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ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Anti-Money Laundering | - Money laundering methods and typologies - Customer due diligence and KYC - AML controls and regulatory requirements |
| Terrorist Financing | - Detection and disruption techniques - Financing methods and networks - Regulatory and enforcement measures |
| Fraud | - Fraud prevention and detection - Internal and external fraud risks - Fraud schemes and indicators |
| Human Trafficking | - Detection and reporting strategies - Related compliance requirements - Financial indicators of trafficking |
| Corruption | - FCPA and international regulations - Anti-corruption compliance frameworks - Bribery and corruption risks |
| Sanctions | - International sanctions programs - Screening and monitoring processes - Sanctions compliance controls |
| Compliance Programs | - Regulatory expectations and audits - Risk-based compliance frameworks - Governance and internal controls |
| Cybercrime and Cybersecurity | - Incident response and risk mitigation - Information security threats - Cyber-enabled financial crimes |
| Investigations | - Case management and reporting - Evidence gathering and analysis - Financial crime investigation techniques |
| Tax Evasion | - Tax crime typologies - International tax compliance initiatives - Detection and reporting obligations |
| Asset Recovery | - Recovery and forfeiture processes - Asset tracing methodologies - International cooperation mechanisms |
| Ethics and Professional Standards | - Integrity in financial crime compliance - Ethical decision-making - Professional conduct principles |
ACFCS Financial Crime Specialist Sample Questions:
An Eastern Europeancybercrimeorganization utilizes customer credit card information to steal funds which are deposited in a North American account To transfer the funds out of North America the cyber thieves transfer the funds into numerous prepaid debit cards from a bank.
The funding of the prepaid debit cards is indicative of which stage of money laundering?
- A. The integration stage
- B. The placement stage
- C. The layering stage
- D. The referral stage
Correct Answer: C 🗳️
You work in Ihe investigations unit at a financial crime compliance department of a bank You have been assigned an alert to review a transaction in a customer account held by a small plumbing company.
The alert was produced on a funds transfer out ol the plumbing company's account to what appears to be a business account in another stale The customer appears to have initialed the funds transfer request yesterday evening a weekend day that is outside of the company s usual business hours. The company does not commonly conduct transactions with business accounts that are out of state and the amount was slightly larger than other outgoing funds transfers.
While reviewing this alert you realize that several other alerts on the account have just recently been generated all relating to outgoing transfers destined lor Ihe same out-of-stale business account.
Which is the MOST appropriate next step for you to take?
- A. File a Suspicious Activity or Transaction Report (SAR/STR) on the transactions
- B. Contact the business account receiving the funds transfers to inquire about their purpose
- C. Flag the account as potentially compromised and open an investigation
- D. Contact the customer to inquire about Ihe suspicious nature of the transactions
Correct Answer: C 🗳️
You are investigating a Hong Kong clothing manufacturer that is allegedly laundering money (or a human trafficking organization.
Deposits to the corporate bank account totaled $4.5 million (USD) for the year 2011 and originated from a single source in Panama that makes payment through a bank account in Riga Latvia.
Payments are received through wire transfers They are always in odd amounts of dollars and cents and the SWIFT messaging always slates that the payments are for a seasonal line of women s dresses.
Which is NOT a red flag for money laundering?
- A. Payments to the fabricator are only received from a single customer in another industry
- B. The distributor is located in Panama but payments originate (from a Latvian bank in Riga
- C. The owner of the business who is the sole signatory of the bank account resides in another country
- D. The payments are in odd amounts and their purpose is always the same in the SWIFT messaging
Correct Answer: D 🗳️
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.
Correct Answer: D 🗳️
Phillips Importers LLC. is a shell company owned by Jon Phillips Mr. Phillips is very active in his local church He has convinced a large number of individuals from his church to invest in the Phillips Fund, which guarantees 10% returns.He lakes the money he collects and puts itina bank account for Phillips Importers LLC. He uses that money to market the Phillips Fund to new investors, print statements, pay dividends to his investors and pay some of his personal expenses.
Which types of fraud isMr.Phillips committing? Choose 2 answers
- A. Affinity fraud
- B. Market manipulation
- C. Pyramid scheme
- D. Ponzi scheme
Correct Answer: A,D 🗳️
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