ACFCS Financial Crime Specialist : CFCS Exam Questions

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. According to the FATF 2012 recommendations which should countries do to ensure compliance around money remittance businesses?

A) Require compliance measures to be implemented once a Suspicious Activity or Transaction Report (SAR or STR) has been died
B) Ensure proper identification and registration of persons operating money remittance businesses
C) Prohibit money remittance businesses to be operated as a sole proprietorship
D) Provide a list of all money remittance businesses to the Egmont Group

2. Your bank is considering entering into a correspondent relationship with a respondent bank Your bank does not have any existing business relationship with this respondent bank and has never worked with the respondent bank in the past.
Based upon FATF Recommendations which statement is true?

A) Your bank is required to apply the same due diligence measures to this respondent bank that it has applied when evaluating respondent banks in other jurisdictions lo avoid inequitable practices
B) Your bank should not enter into a correspondent relationship with the respondent bank if it is a small local or regional bank because of the inherent risk concerns with these institutions
C) Your bank is required to conduct enhanced due diligence on the respondent bank which includes conducting due diligence on customers of the respondent bank
D) Your bank is required to gather information to understand the respondent's business reputation quality of its supervision and anti-money laundering and counter-terrorist financing controls

3. During a training session on OFAC compliance, an employee asks about the consequences of processing transactions involving individuals or entities designated under OFAC sanctions programs. What is the most accurate response to the employee's inquiry?

A) Processing transactions involving individuals or entities designated under OFAC sanctions programs is permissible if conducted through offshore accounts.
B) Processing transactions involving individuals or entities designated under OFAC sanctions programs may result in both civil and criminal penalties.
C) Processing transactions involving individuals or entities designated under OFAC sanctions programs may result in civil penalties but not criminal charges.
D) Processing transactions involving individuals or entities designated under OFAC sanctions programs is permissible if authorized by senior management.

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

5. Many IT users require privileged user rights to perform their job tasks.
Which is the BEST action to help ensure data security with respect to privileged users?

A) Eliminate privileged access for anyone below manager level
B) Review IP addresses of users access to identify offsite systems access
C) Rotate both the public and private encryption keys
D) Implement database activity monitoring to identify high risk or unusual database activity

Solutions: