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

Which activity would likely be involved in the integration stage ofmoney laundering?

An individual has approached your securities firm with interest in opening an account After an interview, you establish that the individual is an attorney who states that she is representing a consulting company located in another country She saysthatshe is the company s agent and is authorized to open an account on its behalf.

You request the attorney to fill out a questionnaire to gather more information on the consulting company's ownership She takes the forms and agrees to return them within the next few days.

In themeantime,you research the consulting company using public records, social media and other online sources The company's website is vague and online searches return very few results.However,you do find an annual report Irom this year that lists company members and shareholders One minority shareholder appears to beanothercorporation.

The attorney later returns the completed questionnaire You note that several shareholders listed are not the same as those on the annual report When you ask follow-up questions regarding the nature of the business and expectedtransactions,she reiterates that the client is a consulting firm that works in a variety of fields and it expects to conduct transactions with clients located in several different countries.

Which is the BEST next step for your institution to take?

Mr. Smith, the compliance manager of ABC Bank, is tasked with conducting a risk assessment of the institution’s correspondent banking relationships. Which of the following factors should Mr. Smith consider when assessing the risks associated with correspondent banking?

Which two features of hawala make it particularly attractive to terrorist financing? Choose 2 answers

You work for a bank that is subject to U.S. sanctions overseen by the Office of Foreign Assets Control (OFAC). In the past your institution has had difficulty keeping the Specially Designated Nationals (SDN) lists up-to-date.

Which is the recommended course of action when dealing with transactions from a sanctioned country through your bank?

An Eastern Europeancybercrimeorganization utilizes customer credit card information to steal funds which are deposited in a North American account To transfer the funds out of North America the cyber thieves transfer the funds into numerous prepaid debit cards from a bank.

The funding of the prepaid debit cards is indicative of which stage of money laundering?

Mr. Johnson, a compliance officer at ABC Corporation, is conducting due diligence on a potential business partner based in a foreign country. During the due diligence process, Mr. Johnson discovers that the potential partner’s principal shareholder is a politically exposed person (PEP) from a country subject to OFAC sanctions. What is the most appropriate action for Mr. Johnson to take?

How are trade price manipulation schemes used to launder criminal proceeds?

In your job as an analyst with a securities regulator you are reviewing the movement and volatility in penny stocks. As part of your daily work, you review reports and you encounter this chart in the chart the dotted line represents the closing price and the bars represent average daily volume.

Which type of securities fraud should you begin investigating?

Many IT users require privileged user rights to perform their job tasks.

Which is the BEST action to help ensure data security with respect to privileged users?