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ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Topic 1: Anti-Money Laundering (AML) and Compliance | - AML Program Design and Controls - Customer Due Diligence (CDD) and KYC - Suspicious Activity Monitoring and Reporting |
| Topic 2: Fraud Prevention and Detection | - Internal and External Fraud Schemes - Fraud Risk Assessment and Controls |
| Topic 3: Financial Crime Fundamentals | - Financial Crime Risk Management Principles - Money Laundering and Terrorist Financing Typologies |
| Topic 4: Investigations and Intelligence | - Financial Investigations Techniques - Data Analysis and Intelligence Gathering |
| Topic 5: Sanctions and Regulatory Compliance | - Regulatory Enforcement and Compliance Obligations - OFAC and International Sanctions Regimes |
| Topic 6: Cybercrime and Emerging Financial Threats | - Cyber-enabled Financial Crime - Digital Assets and Cryptocurrency Risks |
ACFCS Financial Crime Specialist Sample Questions:
A pharmaceutical company is developing a new Alzheimer's drug All of the employees are subject to confidentiality agreements because the drug has not been publicly announced One of the employees talks to his doctor about this new drug.
Which are the possible crimes resulting from this breach of confidentiality? Choose 2 answers
- A. The doctor decides to buy stock in the pharmaceutical company
- B. The doctor asks to be included on the clinical trials of the drug thereby benefitting his own practice
- C. The doctor collaborates with friends and family to invest in the company
- D. The doctor broadcasts the news about this new drug to his Alzheimer's patients. giving them false hope
Correct Answer: A,C π³οΈ
A large financial institution provides both analysis and research services and investment management services. An analyst is preparing to publicly release a major report that may impact the stock prices of several large corporations. The analyst has contacted a senior compliance officer saying that one of the institution's traders has requested an advance copy of Ihe report. The analyst believes the report may allow the trader to make trades that will benefit several of his clients. The analyst is asking for advice on how to proceed.
Which course of action should be taken in this scenario?
- A. The analyst should not share the full report However she can request more details on the trader's clients and trading positions and provide limited information tailored to those circumstances
- B. The trader's request is a breach of ethics requiring disciplinary action The trader could receive penalties including not being allowed to conduct trades on behalf of his clients for several business days
- C. The analyst should share the full report as long as the trader signs a disclosure that he will not trade on his clients' accounts based on this information
- D. The analyst should not provide the full report until it is publicly released through widely accessible channelsatthat point the report can also be shared with traders inside the institution
Correct Answer: D π³οΈ
You have been askedtoreview Ihe annual report lor astartupcompanythatprovides digital identity verification services to online merchants. The company's founder has recently approached several groups of investors to sell a portion of his shares in the company, but after reviewing financial statements the investors had concerns over potential improper accounting to misrepresent the company's position and have asked you to review further.
Based on Ihe annual report it appears the company's total net position has increased each quarter for the past year Looking at sales records you determine a significant portion of the company's revenue comes from one client, a contract with a software development firm for $800,000 each quarter.
Whichfurtherfinding from the annual report and financial statements is Ihe BEST focus for your investigation?
- A. The company s largest expense is a quarterly payment of $790,000 for coding services
- B. The company incurred a tax charge this year of over $120,000
- C. The company lists an increase in expenses this year due to changes in overtime payment policies
- D. The company has a 10% increase in accounts payable year over year
Correct Answer: A π³οΈ
Which activity would likely be involved in the integration stage ofmoney laundering?
- A. Depositing international money orders
- B. Transferring funds between multiple shell corporations
- C. Wiringlandsto off-shore banks
- D. Buying or selling properly by a shell company
Correct Answer: D π³οΈ
Your Chent has been the victim of an investment fraud and he is in the process of obtaining a judgment against the perpetrator You have provided him with solid evidence that funds he invested in the scheme are on deposit in a domestic bank in the name of a shell corporation incorporated in another jurisdiction Through previous conduct by the perpetrator it can be demonstrated that not freezing the account could mean that the funds will be dispersed thereby frustrating a potential claim.
To protect the funds which should you suggest to your client?
- A. Request a civil forfeiture action against the perpetrator
- B. File a Lis Pendens against the account
- C. Provide a Mareva injunction to the bank
- D. Request a Norwich Pharmacal without gag order be issued to the bank
Correct Answer: C π³οΈ
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