ACFCS Financial Crime Specialist : CFCS

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ACFCS Financial Crime Specialist Sample Questions:

1. Ms. Johnson, the compliance officer at DEF Credit Union, is conducting a risk assessment of the credit union's mobile banking services. Which of the following factors should Ms. Johnson consider when assessing the risks associated with mobile banking?

A) The level of encryption used in the mobile banking app.
B) The age demographics of credit union members.
C) The number of branches operated by DEF Credit Union.
D) The credit union's annual revenue.

2. A company is concerned that its prepaid cards could be used by identity thieves seeking to launder funds.
You have been asked to examine its card program and designate features to reduce the risks of the cards being abused.
Which policy would MOST reduce the risk ol money laundering?

A) The cards hold a low maximum value and can be reloaded by the customer several times a day
B) The cards can be used al merchants' points of sale to get cash back on purchases
C) The cards expire one year after their issue date and the funds revert to the customer
D) The cards must be reloaded at the original point of sale using a debit or credit card

3. Company A a multinational manufacturing corporation, recently acquired a local company in Country Z that has a high level of state involvement in ihe economy and history of corruption Before purchasing the company. Company A hired a major international law firm to conduct a due diligence review and uncover any potential violations of global anti-corruption laws When the review came back free of issues Company A completed its acquisition.
Two years later executives from Company A were conducting their first anti-corruption compliance training with employees from the Country Z office During the training session Company A executives were alerted by Country Z-based employees that the distributors the company uses may be bribing government officials Company A had not conducted a review of distributors in Country Z, and when it began to look into the allegations it found widespread potential Foreign Corrupt Practices Act (FCPA) violations.
Which are two weaknesses in Company A's anti-corruption compliance program? Choose 2 answers

A) The due diligence review should have been exclusively conducted by local counsel from within Country Z becausetheywould be better versed in the country's culture and laws
B) Company A should have conducted anti-corruption compliance training as soon as possible after acquiring the company in Country Z
C) Company A did not include its distributors within Country Z when conducting its anti-corruption due diligence and training
D) Company A failed to reach out directly togovernmentagencies within Country Z to request information on any history of corrupt payments at the company it was acquiring

4. You work for a bank that is subject to U.S. sanctions overseen by the Office of Foreign Assets Control (OFAC). In the past your institution has had difficulty keeping the Specially Designated Nationals (SDN) lists up-to-date.
Which is the recommended course of action when dealing with transactions from a sanctioned country through your bank?

A) Submit blocking and reject reports to the OFAC in writing
B) Open the account and then contact the OFAC about blocking transactions
C) Ignore the SDN lists because they appear to be out-of-date again
D) Call Ihe OFAC to submit the blocking and reject reports

5. An examiner with a federal regulatory agency has been looking into complaints against a securities broker dealer who is suspected of selling fraudulent high-yield bonds to clients The broker-dealer had been offering these bonds for the last eighteen months.
A few weeks ago when several clients asked to withdraw the funds they had invested in the bonds, they received vague and seemingly evasive responses from the broker. Since then, the broker has been unresponsive and has not returned to her office.
The investigator has obtained the broker-dealer s bank account records for the past two years by court order and is currently analyzing canceled checks written on the account.
What information would the investigator be most likely to learn from reviewing these checks?

A) Persons who may have received payments (from the broker during the fraud scheme
B) An approximate amount of funds the broker-dealer obtained via fraud
C) Payments from the broker's account that were reversed or stopped
D) The names of persons who invested in the suspected fraud scheme

Solutions: