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ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Corruption | - Anti-corruption compliance frameworks - FCPA and international regulations - Bribery and corruption risks |
| Anti-Money Laundering | - Money laundering methods and typologies - Customer due diligence and KYC - AML controls and regulatory requirements |
| Investigations | - Case management and reporting - Evidence gathering and analysis - Financial crime investigation techniques |
| Sanctions | - Screening and monitoring processes - Sanctions compliance controls - International sanctions programs |
| Compliance Programs | - Governance and internal controls - Risk-based compliance frameworks - Regulatory expectations and audits |
| Human Trafficking | - Related compliance requirements - Financial indicators of trafficking - Detection and reporting strategies |
| Terrorist Financing | - Detection and disruption techniques - Regulatory and enforcement measures - Financing methods and networks |
| Fraud | - Internal and external fraud risks - Fraud prevention and detection - Fraud schemes and indicators |
| Tax Evasion | - Detection and reporting obligations - International tax compliance initiatives - Tax crime typologies |
| Ethics and Professional Standards | - Integrity in financial crime compliance - Ethical decision-making - Professional conduct principles |
| Asset Recovery | - Asset tracing methodologies - Recovery and forfeiture processes - International cooperation mechanisms |
| Cybercrime and Cybersecurity | - Cyber-enabled financial crimes - Incident response and risk mitigation - Information security threats |
ACFCS Financial Crime Specialist Sample Questions:
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. lndict Person A for money laundering in violation of Article 23 of the UNCAC
- C. Submit a formal mutual legal assistance request to Switzerland requesting return of all funds in the account
- D. Initiate a criminal investigation of Person A in your country
Correct Answer: D 🗳️
The CEO of a major publicly traded shipping company becomes awarethatsome of the contracts she negotiated are becomingunfavorableto the company In additionTradehas declined in her country due to the strong U.S. dollar.
Because the CEO believedthatthese contracts were strong and would increaseprofits,she shared this insider knowledge with her family and encouraged them to buy stock in the company Once it was clear the contracts wereunfavorable. she informed her family to sell all of their stock in small amounts to remain "under the radar" and avoid losing their investments. The CEO resigned andthe shipping company declared bankrupt within a few months.
Which are possible legal consequencesofthe CEO's ethical lapses? Choose 2 answers
- A. Lawsuits will be filed by shareholders
- B. The shipping company will be barred from doing business in the other country
- C. Criminal charges will be brought against the CEO and her family
- D. Investigations will be made by the bank that processed the sale of the stock
Correct Answer: A,C 🗳️
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 received a fairly large cash deposit shortly before the cyber incident started
- B. An account has recently initiated a series of funds transfers to previously unknown recipients
- C. An account displays several withdrawals from ATMs within the past three days
- D. A customer's account has not displayed any transaction activity in more than a month
Correct Answer: B 🗳️
An individual has approached your securities firm with interest in opening an account After an interview, you establish that the individual is an attorney who states that she is representing a consulting company located in another country She saysthatshe is the company s agent and is authorized to open an account on its behalf.
You request the attorney to fill out a questionnaire to gather more information on the consulting company's ownership She takes the forms and agrees to return them within the next few days.
In themeantime,you research the consulting company using public records, social media and other online sources The company's website is vague and online searches return very few results.However,you do find an annual report Irom this year that lists company members and shareholders One minority shareholder appears to beanothercorporation.
The attorney later returns the completed questionnaire You note that several shareholders listed are not the same as those on the annual report When you ask follow-up questions regarding the nature of the business and expectedtransactions,she reiterates that the client is a consulting firm that works in a variety of fields and it expects to conduct transactions with clients located in several different countries.
Which is the BEST next step for your institution to take?
- A. Research corporate registries and other sources to identify the owner of the company that is the minority shareholder of the consulting firm
- B. File a suspicious activity/suspicious transaction report on the grounds that the attorney may be involved in illicit activity
- C. Ask the attorney to certify the owners of the consulting firm and do not move forward with account opening until they have been verified
- D. Compare the listing of company members and shareholders to the information provided on the consulting firms website
Correct Answer: B 🗳️
During an organizational overview of financial crime controls, Ms. Lee, the compliance analyst, discovers that certain high-risk customers have not undergone enhanced due diligence (EDD) as required by regulatory guidelines. What is the most appropriate action for Ms. Lee to take?
- A. Ignore the issue as long as there have been no suspicious transactions involving the high-risk customers.
- B. Notify senior management and request immediate termination of the high-risk customer relationships.
- C. Conduct a retrospective review of the high-risk customers' transactions to assess potential risks.
- D. Document the findings and recommend the implementation of robust procedures for EDD.
Correct Answer: D 🗳️
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