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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

A new banking customer is flagged as a politically exposed person (PEP) from a developing country. This country is known for graft corruption, political oppression and very recently kleptocracy. You are an officer at a bank responsible lor determining if the bank will do business with this PEP.
Given your responsibilities as an officer which course of action is MOST ethical?

A. While your employer does not forbid accounts from this country, recommend that enhanced due diligence be performed andthe customer be put on high-risk review
B. Contact your personal network of compliance peers to see if they have filed any reports against the PEP in the past
C. Download a law enforcement report about the PEP from WikiLeaks
D. Contact the country's government regulator notifying them that the PEP is attempting to open an account and inquire as to the PEP's perceived status

Question 2

A fraud consultant has been engaged to review and determine whether (here has been any fraudulent activity at a large manufacturing company. The consultant utilizes Benlords Law to analyze the disbursements (payments) over the past two years.
Which should prompt the consultant to investigate further?

A. The frequency of Ihe leading number of the payment amount being "9" was greater than the leading number being "2"
B. The frequency of the leading number of the payment amount being "4" was greater than the leading number being "7"
C. The frequency of the leading number of Ihe payment amount being "1" was greater than the leading number being "4"
D. The frequency of the leading number of the payment amount being "5" was greater than the leading number being "8"

Question 3

TeleCo, a company located in Country Z, is currently competing with other companies to earn a telecommunications contract with the government of Country Y.
A week before the winner of the contract was to be announced, an executive from TeleCo arranged a meeting in Country Y with a government official lo pay him a £100,000 bribe to win the contract. The executive cashed eight checks at several branches of a bank in Country Z, each one with a value of £12,500.
Assuming all documents were properly filed which document could serve as the BEST evidence that the executive left Country Z with the cash?

A. The Currency Transaction Report (CTR) filed by the bank reflecting the total amount of cash
B. The Cash Declaration Form completed by the executive when he was entering Country Y
C. The Cash Payment Form completed by the executive and sent to the Taxation Office in Country Z
D. The Suspicious Transaction Report (STR) filed by the bank indicating the successive cashing of checks

Question 4

Through an annual review for an insured persons government-provided health insurance claims you determine that the applicant's eligibility has been consistently and significantly overstated. Further the medical justification reveals possible duplicate procedures within a short period of time All details and documents provided by the applicant are verified to be accurate and valid.
This type of fraud is usually initiated from which involved party?

A. Service or health care provider
B. Health insurance company
C. Beneficiary or claimant
D. No involved party, these are merely accidental errors in billing at the system level

Question 5

During a routine audit, a financial institution discovers that its sanctions screening software has not been updated to include the latest changes to the OFAC SDN list. What is the most appropriate action for the institution to take?

A. Proceed with transactions and update the screening software during the next scheduled maintenance.
B. Notify OFAC of the software issue and seek guidance on interim measures.
C. Conduct manual screening of transactions against the latest version of the SDN list until the software is updated.
D. Immediately suspend all transactions until the screening software is updated.

Solutions: