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ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Fraud Prevention and Detection | - Internal and External Fraud Schemes - Fraud Risk Assessment and Controls |
| Cybercrime and Emerging Financial Threats | - Digital Assets and Cryptocurrency Risks - Cyber-enabled Financial Crime |
| Financial Crime Fundamentals | - Financial Crime Risk Management Principles - Money Laundering and Terrorist Financing Typologies |
| Anti-Money Laundering (AML) and Compliance | - Customer Due Diligence (CDD) and KYC - AML Program Design and Controls - Suspicious Activity Monitoring and Reporting |
| Sanctions and Regulatory Compliance | - Regulatory Enforcement and Compliance Obligations - OFAC and International Sanctions Regimes |
| Investigations and Intelligence | - Financial Investigations Techniques - Data Analysis and Intelligence Gathering |
ACFCS Financial Crime Specialist Sample Questions:
Phillips Importers LLC. is a shell company owned by Jon Phillips Mr. Phillips is very active in his local church He has convinced a large number of individuals from his church to invest in the Phillips Fund, which guarantees 10% returns.He lakes the money he collects and puts itina bank account for Phillips Importers LLC. He uses that money to market the Phillips Fund to new investors, print statements, pay dividends to his investors and pay some of his personal expenses.
Which types of fraud isMr.Phillips committing? Choose 2 answers
- A. Pyramid scheme
- B. Market manipulation
- C. Ponzi scheme
- D. Affinity fraud
Correct Answer: C,D 🗳️
You are conducting a due diligence review of one of your firms' high-risk clients He runs an international import/export business and transacts in multiple currencies including Bitcoin. You notice a suspicious outgoing transaction Irom your firm and know your client often converts his currency to Bitcoin Since all transactions are public on the Bitcoin blockchain. you conduct research online and find the following string that coincides with the date, time and approximate amount of your client's transaction.
You want to contact Bitcoin to learn if this is, in fact your client.
Which part of the encrypted transaction can Bitcoin confirm for you?
- A. Bitcoin cannot confirm any information
- B. The type of the currency converted to Bitcoin
- C. If either party is a merchant and the purpose of the transaction
- D. The ISP identifier
Correct Answer: A 🗳️
You are an auditor reviewing the financial statements of a firm that manufactures construction equipment The firm's sales have slowed in recent months. Within the last quarter it has closed one of its lactones, however the firm's management are still reporting a positive outlook. Concerned shareholders have asked you to investigate (or possible signs of improper accounting or fraud.
You are reviewing two balance sheets from the start and end of the quarter below Given this information and your knowledge of the company s status which issue is MOST likely to be a red flag?
- A. Wages payable has reduced by nearly $100,000 in the last three months
- B. Other liabilities have remained roughly the same over the three-monlh period despite a decline in total liabilities
- C. The firm's property plant and equipment have dropped substantially in the past three months
- D. Receivables and inventory levels have increased over three months despite a reduction in sales
Correct Answer: D 🗳️
Which actions have led to penalties or violations of sanctions regimes overseen by the Office of Foreign Assets Control (OFAC)? Choose 2 answers
- A. Conducting transactions with entities that have been removed from the sanctions list
- B. Failing to search customers against the sanctions list
- C. Stripping wire transfer information to conceal customer information
- D. Conducting transactions with high-risk individuals
Correct Answer: B,C 🗳️
You are an investigator at a small bank Your transaction monitoring system alerts you to unusual activity happening in a business account for a consulting firm ABC Consulting.
The account activity consists of incoming wires from a personal account at another institution there are three to four incoming wires each week from one individual. The next day an outgoing check would be issued to the same person for a slightly larger amount with the memo "Wire reimbursement + fee " Web searches indicate that this person is employed by your customer ABC Consulting Additional activity consists of small cash deposits.
Which are Ihe red flags in this scenario? Choose 2 answers
- A. The customer is a marketing consulting firm which is always considered a high-risk industry
- B. Money being wired into this account from a personal account may constitute complying of funds
- C. The customer may be layering transactions to conceal the source or purpose of funds
- D. The customer does not appear to be operating a legitimate business
Correct Answer: C,D 🗳️
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