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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. Ms. Lee, a compliance analyst at a multinational bank, discovers that a new client has close business ties with entities in a country subject to comprehensive OFAC sanctions. What is the most appropriate action for Ms.
Lee to take regarding the onboarding of the new client?

A) Proceed with onboarding the new client but restrict transactions involving entities in the sanctioned country.
B) Reject the onboarding of the new client due to the client's business ties with entities in a sanctioned country.
C) Seek guidance from OFAC on the permissibility of onboarding the new client given the circumstances.
D) Conduct enhanced due diligence on the new client and obtain approval from senior management before proceeding with onboarding.

2. The Director of Purchasing at Company A in the US is in charge of purchasing raw materials for vehicle manufacturing. To his supervisors the director appears to live a lifestyle well above his annual salary at the company You are asked to perform a financial investigation lo identify any red flags in Ihe purchasing / inventory departments.
Which two are red flags? Choose 2 answers

A) There has been a decrease in inventory purchases but no decrease in sales
B) There has been an increase in inventory purchases but no increase in sales
C) There is a high volume of purchases from new vendors
D) There is little excess inventory and the company has a high inventory turnover

3. You are a financial crime specialist who has been asked to investigate allegations of internal fraud at a construction supplies manufacturer Managers believe one or more employees are working with outsiders to siphon off company funds, but have little information on how it is happening.
The company s sales have grown significantly in recent months and it is expanding the geographic area in which it operates It relies on a large numberofthirdpartiesto conduct its operations, including distributors and sales agents You have started your investigation by examining invoices and other payment records made by the manufacturing company to thirdparties.
Which record would you prioritize as MOST suspicious?

A) Sales contracts that indicate a number ol new distributors in a city in wh.ch the manufacturer did not previously operate
B) invoices paid to a distributor that include sizable reimbursements lorunspecifiedtravel expenses
C) Payment records to a new sales agent that demonstrate steadily increasing commissions requests over the past six months
D) Transaction records that show commission checks larger than any other commission payments were issued to the mostexperiencedsales agent

4. Old Stuff Inc is a high-end antique dealer They regularly have large sales to customers from around the globe.
Recently its account has been receiving several high-value fund transfers from a single overseas company and most of the money is substantially remitted back to the customer in a single transaction as refunds.
This is a red flag for which type of money laundering scheme?

A) Informal value transfer
B) Trade-based
C) Round tripping
D) Wash trading

5. Mr. Johnson, the compliance officer of XYZ Bank, is conducting an organizational overview of financial crime controls. During his review, he notices discrepancies in the transaction monitoring process. What is the most appropriate action for Mr. Johnson to take next?

A) Immediately report the discrepancies to senior management and the relevant authorities.
B) Ignore the discrepancies as they might be insignificant.
C) Discuss the discrepancies with the employees responsible for transaction monitoring.
D) Wait for the next compliance audit to address the discrepancies.

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