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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. James Thieferlon has stolen Linda Victim's ATM card and PIN James withdrew a total of $10,000 from Linda's checking account over several transactions using several ATM machines James then created lake invoices on hisbrother'scompany stationary to make it appear as though he provided S15,000 of IT goods for his brother's import/export company. From there, he presented the invoices to his bank and deposited the stolen S10,000 with the legitimate S5,000 he made from selling personal goods on the Internet.
Which step could be considered money laundering?

A) Smurfing committed by withdrawing the stolen $10,000 from several ATMs in small values
B) Not openly declaring the $5,000 as Interne! sales revenue to be able to claim different taxes on them
C) Depositing the money into his own bank account with the legitimate $5,000
D) Creating false invoices for his brother's import/export company

2. Your bank has recently received an online application for a new business account from a company named ACE Operations, LLC By reviewing the operating agreement and other documents included in the application, you determine that ACE is incorporated in the U S state of Wyoming.
A review of the Wyoming corporate registry online shows that ACE was formed 15 years ago. An initial Internet search produces no company website or further information about the company. The registered agent's contact information and address on the company's most recent annual filing is for Capital Solutions a corporate services provider.
Concerned that ACE Operations appears to be a shelf corporation you are conducting further due diligence on the company's ownership structure Which is the MOST appropriate next step to take?

A) Request that the registered agent submit a self-certification of any parties with a 51% or greater ownership stake in ACE Operations
B) Request a certificate of good standing from the Wyoming corporate registry for ACE Operations
C) Request a company organizational chart that includes members, directors, and other stakeholders
D) Research annual filings in the corporate registry to determine if ACE Operations had any previous owners

3. Company A is a New Jersey-based company, that trades in the metals industry and has been in business for less than two years. To augment their financing, they approach several banks to obtain loans to be repaid in
180 days. The collateral for the loans is the receivables. When the banks ask Company A for documentation to support the receivables, they are presented with documentation that suggests the receivables are coming from customers in various industries none of which have anything to do with metals.
Which is a red flag of illegal incoming revenue to an entity?

A) The receivables transactions have no business or apparent lawful purpose related to the metals industry
B) it is very unusual for a company to secure a loan based on receivables from other companies
C) The loans are very short-term and should not be used to augment their financing
D) A relatively young company approaching several banks for a loan is very unusual

4. You are an investigator in the compliance department of a bank in a border region. The country on the other side of the border has an active narcotics trade run by organized crime gangs operating on both sides of the border Recently, youhave become concerned your bank is being used by a narcotics gang to smuggle bulk cash out of your country.
Which evidence is Ihe strongest indicator that bulk cash smuggling is taking place?

A) There has been a sudden increase in deposit transactions from a third-party domestic bank to your bank
B) Accounts at your bank have made a large number of wire transfers lo offshore jurisdictions
C) Your bank has increased transfers of large-denomination notes in your country's currency to banks across the border
D) Your bank has logged a large number of transactions converting large denominations lo small denomination notes in its branches across the border

5. An internal auditor is conducting a quality assurance review of sales results and records for a large U.S.
based aerospace and defense contracting firm The auditor has been tasked with reviewing the recordsofsales departments in several countries because the company has raised concerns over accounting discrepancies and possible issues with inflated sales figures.
In the records of one sales department the auditor documents an unusually high number of returnsofairplane parts. These returns come from purchasers who executed sales contracts only to invoke right of return shortly afterwards.
Upon reviewing thesesales contracts,the auditor cannot find specific provisions regarding right of return for purchasers.
Given this information which is the MOST likely conclusion the internal auditor will make?

A) The sales department may beinvolved in a fraudulent revenue recognition scheme related to hidden payment andrefundterms
B) The sales department may be involved in a tax evasion scheme involving falsified returns to disguise undisclosed assets
C) The sales department may be violating sanctions through the undocumented saleofdual-use goods to countriessubjectto U S sanctions
D) The sales department manager may be involved in an embezzlement scheme tied to the returned airplane parts

Solutions: