ACFCS CFCS

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ACFCS Financial Crime Specialist Sample Questions:

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

2. During a sanctions compliance training session, an employee asks about the consequences of facilitating transactions involving individuals or entities on a sanctions list. What is the most accurate response to the employee's inquiry?

A) Facilitating transactions involving sanctioned individuals or entities may result in civil penalties but not criminal charges.
B) Facilitating transactions involving sanctioned individuals or entities is permissible if the transactions are conducted in foreign currency.
C) Facilitating transactions involving sanctioned individuals or entities is permissible if authorized by senior management.
D) Facilitating transactions involving sanctioned individuals or entities may result in both civil and criminal penalties.

3. Joe Brown a new small business owner wants lo open a new business account at Mega Bank. He Sils down with a bank officer who is very friendly and asks about his new business and his family Joe becomes uncomfortable about sharing so much information about himself with a stranger. He expresses his concern and the bank officer tells him that this information is required for anyone opening a newaccount with Mega Bank and that every other bank is going to ask him the same questions.
Assuming it is a low-risk customer which information does a bank need to collect and then verify from a new account holder?

A) Business name industry address tax identification number and corporate documents
B) Financial documents on Joe's income and source of funds
C) Number of employees expected transactions and types of expenses
D) Joe's previous employment information and income

4. A large banking institution retains a collections law firm to determine if a $25 million default on a commercial loan is fraud. The attorneys need to determine if the defaulting parly is worth pursuing in civil litigation by first determining if the defaulting entity and/or individual committed fraud by intentionally defaulting.
Which is an indicator or a red flag that the defaulting party could be committing fraud?

A) The payments toward the loan have been delinquent many times over several years of maintaining Ihe loan
B) A history of bankruptcies is found relating to the defaulting entity or individual
C) The individual or entity involved in the default loan maintains numerous holding companies
D) The loan IS collateralized by accounts receivable

5. A law enforcement agent is investigating the owner of a small grocery store thought to be involved in a financial crime scheme II is believed that the store owner is moving illicit proceeds, but it is not clear how it might be happening.
The agent is conducting surveillance on the grocery store and makes the following observations.
* Individuals occasionally enter the store and ask to speak with the owner, who meets with them and takes notes in a notebook he keeps on his person
* Individuals sometimes arrive at the store with small packages or bags and leave without groceries
* The owner periodically visits another store in the neighborhood that acts as an agent for a large international money services business The agent has subpoenaed the bank account and transaction records for the grocery store Transaction patterns do not seem out of the ordinary given the type of business and the area and no suspicious transaction reports have been filed on the account. The store is a sole proprietorship and the owner is not listed as owning or controlling any other business entities.
Based on this information what is the MOST LIKELY conclusion of Ihe law enforcement agent?

A) The store owner is operating as an unlicensed money remitter
B) The store owner is running an affinity fraud scheme
C) The store owner is conducting a terrorist financing operation
D) The store owner is involved in a tax fraud scheme

Solutions: