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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. During a risk assessment of its correspondent banking relationships, a financial institution discovers that one of its correspondent banks operates in a high-risk jurisdiction known for weak anti-money laundering (AML) controls. What is the most effective approach for the institution to manage the risks associated with this correspondent banking relationship?

A) Increase the frequency of audits conducted at the correspondent bank's premises.
B) Immediately terminate the correspondent banking relationship with the bank operating in the high-risk jurisdiction.
C) Limit the types of transactions conducted with the correspondent bank to reduce exposure to risks.
D) Conduct enhanced due diligence on transactions involving the correspondent bank.

2. A company has a number of Special Purpose Vehicles (SPVs) registered in the Cayman Islands Which legitimate purpose would the company use SPVs for as part of its operating structure?

A) To evade tax liability on certain revenue streams
B) To limit regulatory supervision in their home country
C) To obscure Ihe relationships which the company has offshore
D) To eliminate some of the risk held at the parent company

3. During a risk assessment of its customer onboarding process, a financial institution identifies a lack of adequate procedures for verifying the beneficial ownership of corporate clients. What is the most appropriate action for the institution to take to address this deficiency?

A) Revise the customer onboarding procedures to incorporate requirements for verifying beneficial ownership.
B) Implement enhanced monitoring for transactions involving corporate clients with unidentified beneficial owners.
C) Disregard the issue as long as corporate clients pass other due diligence checks.
D) Immediately suspend all new customer onboarding activities until the procedures are updated.

4. During an organizational overview of financial crime controls, Mr. Thompson, the compliance manager, identifies a lack of adequate training for frontline staff on recognizing and reporting suspicious activities.
What is the most effective way for Mr. Thompson to address this issue?

A) Assign responsibility for training to individual branch managers.
B) Hire additional compliance staff to oversee frontline operations.
C) Develop and implement an ongoing training program tailored to the specific needs of frontline staff.
D) Conduct a one-time training session for all frontline staff members.

5. You operate a convenience store that also sells and cashes money orders and offers wire transfer services.
Which three activities on their own are sufficient red flags to warrant further due diligence into whether a transaction may be related to terrorist financing? Choose 3 answers

A) On a weekly basis a customer wires S2 500 to the charity Middle Eastern Orphans and Refugees Relief Association with a post office box address in New York City
B) A customer who has recently immigrated to the country sends funds to a high-nsk jurisdiction, where they used to live
C) Several customers receive a monthly wire transfer of funds from the same business which has an address in a high-risk jurisdiction
D) Every week immediately upon receiving a money transfer the customer purchases a series of money orders, prepaid debit and phone cards to be sent to other individuals

Solutions: