ACFCS CFCS : Financial Crime Specialist

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. During an organizational overview of financial crime controls, Ms. Patel, the compliance analyst, discovers that certain customer due diligence procedures are inconsistently applied across different branches of the organization. What should Ms. Patel recommend to address this issue?

A) Implement additional layers of bureaucracy to ensure uniformity.
B) Assign responsibility for customer due diligence to individual branch managers.
C) Disregard the inconsistencies as they may not significantly impact compliance.
D) Conduct a comprehensive review of existing customer due diligence procedures.

2. A client is introduced to a bank by an intermediary The intermediary is a reputable financial institution that is regulated in a foreign FATF compliant jurisdiction Regulation applicable to the bank requires the bank conduct due diligence with respect to the intermediary's clients Which statement is true in this situation according to the 2012 Wolfsberg Principles on Intermediaries?

A) The bank can rely on the intermediary's due diligence information because it is regulated in a foreign FATF compliant jurisdiction
B) The bank may rely on the intermediary to assist in obtaining relevant due diligence information with regard to the intermediary clients
C) It is not necessary (or a bank to perform due diligence on the intermediary's clients
D) The bank should perform its own due diligence on the underlying clients and may not rely on the intermediary to assist in obtaining due diligence information on the clients

3. Which two features of hawala make it particularly attractive to terrorist financing? Choose 2 answers

A) Hawala utilizes wire transfers thereby making it harder for authorities to track
B) The nature of the hawala system is based on trust making formal records unnecessary
C) The hawala system generates a great deal of profits often used for terrorist financing
D) The value of the transaction can be transferred across jurisdictions without the need for a hard currency transfer

4. During a sanctions compliance audit, it is discovered that ABC Company, a corporate client of a financial institution, has subsidiaries operating in countries subject to comprehensive sanctions. What is the financial institution's obligation regarding its business relationship with ABC Company?

A) Seek approval from senior management before taking any action regarding the business relationship.
B) Immediately terminate all business relationships with ABC Company and its subsidiaries.
C) Conduct enhanced due diligence on ABC Company and its subsidiaries to assess sanctions risk.
D) Continue business relationships with ABC Company while monitoring transactions involving its subsidiaries.

5. The bookkeeper lor Corporation A has been charged wilh embezzling corporate funds. It was discovered that the bookkeeper misappropriated customer checks received in the mail cashed the checks and wrote-off the accounts receivable asuncollectible. The corporation had policies to ensure there was a segregation of duties.
Which condition is MOST likely to have provided an opportunity for the bookkeeper to embezzle corporate income checks?

A) The bookkeeper enters all payments received (rom customers into the corporate Cash Receipts Journal
B) The bookkeeper and receptionist who opens the mail cover lor each other while the other is at lunch
C) The corporate mail duties of the receptionist which include logging the receipt of payments from customers are covered by a student intern when the receptionist calls in sick
D) The outside accountant receives and reconciles the monthly bank statement

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