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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. 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

2. You are an investigator for a U S -based financial institution and have identified suspicious wire activity in an account at your institution Over the last 16 months $18 million was sent from the main account into three linked accounts a bank account located in Germany an International Business Company (IBC) located in the Bahamas and a trust account in Panama During your investigation you noticed two major residential property purchases were made over the last 16 months by the IBC in the Bahamas.
Where should you start your investigation to identify the beneficial owners of the IBC?

A) Identity of persons residing in properties in Bahamas
B) Signature card from the bank in Germany
C) Identity of the trustee lor the trust account in Panama
D) Letters of Incorporation for the IBC

3. Your country has received a spontaneous transmittal of information from Switzerland indicating lhal Person A the Director of Procurement from your country's Ministry of Internal Development maintains a bank account in Zurich with an average balance of $7,000 000. Previously there have been numerous allegations that Person A has received bribes in return tor favorable contract awards.
Which activity should be done FIRST to maximize the probability that these lunds are repatriated to your country?

A) Directly contact the bank in Zurich to determine the source of the funds
B) Submit a formal mutual legal assistance request to Switzerland requesting return of all funds in the account
C) lndict Person A for money laundering in violation of Article 23 of the UNCAC
D) Initiate a criminal investigation of Person A in your country

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

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

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

Solutions: