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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You are an investigator in a country that has a money laundering law that uses the list approach to identify the predicate offenses. There are 12 crimes on this list of predicate offenses. You are currently investigating a public official for suspected money laundering, and the source of the official's illegal income is not yet known You have just discovered a hidden bank account owned by the official in which $5 million has been transacted in the past year.
Which is Ihe MOST important in order to prove money laundering?

A) Trace the source of the deposit into the bank account
B) Establish the layering phase of the transactions
C) Identify all cash transactions within the account
D) Analyze the disbursements from the bank account to prove Ihe integration phase

2. Your firm has been retained aspairof a complex internal fraud case for a large corporation.Aspartof the investigation you are seeking to collect transaction records held in a subsidiary office located in another country.
The country has strict laws governing cross-border sharing of its citizens' personally identifiable information It does allow data sharing under sate harbor agreements with companies that meet certain data protection standards but your company does not currently have the criteria for such an agreement.
You are not sure il the records you are seeking would contain personal information subjecttothe country's data privacy laws but the matter is time-sensitive and reviewing these records is considered essential to move forward.
Which is Ihe BEST next step lo lake in your investigation?

A) Initiate a review of your company's data protection standards lo identify any needed improvements and start the process to applyfora safe harbor agreement
B) Submit a request to law enforcement in the subsidiary's country to assist with searching and seizing the transaction records
C) Request that the transaction records be transmitted to your country immediately then delete any personally identifiable information during the review process
D) Review the transaction records within the subsidiary s country and only transmit relevant non-personal data back to your country

3. Which scenario is an example of the placement stage of money laundering?

A) A money laundering organization moves illicit drug proceeds into the U S financial system through a wire transfer into the correspondent account of a Guatemalan Bank domiciled at a U S financial institution
B) A Ponzi scheme operator uses his debit card associated with his British Virgin Islands bank account to withdraw cash from an ATM machine in the U.S.
C) A multiple lax refund scheme fraudster transfers the proceeds of his illicit tax refund from a prepaid debit card to a foreign bank account through an online funds transfer service
D) A Mexican money broker deploys couriers across the U S border where they deposit drug cash into the U S National Bank of San Diego

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

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

5. Jane is a dual citizen of the United Stales and Country B a known lax haven, she has permanently relocated to Country B The lax authorities in the U.S. and Country B have a well-established cooperation agreement to reduce tax evasion.
Upon relocating in Country B she legally changed her name and obtained government identification in Country B's official language. She used this new identification to establish bank accounts in Country B. She created new shell companies and opened new business ventures which generated millions of dollars of income for her.
Jane files proper tax returns in Country B and discontinues filing U.S. income tax returns. Which statement is true?

A) Considering she permanently moved to Country B she is only responsible for filing tax returns in Country B
B) As a dual citizen she is responsible for filing tax returns in both the U.S. and Country B until she renounces her U.S. citizenship
C) She broke Country B's tax laws by changing her name prior to opening new accounts since Country B now cannot match her records with the U.S. tax authorities
D) She broke U.S. tax laws by not notifying the institutions of her name change when opening new bank accounts in Country B

Solutions: