Choose CFCS most accurate study material

ACFCS CFCS Exam Overview:

ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

Question 1

Which activity would likely be involved in the integration stage ofmoney laundering?

A. Transferring funds between multiple shell corporations
B. Buying or selling properly by a shell company
C. Depositing international money orders
D. Wiringlandsto off-shore banks

Question 2

During a risk assessment of its trade finance operations, XYZ Bank identifies a high volume of transactions involving shell companies with obscure ownership structures. What is the most appropriate action for XYZ Bank to take in response to this finding?

A. Conduct enhanced due diligence on transactions involving shell companies.
B. Immediately terminate all trade finance operations involving shell companies.
C. Seek approval from senior management to continue trade finance operations.
D. Ignore the issue as long as the transactions are compliant with regulatory requirements.

Question 3

The automated transaction monitoring system at a bank that is headquartered in Japan has generated a case for a customer located in the U S whose activity was more than 50% above its expected activity Hall of the transactional activities are with countries in Asia.
An investigation into this case by the compliance department should include which three steps? Choose 3 answers

A. A calltothe customer to determine the nature of the business with Asian countries
B. An Internet search of the parties in the transactions
C. A review of the customer's Know Your Customer (KYC) file
D. A request lor information from the bank's relationship manager

Question 4

An offshore energy company is attempling to make payment to Iran for a bulk oil purchase The payment is routed through the offshore bank's New Y affiliate bank where the funds are converted to USD to be forwarded to Iranian Oil LTD, Tehran, Iran.
Which forward payment scheme is MOST likely to be used by banks to defeat the U.S. Office of Foreign Assets Control (OFAC) Sanctions?

A. Redirection - sending funds to an Iranian oil shell company in a non-sanctioned country and then wiring them to Iranian Oil LTD Tehran
B. Intermediated Delivery Service (IDS) - forwarding funds to a non-sanctioned affiliate bank not in the US lo be forwarded to a correspondent bank account inside Iran
C. Stripping - removing the name and destination from the SWIFT messaging to mask the client's identity and location
D. Alternate Delivery Service (ADS) - referring to an automated clearing house service to forward payment to a service provider in a non-sanctioned country for final payment to Iranian Oil LTD

Question 5

A law enforcement agent is pursuing an asset recovery case against a defendant accused of running a multimillion-dollar securities fraud scam. The defendant is thought to have moved more than $25 million through a corporate brokerage account held by a corporation formed in Las Vegas. Nevada.
It is believed that funds were sent to accounts held by shell companies in the Netherlands and the Bahamas. It is also suspected that the defendant purchased luxury goods including several high-end sports cars with proceeds of the fraud. The vehicles are registered and tilled to a trust company with a mailing address that is a post office box in Delaware. The agent is attempting to connect the vehicles to the defendant to make the case that they should be seized.
Which item below would BEST support this effort?

A. An invoice from the shipping company for the cars that is addressed to the defendant
B. Records of outgoing funds transfers from the accounts of the shell companies in the Netherlands and Bahamas
C. Records of incoming funds transfers received by the corporate brokerage account held by the Nevada corporation
D. Contact information for a registered agent acting as trustee of the trust company that holds the vehicle titles

Solutions: