ACFCS CFCS Exam : Financial Crime Specialist

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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. In your job as an analyst with a securities regulator you are reviewing the movement and volatility in penny stocks. As part of your daily work, you review reports and you encounter this chart in the chart the dotted line represents the closing price and the bars represent average daily volume.

Which type of securities fraud should you begin investigating?

A) Insider trading
B) Front running
C) Cherry picking
D) Market manipulation

2. Your bank has recently been targeted by cyber attackers who have compromised the institutions network and stolen some customers online account credentials to conduct account takeovers.
Your team is responsible for reporting the incident to law enforcement and regulatory authorities which includes filing Suspicious Activity or Transaction Reports (SAR/STR) You are reviewing accounts that are thought to have been affected to determine if reporting is needed.
Which of the findings below would MOST likely trigger a SAR/STR report?

A) An account displays several withdrawals from ATMs within the past three days
B) An account received a fairly large cash deposit shortly before the cyber incident started
C) An account has recently initiated a series of funds transfers to previously unknown recipients
D) A customer's account has not displayed any transaction activity in more than a month

3. Your construction company wishes to hire Mr. X to provide consultancy services within his country. He has his own consulting firm and is also a board member of a state-owned bank Mr. X is known for having high-level business connections and for charging exorbitant rales for his services Mr. X does not like to complete paperwork and prefers to work based on a verbal agreement.
Which three facts are red flags requiring enhanced due diligence? Choose 3 answers

A) The price Mr. X charges is suspect since he is in the business of helping companies obtain and retain business
B) As a board member of a stale-owned bank Mr. X may be considered a public official under the U.S.
Foreign Corrupt Practices Act
C) The price Mr. X charges is suspect if fees are not itemized and documented
D) Mr. X may be considered to be a politically exposed person (PEP)

4. Ms. Thompson, a compliance manager at a financial institution, is tasked with developing a sanctions compliance program. Which of the following components should be included in the program to ensure comprehensive coverage of sanctions risks?

A) Regular audits of the institution's financial statements to identify potential sanctions violations.
B) Conducting market research to identify emerging trends in sanctions enforcement by regulatory authorities.
C) Offering financial incentives to employees who achieve high levels of compliance with sanctions regulations.
D) Ongoing monitoring of transactions to detect and report suspicious activities related to sanctions.

5. An examiner with a federal regulatory agency has been looking into complaints against a securities broker dealer who is suspected of selling fraudulent high-yield bonds to clients The broker-dealer had been offering these bonds for the last eighteen months.
A few weeks ago when several clients asked to withdraw the funds they had invested in the bonds, they received vague and seemingly evasive responses from the broker. Since then, the broker has been unresponsive and has not returned to her office.
The investigator has obtained the broker-dealer s bank account records for the past two years by court order and is currently analyzing canceled checks written on the account.
What information would the investigator be most likely to learn from reviewing these checks?

A) Payments from the broker's account that were reversed or stopped
B) An approximate amount of funds the broker-dealer obtained via fraud
C) The names of persons who invested in the suspected fraud scheme
D) Persons who may have received payments (from the broker during the fraud scheme

Solutions: