ACFCS CFCS Exam Syllabus Topics:
| Section | Objectives |
|---|---|
| Tax Evasion & Related Offenses | - Tax evasion schemes - Offshore structures and disclosure rules |
| Bribery & Corruption | - Anti-corruption compliance programs - FCPA, UK Bribery Act and global laws - Third-party risk management |
| Sanctions Compliance | - License and exception procedures - Screening and due diligence - OFAC, UN, EU and national sanctions regimes |
| Cybercrime & Emerging Threats | - Ransomware and account takeovers - Cyber-enabled financial crime - Cryptocurrency and digital asset risks |
| Anti-Money Laundering (AML) | - Global AML standards (FATF 40 Recommendations) - Customer due diligence & KYC - Money laundering stages and methods - Trade-based money laundering |
| Terrorist Financing & Proliferation Financing | - International counter-measures - Financing mechanisms - Detection and prevention |
| Compliance Programs & Regulatory Frameworks | - US, EU, UK and international regulations - Risk assessment and management - Compliance program design & governance |
| Fraud Schemes & Prevention | - Detection techniques and controls - Financial statement fraud - Internal and external fraud |
| Ethics & Professional Standards | - Confidentiality and conflict of interest - Professional conduct and integrity |
| Asset Recovery & Investigations | - Evidence collection and reporting - Cross-border cooperation - Investigation methodologies - Asset tracing and recovery |
ACFCS Financial Crime Specialist Sample Questions:
1. A casino needs to hire an auditor (or sensitive financial operations where the employee will have access to large amounts of cash The interviewer needs to be sure that this employee is scrupulously honest lo protect the company.
Which is the MOST effective technique to vet this prospective employee?
A) Require Ihe prospective employee to provide personal references
B) Review your internal records to determine if the prospective employee has any record of excessive gambling
C) Collect documentation to confirm the prospective employee s educational history
D) Conduct a background check on the prospective employee
2. Your client is the victim of an investment fraud You traced the investment payments made by your client to XYX, Inc. Your research indicates XYX is incorporated in Delaware.
Which means are used to obtain beneficial ownership information from a state authority?
A) Contact the Delaware Secretary of State and request the list of corporate officers and directors
B) Contact the corporate Registered Agent and request a list of the shareholders
C) No beneficial ownership information is required to be obtained by the Delaware Secretary ol State
D) Petition the Delaware Court of Chancery to obtain details ol beneficial ownership
3. Which scenario is an example of the placement stage of money laundering?
A) A money laundering organization moves illicit drug proceeds into the U S financial system through a wire transfer into the correspondent account of a Guatemalan Bank domiciled at a U S financial institution
B) A Ponzi scheme operator uses his debit card associated with his British Virgin Islands bank account to withdraw cash from an ATM machine in the U.S.
C) A Mexican money broker deploys couriers across the U S border where they deposit drug cash into the U S National Bank of San Diego
D) A multiple lax refund scheme fraudster transfers the proceeds of his illicit tax refund from a prepaid debit card to a foreign bank account through an online funds transfer service
4. You are conducting customer due diligence and enhanced due diligence for a correspondent bank with offices in several countries that are suspected of significant money laundering activity. You want to obtain information about the compliance and anti-money laundering programs of the bank as well as general information about its organization and risk management policies.
Which resource is MOST likely to provide this type of information?
A) Bankers Almanac
B) The bank's home jurisdiction corporate registry
C) Wolfsberg International Due Diligence Repository
D) World Bank Doing Business Database
5. Ms. Johnson, the compliance officer at DEF Credit Union, is conducting a risk assessment of the credit union's mobile banking services. Which of the following factors should Ms. Johnson consider when assessing the risks associated with mobile banking?
A) The credit union's annual revenue.
B) The level of encryption used in the mobile banking app.
C) The age demographics of credit union members.
D) The number of branches operated by DEF Credit Union.
Solutions:
| Question # 1 Answer: D | Question # 2 Answer: C | Question # 3 Answer: C | Question # 4 Answer: C | Question # 5 Answer: B |
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