Free CFCS Questions for ACFCS Financial Crime Specialist CFCS Exam as PDF & Practice Test Engine

Jose who resides in Country Y wants to send funds to Alicia in Country Z. Jose delivers funds to a merchant in Country Y who, in return gives him a code forauthentication purposes The merchant then instructs a colleague in Country Z to deliver an equivalent amount in the local currency to Alicia upon presentation of the designated code After the remittance the first merchant has a liability to the second Their positions can also be transferred to other intermediaries who can assume and consolidate the initial positions and settle at wholesale or multilateral levels.
Which type of transaction is this?

You have been asked to investigate an anonymous tip that an executiveofa company has paid bribes to secure business with a foreign government-controlled company. Which would MOST fully support the allegation without any additional evidence?

The automated transaction monitoring system at a bank that is headquartered in Japan has generated a case for a customer located in the U S whose activity was more than 50% above its expected activity Hall of the transactional activities are with countries in Asia.
An investigation into this case by the compliance department should include which three steps? Choose 3 answers

An international construction company was bidding on a large contract to redevelop and modernize a hydroelectric power system in a central Asian country. Theprojectwas being administered by an agency in the country's federal government but federal officials directed the company to contact a number of local officials for additional details on the project and its scope The company later wins its bid for the redevelopment contract and completes the protect.
A year later an internal auditor is conducting a routine review of past projects and notices certain irregularities in the bidding process for Ihe power system redevelopment. All of the company's major competitors had been rejected in the first round of bidding despite offering competitive pricing of the other firms considered in later rounds of bidding most were small companies and several were incorporated recently in the country where the project was taking place All of them put in bids that were higher or much lower than the company's winning bid.
The auditor is concerned that these unusual findings may indicate the company won its bid through a corruption scheme involving government officials. Which further finding BEST supports this possibility?

You are a manager in Ihe fraud department of a regional bank Upon returning from a three-day weekend one of your analysts informs you that in the last 48 hours a high volume of suspicious activity has been detected in a number of a small business accounts.
The accounts are showing a similar pattern - first a small funds transfer to institutions in other countries followed by a series of larger transactions to the same institutions initiated in rapid succession.
Concerned about the activity you contact your senior compliance managers and recommend these transactions be suspended or clawed back pending further investigation. Based on the information available which additional steps should you recommend?
Choose 2 answers

You operate a convenience store that also sells and cashes money orders and offers wire transfer services.
Which three activities on their own are sufficient red flags to warrant further due diligence into whether a transaction may be related to terrorist financing? Choose 3 answers

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 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?

In the context of compliance programs and controls, what is the primary objective of conducting a risk assessment within a financial institution?

Bob a representative of Company A meets with a representative from the State Ministry of Country X to discuss a construction project in the country. The Ministry representative states that it is highly unlikelyfor a foreign firm to win such a bid without additional efforts" on the part of the foreign firm Bob s job is on the line and he pays the representative.
This is an example of which offense?

According to the Basel's Committee's Customer Due Diligence Paper how should a customer's first payment be carried out?