ACFCS Financial Crime Specialist : CFCS

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ACFCS Financial Crime Specialist Sample Questions:

1. Mr. Smith, a compliance officer at a financial institution, is tasked with evaluating the effectiveness of the institution's sanctions compliance program. Which of the following indicators would be most relevant for Mr. Smith to assess the program's effectiveness?

A) The frequency and adequacy of sanctions compliance training provided to employees.
B) The diversity of the institution's client base.
C) The profitability of the institution's international business operations.
D) The number of transactions processed by the institution each month.

2. You are asked to investigate the apparent deterioration of financial condition within a company.

Considering the income statement above where should you begin your investigation?

A) Cost of Goods Sold
B) Administrative Expenses
C) Net Receivables
D) Sales Expenses

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

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

5. Mr. X is a business consultant who specializes in helping European companies expand their operations into Latin America. You are part of a law enforcement unit investigating Mr. X who is under suspicion of assisting his clients to conceal bribe payments made to government officials in Latin American countries.
Mr. X is knowntocontrol a numberofdifferent companies andtheirrelated subsidiaries within severalLamAmerican countries. You are tracing (fundsthat originated from an account held by one of Mr.X's companies in the UK in an effort to establish that he is involved in the corruption and money laundering scheme.
Which would provide the BEST indicatorThatMr.X is helping to launder funds connected to bribery?

A) Funds that are being used in the operation of a business in ahigh-riskjurisdiction
B) Funds transferred to business associates of Mr.X located in the European Union
C) Funds whose source can be traced to a corporate account in a country located in the European Union
D) Funds transferred into the account from a nondescript business with little information available about it

Solutions: