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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You are an investigator for a U S -based financial institution and have identified suspicious wire activity in an account at your institution Over the last 16 months $18 million was sent from the main account into three linked accounts a bank account located in Germany an International Business Company (IBC) located in the Bahamas and a trust account in Panama During your investigation you noticed two major residential property purchases were made over the last 16 months by the IBC in the Bahamas.
Where should you start your investigation to identify the beneficial owners of the IBC?

A) Signature card from the bank in Germany
B) Identity of persons residing in properties in Bahamas
C) Letters of Incorporation for the IBC
D) Identity of the trustee lor the trust account in Panama

2. 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) 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) Lawsuits will be filed by shareholders

3. An investigator was retained by Corporation A to locale and recover assets in a significant civil Fraud matter.
During this engagement the investigator uncovers significant assets and relers them to the legal team for seizure.
The investigator is later engaged by Corporation B to locate and recover assets in a separate civil fraud matter. During the asset identification process the investigator learns that Corporation B and Corporation A have competing interests and are both pursuing assets from the same subject.
Since only a few weeks have elapsed the investigator uses the information developed for Corporation A and merely updates the information. He submits an invoice to Corporation B for the number of hours it would have taken to properly complete the project if there were no pre-existing work that had already been completed.
Were the investigator's actions appropriate?

A) No, the investigator should not double invoice and should disclose lo Corporation B his potential conflict of interest with Corporation A
B) Yes, invoicing another client for the amount of work it would have taken is appropriate
C) No, it is appropriate lo invoice for Ihe amount of work required but sharing client information is inappropriate
D) Yes, Ihe investigator was prudent to capitalize on his prior work effort and share the information

4. Which two features of hawala make it particularly attractive to terrorist financing? Choose 2 answers

A) The value of the transaction can be transferred across jurisdictions without the need for a hard currency transfer
B) Hawala utilizes wire transfers thereby making it harder for authorities to track
C) The hawala system generates a great deal of profits often used for terrorist financing
D) The nature of the hawala system is based on trust making formal records unnecessary

5. A company has a number of Special Purpose Vehicles (SPVs) registered in the Cayman Islands Which legitimate purpose would the company use SPVs for as part of its operating structure?

A) To limit regulatory supervision in their home country
B) To obscure Ihe relationships which the company has offshore
C) To evade tax liability on certain revenue streams
D) To eliminate some of the risk held at the parent company

Solutions: