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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

How are trade price manipulation schemes used to launder criminal proceeds?

A. By obscuring the money trail through offshore bond swaps and fraudulent letters of credit
B. By transferring value between related criminal enterprises through the fraudulent misrepresentation of the value of exported commodities
C. By serving as a balancing mechanismtosettle payments between unregistered hawalas and other informal value transfer systems
D. By transferring funds offshore through invoicing schemes for non-existent good and services

Question 2

In an attempt to ensure the selection of his bid for a government project in a foreign country Mr. Jones decided to pay off a foreign official who had the ability to influence the process Mr. Jones created a shell company to conduct the transaction.
In exchange for this influence Mr. Jones created a series of invoices that made it appear as if his shell company owed money to Ihe foreign official Mr. Jones wired money from his bank account in the US to the shell company in the foreign jurisdiction for credit to the government official Unfortunately for Mr. Jones, the official did not keep his promise and Jones did not gel the bid.
When did money laundering FIRST occurs?

A. When Mr. Jones wired the funds to the shell company
B. When Mr. Jones generated a series of false invoices
C. When Mr. Jones created the shell company
D. When Mr. Jones transferred funds from the shell company to the public official

Question 3

A compliance officer at AirPlus a large aerospace firmthatproduces airplanes for commercial and military use was contacted by a director of one of the firm's business partners The director had concerns over potential irregularities in recent transactions and business dealings in matters connected to AirPlus and her company.
The business partners company is located in a country where state-owned enterprises are heavily involved in the airline industry AirPlus has recently wonseveral large contracts in the country to build airplanes for slate-owned enterprises.
The director of the partner company believes these contracts may have been secured through bribes paid by AirPlus to government officials and suspects that the recent unusual activity she has noted indicate her company was utilized in the bribery scheme.
The director has flagged four instances to bring to your attention Which is the BESTindicatorof bribery?

A. The partner company recently appointed a new CEO whose prior experience involved managing a state-owned airline in another country
B. The partner company recorded an increase in operating costs in financial statements in recent months and an increase in the number of employees ,
C. Sales agents for the partner company received large bonuses after closing a deal to produce planes for the country's national airline in recent months
D. The partner company received a series of zero-interest loans from the aerospace company with open-ended repayment terms in recent months

Question 4

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 expire one year after their issue date and the funds revert to the customer
C. The cards can be used al merchants' points of sale to get cash back on purchases
D. The cards must be reloaded at the original point of sale using a debit or credit card

Question 5

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.

Solutions: