country A is conducting a criminal investigation of alleged corruption by a public official in its country and needs to obtain bank records in Country B It appears that the public official controls the bank account.
To assure that the evidence (i.e. bank records) can be obtained for a trial in Country A which should the investigators in Country A do?

A. Make an official request through Interpol
B. Request authentication of the records from the Central Bank of Country B
C. Transmit a mutual legal assistance request through the Central Authority
D. Make an initial contact with the bank to assure that the records are in the name of the public official

Question 5

You are the chief compliance officer for a non-U S Bank that maintains some accounts in the name of U S residents Your country has signed a FATCA Model 1 inter-governmental agreement.
In developing your FATCA compliance program which should be incorporated into your program?

A. IRS reporting must include all account balances and securities held in the name of a US resident
B. Customer due diligence for FATCA should be based on existing IRS requirements (or Qualified Intermediaries
C. Once evidence indicates a relationship with a U S resident, an exemption to file form must be obtained
D. Customer due diligence for FATCA should leverage your existing AML program

Solutions: