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ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Terrorist Financing & Proliferation Financing | - Detection and prevention - International counter-measures - Financing mechanisms |
| Cybercrime & Emerging Threats | - Ransomware and account takeovers - Cyber-enabled financial crime - Cryptocurrency and digital asset risks |
| Bribery & Corruption | - FCPA, UK Bribery Act and global laws - Third-party risk management - Anti-corruption compliance programs |
| Anti-Money Laundering (AML) | - Customer due diligence & KYC - Money laundering stages and methods - Trade-based money laundering - Global AML standards (FATF 40 Recommendations) |
| Compliance Programs & Regulatory Frameworks | - US, EU, UK and international regulations - Compliance program design & governance - Risk assessment and management |
| Sanctions Compliance | - Screening and due diligence - License and exception procedures - OFAC, UN, EU and national sanctions regimes |
| Tax Evasion & Related Offenses | - Offshore structures and disclosure rules - Tax evasion schemes |
| Fraud Schemes & Prevention | - Internal and external fraud - Detection techniques and controls - Financial statement fraud |
| Asset Recovery & Investigations | - Cross-border cooperation - Investigation methodologies - Asset tracing and recovery - Evidence collection and reporting |
| Ethics & Professional Standards | - Confidentiality and conflict of interest - Professional conduct and integrity |
ACFCS Financial Crime Specialist Sample Questions:
Mr. Johnson, the compliance officer of XYZ Bank, is conducting an organizational overview of financial crime controls. During his review, he notices discrepancies in the transaction monitoring process. What is the most appropriate action for Mr. Johnson to take next?
- A. Ignore the discrepancies as they might be insignificant.
- B. Immediately report the discrepancies to senior management and the relevant authorities.
- C. Discuss the discrepancies with the employees responsible for transaction monitoring.
- D. Wait for the next compliance audit to address the discrepancies.
Correct Answer: B 🗳️
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. Investigations will be made by the bank that processed the sale of the stock
- B. Lawsuits will be filed by shareholders
- C. Criminal charges will be brought against the CEO and her family
- D. The shipping company will be barred from doing business in the other country
Correct Answer: B,C 🗳️
Mark Jameson manages a grocery store and is responsible for making the nightly cash deposits Before leaving for vacation Mr. Jameson misappropriated part of one nightly deposit and initiated a wire transfer to his personal account at another bank. The next day he withdrew the money and used it to gamble in the casino he was visiting (or vacation He won and the casino presented him with a check which he deposited in another personal account when he returned home.
Which phase of money laundering does the money he gambled with represent?
- A. Placement
- B. Layering
- C. Structuring
- D. Integration
Correct Answer: B 🗳️
David is the owner of afast-foodrestaurant He has made deposits into his bank account totaling $123,000 of which S51,000 is from cash deposits of mostly small denominations David deposited the S51,000 into his bank account over a one-month period at three different branches using multiple employees to make the deposits which are detailed below.
Branch 1: Deposits were made on February 3 6 and 9 in the respective amounts-$4,000 S6,000 and $5,300 Branch 2: Deposits were made on February 6 9 and 12 in the respective amounts-S3,750, $3,200 and S9,850 Branch 3: Deposits were made on February 3 7. and 13 in the respective amounts-$5,300 $9,750 and $3,850 Which red flags are indicative of money laundering?
Choose 3 answers
- A. Conducting transactions at multiple branches
- B. Having individuals other than the account signatory make deposits
- C. Depositing round dollar amounts
- D. Making multiple transactions under the reporting threshold
Correct Answer: A,C,D 🗳️
Your client is the family of a man who is deceased. The family remembers stones that their father (the deceased) had a Cayman Islands company where he held his investments. They have located a file containing an old Cayman Islands bank statement in the name of Company A Limited and in care of a post office address. They want to know what information they can find out about the company and the account.
How can they determine if the company still exists?
- A. Conduct an internet search for the company's name as company information is public
- B. Contact the bank and ask the status of the company
- C. Check with the Corporate Registry as this information is public
- D. Visit the post office and ask for access to the PO Box
Correct Answer: C 🗳️
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