Pass the ACFCS Certified Financial Crime Specialist CFCS Questions and answers with ExamsMirror

During a risk assessment of its trade finance operations, XYZ Bank identifies a high volume of transactions involving shell companies with obscure ownership structures. What is the most appropriate action for XYZ Bank to take in response to this finding?

Country A is conducting a criminal investigation of alleged corruption by a public official in its country and needs to obtain bank records in Country B It appears that the public official controls the bank account.

To assure that the evidence (i.e. bank records) can be obtained for a trial in Country A which should the investigators in Country A do?

A hacker gains access to aclient’semail. The hacker, posing as the client contacts the real client's financial advisor and requests a wire transfer of S50,000 The advisor sells stock to generate cash and wires the funds to the account at ABC Bank provided by the hacker Has money laundering occurred?

During a risk assessment of its customer onboarding process, a financial institution identifies a lack of adequate procedures for verifying the beneficial ownership of corporate clients. What is the most appropriate action for the institution to take to address this deficiency?

Mr. Smith registered a business and opened a bank account under the name of ABC Consulting Services. Mr. Smith and his wife were signatories on the account and the contact address for the account was that of his home in Palm Beach ABC Consulting Services had no website and Mr. Smith did not provide any actual consulting services.

Which term describes ABC Consulting Services?

A real estate developer secured a $9.5 million construction loan from the Bank of China for a high-rise office building When the developer declared bankruptcy. The bank realized that this had become a problem loan and they began to investigate the borrower.

The developer had submitted False invoices for work that was never performed In addition, a portion of the loan money was deposited into the construction business account to pay subcontractor invoices. These invoices were never paid instead the money was diverted into private bank accounts owned by the developer and his family members.

Which type of financial crime did the forensic audit uncover?

You are an auditor reviewing the financial statements of a firm that manufactures construction equipment The firm's sales have slowed in recent months. Within the last quarter it has closed one of its lactones, however the firm's management are still reporting a positive outlook. Concerned shareholders have asked you to investigate (or possible signs of improper accounting or fraud.

You are reviewing two balance sheets from the start and end of the quarter below Given this information and your knowledge of the company s status which issue is MOST likely to be a red flag?

Your company acquires new mortgage loans through a network of independent brokers and you have experienced losses attributed to one of your brokers You suspect that the broker did not act alone You are revisiting your institution's policies and procedures to effectively mitigate the risks of collusion.

Which specific task would NOT be effective in mitigating the risk of collusion?

You are a federal investigator who is trying to determine if a privately held company is evading taxes through an offshore shell corporation.

Which document would be MOST helpful to determine the beneficial owner of the shell corporation?

Which fraud channel is used lo steal personal identifying information from your computer?