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ACFCS CFCS Exam Syllabus Topics:

ACFCS Financial Crime Specialist Sample Questions:

1. You work in Ihe investigations unit at a financial crime compliance department of a bank You have been assigned an alert to review a transaction in a customer account held by a small plumbing company.
The alert was produced on a funds transfer out ol the plumbing company's account to what appears to be a business account in another stale The customer appears to have initialed the funds transfer request yesterday evening a weekend day that is outside of the company s usual business hours. The company does not commonly conduct transactions with business accounts that are out of state and the amount was slightly larger than other outgoing funds transfers.
While reviewing this alert you realize that several other alerts on the account have just recently been generated all relating to outgoing transfers destined lor Ihe same out-of-stale business account.
Which is the MOST appropriate next step for you to take?

A) Contact the customer to inquire about Ihe suspicious nature of the transactions
B) Contact the business account receiving the funds transfers to inquire about their purpose
C) Flag the account as potentially compromised and open an investigation
D) File a Suspicious Activity or Transaction Report (SAR/STR) on the transactions

2. Mr. Patel, the head of compliance at a financial institution, is considering the use of technology to enhance sanctions compliance. Which of the following technological solutions would be most beneficial for improving the institution's sanctions screening process?

A) Integrating machine learning algorithms to enhance the accuracy of sanctions screening systems.
B) Deploying biometric authentication systems to verify the identity of customers during transactions.
C) Implementing artificial intelligence (AI) algorithms to automatically approve low-risk transactions.
D) Utilizing blockchain technology to track and verify the identity of counterparties in real-time.

3. A bank holds accounts for several different gatekeeper clients such as attorneys accountants and company formation agents II is conducting a periodic review of these accounts and updating their risk ratings.
Which two accounts should the bank consider to be at highest risk? Choose 2 answers

A) A company formation agent that establishes private investment companies primarily for clients in Africa and Asia
B) An accountant at a private accounting firm whose clients are large multinational agricultural corporations
C) An attorney whose practice specializes in cases involving maritime law in the international shipping industry
D) A notary in Latin America who specializes in assisting clients from other countries with high-end real estate transactions

4. 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.

5. During an organizational overview of financial crime controls, Mr. Thompson, the compliance manager, identifies a lack of adequate training for frontline staff on recognizing and reporting suspicious activities.
What is the most effective way for Mr. Thompson to address this issue?

A) Hire additional compliance staff to oversee frontline operations.
B) Develop and implement an ongoing training program tailored to the specific needs of frontline staff.
C) Assign responsibility for training to individual branch managers.
D) Conduct a one-time training session for all frontline staff members.

Solutions: